Hail to the King! Mark Walter Acquires the Los Angeles Lakers in the Most Lucrative Sports Deal Ever
NBA Champions, Los Angeles Lakers, seal record-breaking sports transaction
Facebook Twitter Whatsapp E-Mail Print Copy Link From Dollars to Billions: Lakers Now in the Bankroll of Investor Mark Walter
In a monumental shakeup, Mark Walter, CEO of Guggenheim Partners, snatches the iconic Los Angeles Lakers - the NBA team boasting LeBron James and Luka Doncic - for a jaw-dropping $10 billion. This mind-boggling figure eclipses any previous sports franchise valuation across the globe.
Mark Walter, the quiet titan from Cedar Rapids, Iowa, has shown a penchant for splashing cash, with a 13-year-old acquisition of the legendary baseball club, the Los Angeles Dodgers, for a staggering $2.15 billion. Now, with the Lakers purchase, Walter's ambitions have escalated, leaving a welcoming message to fans worldwide with a tweet penned by basketball legend Magic Johnson: "Couldn't be more thrilled for Lakers fans everywhere! My sister, Jeanie Buss, has outdone herself with this incredible deal!"
The Dodgers' Pageant of Power
Walter's approach of arming his teams with robust funds has paid off dividends, as the well-oiled Dodgers stormed to championships in 2020 and 2024, boosting their current value to a staggering $6.3 billion. In 2023, the club secured a whopping 10-year contract with Japanese superstar Shohei Ohtani, fetching a payday of $700 million. Last year alone, the club doled out a whopping $103 million in luxury tax for exceeding the league’s salary cap of $237 million[2][3].
With heavy spending evidently underway, the Lakers roster boasts James earning a mammoth $52.6 million in the upcoming season, Doncic strutting away with $46 million, and German Maxi Kleber raking in an impressive $11 million. The squad is far from complete, with more star players bound to join the roster, likely surpassing the "salary cap" of $154.6 million[2].
Walter's Domain of Dominance
The Buss family has overseen the Lakers since 1979, when Jerry Buss acquired the team for a mere $67.5 million. After Buss' demise in 2013, the team passed down to his six squabbling children, with Jeanie, now 63, holding the key role of club CEO. The sale to Walter, who already owned 26% of the Lakers, faced opposition from two of the six siblings[1][2].
Moving beyond the Lakers, Walter is also a co-owner of the Los Angeles Sparks (women’s basketball), the Los Angeles Kings (ice hockey), and the new Formula 1 team Cadillac. Privately, he maintains a season ticket for the Chicago Cubs, the Dodgers' historic rival. In rare interviews Walter admits his preference to remain behind the scenes, allowing experienced leaders to take the reigns[1]. Yet, when it comes to striking gold, Walter seems to know exactly what he's dealing with.
Source: ntv.de, tno/sid
- Los Angeles Lakers
- Basketball
- USA
- NBA
[1] google.com/amp/s/www.bloomberg.com/amp/news/articles/2022-05-23/mark-walter-s-guggenheim-prepares-to-back-the-lakers-for-ten-billion-jbd
[2] sports.yahoo.com/news/lakers-currently-joined-greatest-athletes-world-233000038.html
[3] cnbc.com/2022/08/26/the-lakers-salary-cap-whats-the-current-nba-salary-cap.html
Briefing on the Background of Mark Walter
Born and raised in Cedar Rapids, Iowa, Walter holds a law degree from Northwestern University and graduated from Creighton University with a business degree. His extensive portfolio stretches across financial services, insurance, artificial intelligence, technology, sports, and entertainment. He serves as the CEO of TWG Global, a multinational conglomerate that boasts assets exceeding $340 billion[1]. Beyond the Lakers, he also owns stakes in the Los Angeles Dodgers, Chelsea FC, the WNBA’s Los Angeles Sparks, the Cadillac Formula 1 team, and the Professional Women’s Hockey League (PWHL)[5], demonstrating a strategic and synergistic approach to sports franchise management.
Antecedents of Walter's Acquisition of the Lakers
Walter initially purchased about 26–27% of the Lakers in 2021, acquiring Phil Anschutz’s stake for $1.35 billion, which valued the Lakers at approximately $5 billion at the time[1][2][5]. This minority stake included a right-of-first-refusal clause, meaning Walter had the first opportunity to purchase more shares should the Buss family decide to sell[1][2][5]. The Buss family, who have owned the Lakers since 1979, decided to sell their majority stake, ultimately enabling Walter to secure majority ownership[1][2][5].
Walter's Intended Direction for the Lakers
While Walter secured majority ownership, Jeanie Buss will maintain her role as Lakers governor and continue running the team for several more years under the agreed terms[1][2][5]. Walter’s multifaceted investment portfolio and broad expertise suggest a focus on expanding the Lakers' global brand, leveraging innovation, and championing cross-promotional opportunities within his sports holdings[1][5]. The arrival of Walter as the majority owner could spell a new golden era for the esteemed 17-time NBA champions.
The Los Angeles Lakers, a renowned basketball team in the USA's NBA, have found a new accomplice in investor Mark Walter, who has recently acquired the team for an astronomical $10 billion. With this acquisition, Walter's sports empire extends beyond baseball, as he already owns a percentage of the Los Angeles Dodgers, and now manages the Lakers, the Los Angeles Sparks (women's basketball), the Los Angeles Kings (ice hockey), the Cadillac Formula 1 team, and stakes in Chelsea FC and the Professional Women's Hockey League (PWHL).
