Mark Walter, CEO and billionaire, is set to add another Los Angeles sports franchise to his portfolio after entering an agreement with the Buss family to purchase majority ownership of the Lakers.
Walter is the CEO of the Guggenheim Partners, a global investment firm with over $345 billion in assets. Among those assets are the Los Angeles Dodgers, for which Walter's became the controlling owner in 2012 for over $2 billion from Frank McCourt, who bankrupted the team.
Walter is part of the ownership of other sports franchises, including the Los Angeles Sparks of the WNBA, Chelsea FC of the English Premier League and auto racing teams. The Lakers would be Walter's third Los Angeles franchise in his portfolio.
Lakers legend Ervin "Magic" Johnson, who is also part-owner of the Sparks and Dodgers, praised Walter for his drive to win.
"A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way. AND he will put in the resources needed to win!," said Johnson.
CNBC Media and Sports Reporter Alex Sherman agreed that having Walters with "deep pockets" will be beneficial for the Lakers franchise.
"He's clearly willing to spend money on the Dodgers," Sherman said, especially with the looming reality of LeBron James' retirement. "If LeBron retires at some point, they'll be obviously be in the market again for a marquee free agent to replace him.
"Having someone like Mark Walter in that chair, I think Lakers fans can rest easy, realizing the money is going to be no object," Sherman explained.
This blockbuster deal will be the most expensive franchise sales in U.S. sports history after the Boston Celtics in March of 2025 were sold to William Chisholm, a lifelong fan, for a $6.1 billion valuation.
Walter attended Creighton University before graduating from Northwestern University Law School.