Mark Walter and Todd Boehly now own 27% of the Los Angeles Lakers.
Walter and Boehly, co-owners of the L.A. Dodgers, closed on the purchase of the stake from billionaire Philip Anschutz on Friday. The sale of the minority stake, which values the Lakers at roughly $5 billion, was first reported by Sportico last month, and the NBA board of governors unanimously approved the deal.
As part of the deal, Boehly will join the Lakers’ board of directors to represent his and Walter’s interests. The Lakers are controlled by Jeanie Buss, whose late father Jerry bought the team in 1979. The stake includes the right of first refusal on any other Lakers shares that may come to market, putting Walter and Boehly in position to control the team should the Buss family ever decide to sell.
Anschutz, 81, is the founder of sports and entertainment conglomerate Anschutz Entertainment Group (AEG). His stake in the Lakers was a personal investment and separate from AEG’s other sports holdings, which include the Los Angeles Kings, the Los Angeles Galaxy and the Staples Center, where the Lakers play.
Though Anschutz sold his stake in the team, AEG and the Lakers recently announced a 20-year extension that includes a significant capital investment for upgrades and improvements to Staples Center. The Lakers will remain in the arena through the 2041 season.