The Los Angeles Lakers have recently been sold for a record-breaking $10 billion to Dodgers owner Mark Walter, a move that has fans buzzing with excitement. Going forward, Jeanie Buss will continue to serve as the team manager, and Walter’s involvement signals an influx of resources aimed at building a championship-contending powerhouse.
According to ESPN, the Buss family has decided to sell the NBA’s Los Angeles Lakers to financier Mark Walter. The deal officially went through on a certain day in US time, with Walter successfully acquiring a majority stake in the Lakers. Jeanie Buss, who will retain an 18% stake, is set to continue leading this legendary team.
Since Jerry Buss purchased the Lakers for $67.5 million in 1979, the team has clinched 10 NBA championships under his leadership, showcasing a roster of legendary players like Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, and Shaquille O’Neal, making it one of the most successful franchises in NBA history. Jerry Buss passed away in 2013, and his daughter Jeanie Buss took over in 2017. With the support of the new ownership, the Los Angeles Lakers reached the pinnacle once again, securing the championship in 2020.
Regarding this transaction, Lakers legend Magic Johnson also shared his thoughts on social media, stating that Lakers fans should feel excited because Mark has always aimed for victory and excellence, and he will invest the necessary resources. He also pointed out that Jeanie chose to sell the team to Mark because their philosophies align and their aspirations for the future are in sync.
Reports indicate that unlike other NBA team owners, the Buss family’s wealth primarily comes from the Lakers, leading to a relatively frugal management style. At the same time, LeBron James expressed satisfaction with this trade, showcasing the players’ confidence and anticipation for the future.
Mark Walter, 65 years old and hailing from Iowa, USA, has an estimated net worth of $6.1 billion. He is the CEO of Guggenheim Partners, a powerhouse in the financial services industry that manages over $300 billion in assets and owns TWG Global, which spans various sectors. Walter fully committed to the development of the Los Angeles Dodgers after purchasing the team for $2.15 billion in 2012, leading them to not only continue reaching the playoffs but also to clinch the World Series title two years in a row, sweeping through the league to become New Evil Empire.
In 2014, Walter took a significant step by acquiring the Los Angeles Sparks of the WNBA, leading the team to another championship in 2016 and showcasing his influence in the sports world. With Walter and Todd Boehly purchasing a 27% stake in the Lakers for $5 billion in 2021, his position was further solidified. By 2023, Walter expanded his sports empire through TWG Global, collaborating with the International Tennis Federation to launch a new version of the King’s Cup, and integrating the establishment of the Professional Women’s Hockey League (PWHL) in North America. Additionally, he plans to make Cadillac the 11th team to participate in F1 by 2026.
Looking ahead to the future of the Los Angeles Lakers, fans and spectators are buzzing with excitement about the ambitious plans of their owner. Dodgers head coach Dave Roberts has stated that Walter will spare no effort in building a championship team that will make Los Angeles proud of the Lakers. Mark Walter’s sports empire vision is set to generate even more attention and surprises within the sports world.
