Photo: Peter Baba

Mark Walter is on track to become the new majority owner of the Los Angeles Lakers, with formal league approval possibly coming by the end of October, according to a report from ESPN’s Ramona Shelburne.

Sources told Shelburne that Walter is set to present his record-breaking bid to the NBA’s Advisory Finance Committee on Friday.

Walter, who already owns a 27 percent stake in the Lakers alongside business partner Todd Boehly, originally purchased that share in 2021. The upcoming meeting marks the next step in finalizing the deal that would make him the controlling owner.

The committee will evaluate Walter’s proposal before passing its recommendation to the NBA’s Board of Governors, which could vote on the sale as early as the end of next week.

Walter’s investment group is acquiring a large portion of the Buss family’s 66 percent controlling stake in the franchise, valuing the Lakers at around $10 billion – a record figure for an NBA team.

Despite the sale, Jeanie Buss is expected to remain the team’s governor and public face for the foreseeable future. The Buss family will keep at least a 15 percent ownership share, the minimum required by league rules for a minority owner to maintain the governor title.

Both the Lakers and Walter previously confirmed that the ownership transfer was projected to close in either the third or fourth quarter of 2025, pending final league approval.

If approved as expected, the move would mark a major shift in one of basketball’s most iconic franchises while still keeping Jeanie Buss in a leadership role during the transition.

The Lakers sale could be approved by next weekend: https://t.co/RuSDGhqhLb