NBA Commissioner Adam Silver has stated the league found no issues when vetting Mark Walter for ownership of the Los Angeles Lakers. This comes amid a complex ownership transition and internal family conflict, all.
Silver addressed the media at his annual press conference during the NBA Board of Governors meetings. He detailed the thorough background check conducted on Mark Walter before he became the Lakers' principal governor last year.
"We went through the full process we all do," Silver said. "We spoke to governmental agencies, we spoke to, in the case of Mark Walter, a heavily regulated insurance agency, we spoke to other leagues in which he has investments. We found no red flags."
He clarified that Walter's current decision to sell his majority stake to Josh Kushner and Bob Iger is independent of any league investigation. Silver noted that while there are now allegations being looked into elsewhere, Walter was not under investigation by the NBA.
The ownership saga began with Walter's agreement to sell his shares at a staggering $12.5 billion valuation. This was quickly followed by a major development within the iconic Buss family.
Five of the six Buss siblings voted to sell their remaining minority shares to Iger and Kushner. Jeanie Buss, the team's current governor, was the lone dissenter. Her opposition has sparked an ongoing legal battle within the family.
If the sale of those minority shares goes through, Jeanie Buss would lose her position as the Lakers' governor. The other siblings, who are no longer involved with franchise operations, are motivated to cash out at the current high valuation.
Despite the high-profile nature of the deal, the Lakers sale is not expected to be voted on at the current NBA Board of Governors meetings. The league's focus is reportedly on other topics like potential expansion, local TV deals, and NBA Europe.
This means an official transfer of ownership from Walter to Iger and Kushner will be delayed. The league's vetting process for the new ownership group will still need to be completed before any final approval.
Amid the front-office drama, the team's recent results provide a compelling backdrop.
The series against Houston included a 115-96 loss on April 27, a 112-108 win on April 25, and a 101-94 win on April 22.
Silver and the league are undoubtedly eager for the focus to return to basketball as the season progresses. For now, the Lakers handle a period of significant transition both in the front office and in their playoff push, with every game carrying major weight for their final standing.
