The NBA has approved Mark Walter to become the new owner of the Los Angeles Lakers.

On October 30th local time, Mark Walter, CEO of Guggenheim, was approved by the NBA Board of Directors to officially become the new owner of the Los Angeles Lakers. Walter previously held a minority stake in the team, purchasing 27% of the shares in 2021. In June of this year, he reached an agreement with the Buss family to acquire the Lakers' entire ownership at a valuation of $10 billion. Due to Walter's previous ownership, he only needs to pay about $6 billion to acquire a majority stake in the team in a single transaction, rather than in stages. Currently, Walter and Burley collectively hold 85% of the stake in the Lakers, but the specific ownership percentages of each individual have not been disclosed. Walter is the majority shareholder, while Burley is a limited partner.