Additional Coverage:
- Meet Mark Walter, the man poised to buy the LA Lakers in a record-setting $10 billion deal (businessinsider.com)
Los Angeles Lakers Sold for Record-Breaking $10 Billion
Los Angeles – The Los Angeles Lakers have a new owner: billionaire investor and Guggenheim Partners CEO, Mark Walter. The sale, reported by ESPN, is worth a staggering $10 billion, shattering the previous record set by the Boston Celtics’ $6.1 billion sale earlier this year. This marks the end of the Buss family’s 44-year ownership, the longest tenure in NBA history, during which the team brought home 11 championship titles.
Walter is no stranger to the Los Angeles sports scene. He’s already the primary owner of the LA Dodgers and a part-owner of the WNBA’s Los Angeles Sparks.
He’s also a founding investor in the Professional Women’s Hockey League (PWHL), where the championship trophy is even named after him – the Walter Cup. Beyond Los Angeles, his portfolio includes the Cadillac Formula 1 team and a partial stake in Chelsea FC.
Walter became a minority stakeholder in the Lakers in 2021, acquiring 26% of the franchise and securing the right of first refusal for the majority share. The Buss family will retain a 15% stake in the team, and Jeanie Buss will remain as the team’s governor and continue to run its operations.
While Walter’s estimated net worth is currently around $6.1 billion, according to Forbes, it has previously peaked at $12.5 billion, per Bloomberg. Beyond his sports investments, Walter leads TWG Global, a holding company he founded, and oversees Guggenheim Partners, which manages over $345 billion in assets worldwide.
The sale has garnered support from prominent figures like Lakers legend Earvin “Magic” Johnson, who has partnered with Walter on various ventures, including the LA Rises wildfire recovery initiative, and through their co-ownership of the Dodgers and Sparks. Johnson expressed his enthusiasm for the deal, calling Walter the “best choice” for the Lakers.
With this acquisition, the Lakers, second only to the Boston Celtics in all-time NBA championships, enter a new era under Walter’s leadership.