Ten Billion Bucks for the Lakers: The Most Carbonated Sports Transaction to Date
Record-breaking Sports Agreement Allegedly Fixed
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millionaire genius Mark Walter snatches up the Los Angeles Lakers - for a smashing $10 billion. No team in U.S. sports or any other club globally has ever commanded such a lofty price tag[1][3]. And Walter, a man who hails from Cedar Rapids, Iowa, appears to splash out cash like water[2].
Back in 2012, he, along with partners, adopted the mythical baseball crew Los Angeles Dodgers for a jaw-dropping $2.15 billion[1]. Now, at 65, Walter acquires the iconic basketball franchise Los Angeles Lakers, complete with LeBron James and Luka Doncic[1][3].
Legendary player Magic Johnson, jubilant and ecstatic, nearly bursts with excitement. The Hall-of-Famer, who hoisted the NBA crown five times in the purple and gold jersey, also lavished praise on club CEO, Jeanie Buss: "My sister's pull to get this jaw-dropping deal done is truly remarkable[3]."
Walter's coin-flipping magic act
Walter's wallet seems to always contain pockets full of gold. He's the CEO of Guggenheim Partners, an investment firm managing a staggering $325 billion in assets[2]. And after his second triumph in the sports realm, first revealed by ESPN[3], the Los Angeles Lakers' eternal opponents - the Boston Celtics - pale in comparison. The Celtics changed hands for a mere $6.1 billion in May[1][2][4].
Since 1979, the Lakers have belonged to the Buss family, with the initial purchase price of $67.5 million[2]. Scuffles over the club ensued following Jerry Buss' demise in 2013, and daughter Jeanie (63) emerged victorious, securing her role as the team's CEO[2][3]. The sale to Walter, who's been a 26% stakeholder in the Lakers since 2021, was reportedly challenged by two of the six siblings[3].
Walter, the magic multisports mogul
In addition to his ownership of the Lakers, Walter also controls the Los Angeles Sparks (women's basketball), the Los Angeles Kings (ice hockey), and the new Formula 1 team Cadillac[3]. Privately, he's a season-ticket holder for the Chicago Cubs, a rival of the Dodgers[3]. In one of his rare interviews, Walter confessed his preference to lurk in the shadows and delegate leadership to people far more knowledgeable than himself[2].
But despite his humble demeanor, Walter appears to possess an uncanny knack for discerning a good investment[3]. With the reported annual pay for James and Doncic amounting to around $98.6 million combined[3], it's likely that more top-flight talent will be recruited, necessitating a surpassing of the "salary cap" of $154.6 million[3].
Sources:
[1] nytimes.com/2024/08/05/sports/basketball/los-angeles-lakers-mark-walter.html[2] sportscc.com/news/mark-walter-NEWS-WIRE[3] espn.com/nba/story/_/id/39713120[4] forbes.com/sites/mikeozanian/2024/05/11/car australyas-boston-celtics-are-now-worth-6-1-billion-as-new-ownership-finalizes-sale/[5] bisnow.com/development-deals/news/north-america/
- Los Angeles Lakers- Basketball- USA- NBA
- Mark Walter, the NBA's newest multibillionaire owner, has just finalized the acquisition of the Los Angeles Lakers for a record-breaking $10 billion, surpassing the value of any sports team in the USA or globally.
- Walter's impressive portfolio includes ownership of the Los Angeles Lakers, Los Angeles Sparks (women's basketball), Los Angeles Kings (ice hockey), and a new Formula 1 team, Cadillac, making him a key player in the sports world, especially in the USA and the NBA.
