Millionaire Mogul Takes Over LA Lakers for Record-Breaking $10 Billion
LA Lakers Complete Record-Breaking Sale, Securing Title as Costliest Sports Franchise
Gambling big, billionaire Mark Walter, hailing from the heartland of Cedar Rapids, Iowa, has splashed the dough yet again! With a net worth of around $325 billion, this 65-year-old has bought the iconic L.A. Lakers from the Buss family with kingpins LeBron James and Luka Doncic, for a jaw-dropping $10 billion—making it the most expensive sports deal in history!
It's not common for Walter to speak publicly, but he seems to have a penchant for being generous with the almighty dollar. He snatched up the legendary baseball club, L.A. Dodgers, along with partners, in 2004, for a staggering $2.15 billion. Now he's grabbing the eye-catching basketball dynasty, L.A. Lakers, having already proven his knack for success in the sports world.
Magic Johnson, the Lakers legend, couldn't contain his excitement, tweeting, "Lakers fans worldwide, I'm filled with joy and excitement!" He went on to praise the current club CEO, Jeanie Buss, stating, "My sister has pulled off a brilliant move, making this impressive deal happen."
Spendthrifts like Walter may ruffle some feathers, but if he's got his game face on, we could be looking at the golden years of a 17-time champion! James and Doncic are set to bank approximately $52.6 million and $46 million, respectively, in the upcoming season. German powerhouse Maxi Kleber will pocket $11 million. But with a cast like that, more A-list players will surely be needed. Smashing the "salary cap" of $154.6 million might just be the reality.
Walter is the mastermind behind Guggenheim Partners, a global financial services firm, and the founder of TWG Global, which has its fingers in pies across industries, including finance, tech, sports, and entertainment. His second splash in sports, first reported by ESPN, even tops the sale of the Lakers’ bitter rival, the Boston Celtics, which changed hands for $6.1 billion in May.
The Lakers has been in the Buss family's grasp since 1979, purchased for a measly $67.5 million. Following Jerry Buss' passing in 2013, the club saw some internal squabbles among the children. Jeanie (63) emerged triumphant and remains at her post as club CEO. The sale to Walter, who's held a 26% stake since 2021 and battle-hardened from legal wrangles with siblings, was met with opposition by two of the six Buss siblings.
Mark Walter's sports portfolio doesn't stop at the Lakers. He's a stakeholder in the L.A. Sparks (women's basketball), the L.A. Kings (ice hockey), and the upcoming Formula 1 team, Cadillac, debuting in 2026. He's also a season ticket holder for the Dodgers' fierce rivals, the Chicago Cubs. Despite his preference for keeping a low profile, Walter's taste for a winning investment is unmistakable.
Sources: ntv.de, tno/sid, ESPN, Forbes
- Los Angeles Lakers
- Basketball
- USA
- NBA
- Sports Business
- Philanthropy
- Formula 1
- Entertainment Industry
The billionaire's acquisition of the Los Angeles Lakers, a renowned basketball team based in the USA, further solidifies his influence in the NBA and sports business. Mark Walter, the new Lakers owner, has also shown interest in Formula 1, hinting at his affinity for sports and the entertainment industry.
