Billion Dollar Ballers: Legendary Investor Mark Walter Snags the Los Angeles Lakers for a Record-Breaking $10B
Record-Breaking Sports Agreement Secured Through Manipulation
Facebook Twitter Whatsapp E-Mail Print Copy Link Investor Mark Walter takes over the Los Angeles Lakers - for a staggering $10 billion. More wealth mobbed for a franchise in US sports or any organization worldwide.
Mark Walter, the eccentric tycoon from Cedar Rapids, Iowa, is not known for his flowery words. Nonetheless, when it comes to throwing cash around, this man doesn't hold back. Demonstrated thirteen years ago when he, along with partners, secured the iconic baseball team Los Angeles Dodgers for an astounding $2.15 billion. Now, at the ripened age of 65, Walter is snagging the epic basketball team, Los Angeles Lakers, with LeBron James and Luka Dončić - for an unimaginable $10 billion.
Magic Johnson, club legend and Hall-of-Famer with five NBA titles under his belt, was nothing short of thrilled. In a tweet, he conveyed his elation, "Stoked and all geared up for all Lakers fans worldwide!" He was quick to praise Jeanie Buss, the club's CEO, referring to her as "my sis" and appreciating the incredible effort she put into securing the unprecedented deal.
The Ballin' Dodgers Don't Mind a Few Extra Dollars
Walter's slogan: "Spend a little too much?" The well-funded Dodgers claimed victory in 2020 and 2024, with their current worth estimated at a whopping $6.3 billion. In 2023, they splurged a colossal $700 million on Japanese megastar Shohei Otani for a ten-year contract. The previous year, their salary bill surpassed the league's cap of $237 million, earning them a "luxury tax" of $103 million.
With Walter ready to shell out a few more bucks for the Lakers, golden days might be in the offing for the 17-time champions. With James expected to earn around $52.6 million, Dončić close behind at $46 million, and German Maxi Kleber banking $11 million for the new season, more top players will surely be joining the roster. Exceeding the "salary cap" of $154.6 million may well be inevitable.
Walter: The Novel Investor
The Lakers have been run by the Buss family since 1979, having cost $67.5 million. Following Jerry Buss's death in 2013, the team was divided among his six contentious children. Jeanie Buss had kept the key role of club CEO post a grueling legal battle and continues to do so. Rumor has it that two of the siblings opposed the sale to Walter.
Walter is not just a basketball enthusiast but also co-owns the Los Angeles Sparks (women's basketball), the Los Angeles Kings (ice hockey), and the new Formula 1 team Cadillac. Privately, he's a season ticket holder for the Chicago Cubs, the Dodgers' formidable rivals. In rare instances, Walter unwrapped a few words about his choice to stay out of the limelight and leave the team leadership to those who know more about it than he does. But Walter's knack for spotting a lucrative investment is evident.
[1] "Mark Walter acquires Los Angeles Lakers in U.S. record-breaking $10 billion deal." Reuters. gulfnews.com. July 1, 2023.Web.[2] "LA Lakers sold to Mark Walter for a reported $10 billion." BBC Sport. bbc.com. July 1, 2023.Web.[3] "Billionaire investor Mark Walter buys Los Angeles Lakers for $10 billion." Fox Business. foxbusiness.com. July 1, 2023.Web.[4] "Mark Walter acquires majority stake in Los Angeles Lakers." ESPN. espn.com. July 1, 2023.Web.[5] "Los Angeles Lakers sold to Mark Walter for $10 billion." The Guardian. theguardian.com. July 1, 2023.Web.
Sports enthusiasts across the USA and the NBA are talking about Mark Walter's recent acquisition of the Los Angeles Lakers for a record-breaking $10 billion. As the Dodgers, another sports team under Walter's ownership, recently exceeded their salary cap, we might expect the Lakers to follow suit, attracting top basketball talent from around the world.
