Billionaire investor Mark Walter has officially taken control of the Los Angeles Lakers after sealing a record-shattering $10 billion (£7.6 billion) acquisition, the most expensive sports deal in American history.
The purchase, approved by the NBA Board of Governors on 30 October, ends nearly half a century of Buss family ownership and ushers in a new era for one of basketball’s most iconic franchises.
Walter, a low-profile financial mogul better known for building empires than chasing headlines, now holds one of the most prestigious roles in US sport: majority owner of the 17-time NBA champions.
The Man Behind the Billions
Born in Cedar Rapids, Iowa, Walter’s rise to billionaire status was built on brains and business acumen rather than fame. After studying at Creighton University and earning a law degree from Northwestern, he co-founded Guggenheim Partners, a global financial services powerhouse managing more than $350 billion in assets.
Colleagues describe him as a calm, analytical operator with a laser focus on long-term value. He rarely gives interviews, preferring to let results and profits speak for themselves.
Building a Los Angeles Sports Empire
Walter’s move into the Lakers cements his position as the quiet architect behind what analysts are calling the ‘Los Angeles sports ecosystem’.
He already controls the Los Angeles Dodgers, the city’s beloved baseball team, guiding them to 13 straight playoff appearances and two World Series titles since taking ownership in 2012.
His sporting empire also includes co-ownership of the Los Angeles Sparks in the WNBA, a minority stake in Chelsea F.C. in the English Premier League, and interests in the Professional Women’s Hockey League and Formula 1 ventures through his company TWG Global.
‘Walter has effectively created a cross-league powerhouse,’ said one sports finance analyst. ‘He’s bringing LA’s biggest teams under a single financial philosophy: stable, global and commercially aggressive.’
How His Fortune Stacks Up Against NBA Royalty
According to Forbes, Walter’s net worth stands at about $7.3 billion (£5.5 billion), putting him ahead of some of the sport’s biggest names.
By comparison, LeBron James is valued at $1.2 billion (£912 million), Magic Johnson at $1.5 billion (£1.1 billion), and Dallas Mavericks owner Mark Cuban at roughly $6 billion (£4.5 billion).
Unlike player-driven fortunes built on salaries and endorsements, Walter’s wealth comes from global investments, insurance and private capital ventures. Insiders say his financial clout will fuel new opportunities for the Lakers, from upgraded training facilities to international marketing partnerships.
‘He’s thinking about the Lakers as a global brand, not just a basketball team,’ one executive told ESPN.
The $10 Billion Takeover That Changed the Game
The sale officially ends 46 years of Buss family control, a dynasty that began when Dr Jerry Buss bought the team in 1979 for just $67.5 million. Under the new ownership structure, Jeanie Buss will remain as team governor for at least five years, continuing to oversee day-to-day operations.
The staggering $10 billion valuation now makes the Lakers the most valuable franchise in US sports, overtaking the Dallas Cowboys and New York Yankees.
Experts say the record-breaking figure reflects not only the Lakers’ brand power but also a broader trend in sports finance, where private investment and global media rights are redefining the value of elite teams.
‘Walter’s deal is a turning point,’ said sports economist Dr Michael Leeds. ‘It’s the start of a new financial era, one where sports franchises are treated like multinational companies rather than local clubs.’
As the Buss era closes and Walter’s begins, one thing is certain: the Lakers are no longer just LA’s team. Under their new billionaire owner, they are a global business empire in motion, and basketball’s biggest brand just got even bigger.
Originally published on IBTimes UK
