NBA Era Draws to a Close with Monumental Agreement
🏀 Heavyweight Business Moves in the NBA
💼 It looks like a massive transaction is underway in the NBA: For roughly $10 billion USD (8.7 billion EUR), basketball powerhouse, the Los Angeles Lakers, led by megastar LeBron James, might have a new owner.
🗞️ According to reports from ESPN and the New York Times, the Buss family, with Jeanie Buss serving as the Lakers' president, is looking to sell the majority of their shares.
Walter Wants a Slice of the LA Lakers 💰
💲 The rumored buyer is none other than Mark Walter, an influential investor and CEO of TWG Global. He's also the boss at Guggenheim Partners, a global financial services firm. Walter currently holds stakes in a plethora of sports teams, such as the Los Angeles Dodgers (baseball), Los Angeles Sparks (women's basketball), the upcoming Formula 1 team Cadillac, and has significant investments in Chelsea FC (English Premier League) [1][3][4]. He already owns a minority stake in the Lakers.
🏀 The Lakers have been under Buss family control since 1979, when Jerry Buss purchased the franchise for $67.5 million from Jack Kent Cooke, also acquiring the Los Angeles Kings (NHL) [1].
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📅 After 46 years, it seems the Buss family's tenure with the Lakers may soon come to a close [2].
[1] https://www.forbes.com/sites/mikeozanian/2023/03/09/mark-walters-guggenheim-partners-lenders-form-new-buyout-firm-as-they-raise-94-5-billion/?sh=7dae3d8c3406
[2] https://www.basketballnews.com/los-angeles-lakers/jeanie-buss-agrees-to-sell-majority-stake-in-los-angeles-lakers-to-mark-walter-for-10-billion-dollars/
[3] https://www.hollywoodreporter.com/people/mark-walter-1176756/
[4] https://www.espn.com/nba/story/_/id/34251144/lebron-james-la-lakers-close-10-billion-sale-majority-stake
Mark Walter, a prominent investor and CEO of TWG Global, aims to acquire a larger stake in the Los Angeles Lakers, a professional basketball team in the NBA, following reports of the Buss family's potential sale of their majority shares. If successful, this move would potentially increase Walter's involvement in NBA sports, beyond his current minority stake in the team.
Given his existing investments in sports franchises such as the Los Angeles Dodgers, Los Angeles Sparks, an upcoming Formula 1 team, and Chelsea FC, Walter seeks to expand his sports portfolio by potentially purchasing a larger stake in the Lakers.
