Billionaire Mark Walter, CEO of Guggenheim Partners, is set to purchase the Los Angeles Lakers for a record-breaking $10 billion.
This deal surpasses the previous high for the most expensive sports franchise purchase, which was set by the Boston Celtics’ $6.1 billion sale earlier this year.
Mark Walter’s Sports Investment Portfolio
Walter, who has been involved in sports investments for years, already holds major stakes in several sports teams. He is the primary owner of the Los Angeles Dodgers in Major League Baseball, part owner of the WNBA’s Los Angeles Sparks, and has a stake in the Premier League’s Chelsea FC.
His sports portfolio also includes ownership of the Cadillac Formula 1 racing team and a key role in founding the Professional Women’s Hockey League (PWHL). Walter’s sports-related investments reflect his long-standing commitment to enhancing the global sports landscape.
Sale of the Lakers and Involvement of the Buss Family
The $10 billion sale of the Lakers marks the end of an era for the Buss family, who have owned the team since 1979, making it the longest-running ownership in NBA history. Under their ownership, the Lakers won 11 championships.
The deal was approved by a majority vote from the Buss family, and Jeanie Buss will continue in her role as the team’s governor. While the sale is taking place, the Buss family will retain a 15% stake in the franchise.
Walter’s Net Worth and Business Influence
Walter’s wealth is estimated at $6.1 billion by Forbes, though at one point it reached $12.5 billion, according to Bloomberg.
His company, Guggenheim Partners, manages more than $345 billion in assets worldwide, cementing his status as a major player in both finance and sports investment.
Magic Johnson Supports the Deal
Basketball Hall of Famer Earvin “Magic” Johnson, who has worked with Walter on several initiatives, including their collaboration on the LA Rises recovery project during the California wildfires, expressed his support for the Lakers deal.
Johnson praised Walter as the “best choice” for the role, and emphasized that Lakers fans should be “ecstatic” about the future of the team under his ownership.
Lakers’ Legacy and Future
The Lakers are one of the most successful franchises in NBA history, ranked second for the most championships won in the league. This new ownership will likely continue the legacy of success while bringing fresh ideas to the team’s management and operations.
The Lakers’ future under Walter’s leadership looks bright, with his deep experience in sports and business.
Walter’s Commitment to California and the Sports Community
In addition to his sports investments, Walter’s charitable work has been notable. He played a leading role in the LA Rises initiative, pledging $100 million to help rebuild the state after devastating wildfires.
His involvement in community recovery and sports highlights his dedication to making a lasting impact in both business and social spheres.
Mark Walter’s $10 billion purchase of the Los Angeles Lakers sets a new record for the most expensive sports franchise sale.
With his extensive experience in sports and business, the Lakers are poised for a bright future.
Fans can look forward to the continuation of the team’s storied history under Walter’s leadership, with Jeanie Buss maintaining her role and the Buss family retaining a stake.
