"Businessman Mark Walter is scheduled to present his bid to acquire the Los Angeles Lakers to the NBA's Advisory Finance Committee on Friday and could be approved as the franchise's new majority owner by the end of the month, sources with knowledge of the process told ESPN. The committee will review Walter's bid at a $10 billion valuation to buy a controlling share of the franchise from the Buss family and then make a recommendation to the Board of Governors, which could vote on whether to approve Walter as soon as the end of next week, sources said."
"Earlier this year, news broke that Walter reached an agreement to purchase a majority stake of the Lakers franchise from the Buss family. Walter reportedly is taking over the Lakers at a valuation of $10 billion, making it the largest purchase in sports history. While the deal was announced in June, Walter was not projected to become the new Lakers owner until closer to the end of this year."
"Walter's installation would mark an official change in the Lakers ownership structure and provide the team with more resources to compete moving forward. While Walter agreed to keep Jeanie Buss on as governor for the next few years, his presence should lead to meaningful changes in and around the organization."
Mark Walter reached an agreement to purchase a majority stake of the Los Angeles Lakers from the Buss family at a $10 billion valuation, a record sports franchise purchase. Walter presented his bid to the NBA Advisory Finance Committee as a step toward approval by the Board of Governors and could be formally approved by the end of the month. Walter agreed to keep Jeanie Buss on as governor for the next few years while his ownership would alter the Lakers' structure and bring additional financial resources. Walter's prior financial commitment to the Dodgers creates expectations that his funding will bolster the Lakers and help close resource gaps with rival teams.
Read at Dodger Blue
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