Billionaire Mark Walter has finalized his acquisition of a majority stake in the Los Angeles Lakers following unanimous approval from the NBA’s board of governors, with the deal reportedly valued at approximately $10 billion. Walter, who is the CEO of Guggenheim Partners and already owns the MLB’s Los Angeles Dodgers, will take on a significant role in one of the most storied franchises in sports.
The Buss family, which has held ownership of the Lakers since 1979, will continue to maintain a minority stake in the team, with Jeanie Buss remaining as governor and in charge of daily operations. She expressed her excitement about the future, highlighting her long-standing relationship with Walter and his demonstrated commitment to the franchise.
Walter announced his enthusiasm for joining the Lakers, emphasizing the team’s rich history and legacy in sports. “The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” he stated.
The Lakers, originally founded in Minneapolis in 1947 and relocated to Los Angeles in 1960, have had remarkable success in the league, reaching the NBA postseason 65 times and securing 17 championships, just shy of the Boston Celtics’ 18-title record. The team plays its home games at Crypto.com Arena.
With his investment in the Lakers, Walter also adds to his impressive portfolio, which includes controlling interests in the WNBA’s Los Angeles Sparks, Chelsea F.C., and a majority ownership of the Cadillac Formula 1 Team. Beyond sports, he actively participates in various philanthropic and educational efforts, serving on the boards of several esteemed institutions.
The financial aspects of this transaction involved BofA Securities and Guggenheim Securities serving as advisors to Walter, while Davis Polk & Wardwell LLP provided legal counsel. This substantial investment marks a new chapter for the Lakers as they aim to uphold their legacy and continue their pursuit of championships in the NBA.