Billionaire financier Mark Walter is stepping into a rich historic first. He is about to become the controlling owner of the Los Angeles Lakers, perhaps the most celebrated team in all of sports. This monumental agreement is worth an approximate $10 billion (£7.45 billion). That would be the highest price ever paid for a U.S. sports franchise. In lieu of payment, the transaction has the potential to appreciate in value after the deal is closed.
Walter became a part owner of the Lakers in 2021 when he purchased 20% of the team. He comes to the position as an athlete, coach, and sports manager, having previously served as CEO of TWG Global. He is majority owner of the Los Angeles Dodgers. True, during his ownership, the team finally won their World Series championship! The Buss family has enjoyed the benefit of owning the Los Angeles Lakers since 1979. Their legacy has pretty much blown people away for decades.
The NBA says the L.A. Lakers are worth at least $10 billion. This purchase underscores Walter’s clout as an influencer in the sports world and underscores the financial value of these franchises. Magic Johnson, the Lakers legend who once owned a small stake in the team himself, had his own reason to look forward to the sale.
“I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family,” – Mr. Johnson
A spokesperson for Walter’s company confirmed the transaction, stating, “Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021.”
With this sale, the Lakers have taken a huge step in the opposite direction. They are pivoting from a family run operation to a corporate structure with continued growth under Walter’s leadership. Just as fans and analysts were eager to see what Walter would be up to next. They’re particularly thrilled to see him honor while adapting the historic legacy of the franchise.
Johnson further commented on Walter’s future role, noting that he believes “Mark Walter will carry on the Los Angeles Lakers’ legacy.” Nestled within this sentiment is an undercurrent of confidence among the basketball community at large about Walter’s outlined vision for the team.