Mark Walter’s bid to acquire the Los Angeles Lakers in what is set to be a record-breaking valuation for a U.S.-based sports franchise took another step towards finalization on Friday.

The CEO of Guggenheim Partners met with the NBA’s Advisory Finance Committee on Friday to present his bid. Sources with knowledge of the process told ESPN that Walter could be approved to be the franchise’s new majority owner by the end of October.

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If approved, Walter’s $10 billion valuation of the Lakers would set a new record for the most expensive team sale in U.S. history, beating out the 2025 sale of the Boston Celtics for a valuation of $6.1 billion.

Walter would add the Lakers to a collection of some of the top sports franchises around the world. He already is the controlling owner of the Los Angeles Dodgers as well as the Los Angeles Sparks, the Billie Jean King Cup, the Cadillac Formula 1 team and the Professional Women’s Hockey League. In addition, Walter is a part owner of Chelsea FC. Walter has been a minority owner of the Lakers since 2021.

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The Buss family, which purchased the Lakers in 1979 for $67.5 million, will retain a minority stake of more than 15 percent of the team, according to ESPN. This will ensure that governor Jeanie Buss will retain her position moving forward.

The Lakers’ sale comes at at pivotal time for the franchise, as the team works to build on a disappointing finish last season. The Lakers were eliminated in the first round of the NBA Playoffs last season by the Minnesota Timberwolves.

“From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style,” Jeanie Buss said at the time of the sale’s announcement earlier this year. “I have gotten to know Mark very well over time and been delighted to learn how he shares those same values. For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers’ extraordinary legacy.”

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