The NBA BOG unanimously approved the sale of the majority interest in the Lakers to Dodgers majority owner Mark Walter. The transaction is expected to close shortly. The Buss family, which has owned a majority stake in the Lakers since Jerry Buss bought the team in 1979, will retain an ongoing interest. Jeanie Buss will remain the team’s Governor for a period of at least five years following the closing of the transaction (NBA).
Valued at a “record-breaking” $10B valuation, the sale is marking a “major shift for one of L.A.’s most significant sports teams” (L.A. TIMES, 10/30). BofA Securities and Guggenheim Securities “served as financial advisers for Walter, with Davis Polk & Wardwell LLP acting as legal adviser” (VARIETY, 10/30).
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