After 46 years of possession, the Buss household agreed to promote a controlling curiosity within the Los Angeles Lakers to Mark Walter, CEO of Guggenheim Companions. It is the top of an period for the Lakers, and the continuation of a professional sports activities dynasty in Southern California.
Walter and his funding group, TWG International, agreed to buy a controlling curiosity from the Jeanie Buss and her brothers, who personal 66% of the workforce. It isn’t clear how a lot of the workforce, if any, the Buss household will retain, nevertheless it values the workforce at $10B.
It isn’t the primary large L.A. sports activities funding by Walter and his companions. In 2012, a gaggle led by Walter referred to as Guggenheim Baseball Administration acquired the Los Angeles Dodgers for $2.15B. The group contains Lakers nice Magic Johnson, film producer and Golden State Warriors proprietor Peter Guber, tennis legend Billie Jean King and her accomplice Ilana Kloss and very long time baseball govt Stan Kasten, in addition to different former and present Guggenheim executives.
Since 2012, the Dodgers have routinely had one of many highest payrolls in baseball, which they’ve leveraged to 12 straight postseason appearances and World Collection titles in 2020 and 2024. They drew practically 4 million followers and Forbes estimated their revenue at $752M.
Walter and Johnson led a gaggle that bought the WNBA’s Los Angeles Sparks in 2014, and two years later they received the WNBA title. They had been again within the Finals a yr later. Walter and a gaggle led by King additionally based the Skilled Ladies’s Hockey League in 2023, although the league doesn’t have a Los Angeles workforce — but.
Now Walter and his companions are assuming full management of the Lakers, 4 years after buying Philip Anschutz’s 27% stake within the workforce. It is one other jewel within the crown of his L.A. sports activities empire. If Walter has comparable success with the Lakers to his different sports activities investments, the remainder of the NBA must be very fearful.
