Lakers: Mark Walter’s $10 Billion Deal Approved by NBA

The National Basketball Association (NBA) has officially approved a significant transaction that sees billionaire Mark Walter acquire a majority stake in the Los Angeles Lakers. This landmark deal, valued at an estimated $10 billion, marks a new chapter for one of the league’s most storied franchises, bringing a prominent sports and business figure to the helm of its ownership structure.

The Landmark Acquisition Approved by the NBA

The NBA’s Board of Governors granted unanimous approval for Mark Walter’s acquisition of a majority ownership stake in the Los Angeles Lakers. This substantial transaction is reported to be worth approximately $10 billion, signaling one of the most significant team ownership changes in professional sports history.

Mark Walter, widely recognized as the CEO of Guggenheim Partners, brings a wealth of experience in sports ownership, notably as an owner of the MLB’s Los Angeles Dodgers. His involvement with the Lakers adds another cornerstone to his expanding sports empire. While Walter will hold a majority interest, the Buss family, who have owned the Lakers since 1979, will retain a minority ownership stake. Furthermore, Jeanie Buss will continue in her role as the club’s governor and will oversee the day-to-day operations for the foreseeable future, ensuring continuity in leadership.

A Legacy of Excellence Continues

The Los Angeles Lakers stand as one of the most iconic and successful franchises across all of sports, boasting a rich history defined by consistent excellence and a relentless pursuit of championships. Mark Walter, in a statement, expressed his privilege to work alongside Jeanie Buss to uphold this standard of success, both on and off the court.

The Lakers’ journey began in Minneapolis in 1947 before the team relocated to Los Angeles ahead of the 1960-61 season. Dr. Jerry Buss acquired the franchise in 1979, ushering in an era of unprecedented success. The team has made 65 appearances in the NBA postseason, reached the NBA Finals 32 times, and secured 17 championships, placing them among the most decorated teams in professional basketball. The Lakers play their home games at the Crypto.com Arena in downtown Los Angeles and conduct practices at the UCLA Health Training Center in El Segundo.

Jeanie Buss made history in 2020 by becoming the first female controlling owner of an NBA championship team. Her continued leadership is seen as a key element in maintaining the franchise’s identity and competitive drive.

Mark Walter’s Expanding Sports Portfolio

Beyond his new majority stake in the Lakers, Mark Walter is a prominent figure in the sports world, holding significant ownership interests in several other high-profile teams and organizations. He holds controlling interests in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. His investments also extend internationally, with stakes in Chelsea F.C.

Walter’s diversified holding company, TWG Global, also possesses a majority stake in the Cadillac Formula 1 Team, owns the Professional Women’s Hockey League, and has a substantial investment in the Billie Jean King Cup, the women’s World Cup of Tennis. His broad engagement across different sports underscores a strategic approach to building a formidable portfolio of athletic enterprises.

Outside of his extensive business endeavors, Walter is also actively involved in philanthropic and academic institutions, serving as a trustee for Creighton University, Northwestern University, the Explorers Club, the Field Museum, and the Solomon R. Guggenheim Foundation.

Conclusion

The NBA’s approval of Mark Walter’s $10 billion deal for a majority stake in the Los Angeles Lakers ushers in a new era for the iconic franchise. This acquisition brings substantial financial backing and a proven track record of sports management expertise, while simultaneously preserving the legacy and operational continuity through the Buss family’s continued involvement and Jeanie Buss’s leadership. The transaction is poised to further solidify the Lakers’ position as a powerhouse in professional sports, both on and off the court.