Magic Johnson's Euphoria: The Shocking Sum - The Most Expensive Sports Agreement Ever Signed
Sports transaction of unprecedented price tag gets rigged
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Mark Walter, the thrifty fellow from Cedar Rapids, IA, has dropped a mammoth $10 billion on the legendary basketball franchise, the Los Angeles Lakers, adorned by NBA superstars LeBron James and Luka Doncic. This staggering sum surpasses all records for U.S. sport and club franchises worldwide.
Walter, known for his frugality with words, seems to squander money with abandon. Over a decade ago, he and partners bought the iconic baseball club, the Los Angeles Dodgers, for a breathtaking $2.15 billion. Now, at 65, he's wrapped his hands around the reins of the purple and gold Lakers.
Magic Johnson, the celebrated Lakers alum, praised the club’s CEO,Jeanie Buss, in a heartfelt comment, “Sis, you did it! This impressive deal is a testament to your hard work and determination. I’m so happy for all Lakers fans around the globe.” The eye-popping deal has never been surpassed in terms of the cost of a franchise in U.S. sports or any other club worldwide. Is it too much money? Not if Walter has his way. "I'm not one to pinch pennies," he gleefully admitted after taking over the Dodgers. "I'd rather say we have a great team, maybe spending a little too much."
Dodgers' Spectacular Advancement
Walter isn’t wrong; the well-funded Dodgers seized the title in 2020 and 2024, and their current worth is estimated at $6.3 billion. In 2023, they offered a decade-long contract worth $700 million to Japanese megastar Shohei Ohtani. Last year, they forked out a staggering $103 million in "luxury tax" for outpacing the MLB’s salary cap of $237 million.
The Impending Lakers’ Golden Age
Walter's reportedly about to shell out a few more dollars for the Lakers after a scoop by ESPN. With James set to make around $52.6 million in the upcoming season, Doncic $46 million, and German standout Maxi Kleber $11 million, one can expect the arrival of more top-tier players. Exceeding the "salary cap" of $154.6 million seems inevitable.
Guggenheim Partners CEO, Walter, controls assets worth $325 billion. His second venture in sports, inevitable based on the Lakers' sale, exceeds the sale of the team’s eternal rival: the Boston Celtics, bought for $6.1 billion in May.
Walter’s Extended Sports Portfolio
The Lakers have been Buss family-owned since 1979, acquired for $67.5 million. After Jerry Buss' passing in 2013, the team went to his six feuding children. Jeanie (63) commands the position of club CEO after a grueling legal battle and will continue to do so. The sale to Walter, a 26% Lakers owner since 2021, was said to have been opposed by two of the six siblings.
Walter is also a co-owner of the Los Angeles Kings (ice hockey), the Los Angeles Sparks (women's basketball), and the new Formula 1 team Cadillac. Privately, he's a season ticket holder for the Chicago Cubs, the Dodgers' rival. In one of his rare interviews, Walter said he prefers to stay in the shadows and let team leaders handle things. But it seems this man knows what a shrewd investment is.
Sources: ntv.de, tno/sid, ESPN
- Los Angeles Lakers
- Basketball
- USA
- NBA
Additional Facts
- Mark Walter currently owns 26% of the Los Angeles Lakers, a stake he acquired in 2021.
- It's been reported that two of Jerry Buss' six children opposed the sale to Walter.
- Walter's purchase of the Lakers marks the biggest sale in the history of professional sports franchise ownership.
- Guggenheim Baseball Management was instrumental in acquiring the Los Angeles Dodgers in 2012.
- Fellow sports mogul, the Boston Celtics’ owner Joe Tsai, partnered with Walter in 2023 to create a new basketball team, the Santa Cruz Warriors.
The staggering $10 billion purchase of the Los Angeles Lakers by Mark Walter has surpassed all records for U.S. sports and club franchises worldwide, making it the most expensive basketball agreement ever signed in the NBA. This lavish deal showcases Walter's shrewd investments in the realm of sports, particularly in basketball and the USA's premier basketball league, the NBA.
