NBA-Walter's deep pockets could fuel Lakers return to glory
Mark Walter, Founder and CEO, TWG Global; Founder and CEO, Guggenheim Partners speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. REUTERS/David Swanson/File Photo
LOS ANGELES (Reuters) -Billionaire Mark Walter's purchase of a majority stake in the Los Angeles Lakers, in a deal that values the team at $10 billion, adds another glittering asset to his sports portfolio and could usher in another championship era for the National Basketball League franchise.
The Buss family, the longest-tenured owners in the NBA, is entering into an agreement to make the sale to Walter, ESPN reported on Wednesday, in what would be the largest-ever sale of a professional sports team.
The Lakers have yet to confirm the deal.
Walter, 65, is the CEO of holding company TWG Global and financial services firm Guggenheim Partners, and LA sports fans do not need to look far to see the impact his mighty checkbook can have on a franchise.
Walter, along with a group that included Lakers legend Earvin "Magic" Johnson, purchased the Los Angeles Dodgers in 2012 for $2.15 billion in what at the time was an MLB record.
Under his ownership, the Dodgers have made 12 straight playoff appearances, won two championships, including last season's World Series and added generational talents Mookie Betts, Freddie Freeman and Shohei Ohtani.
'ECSTATIC'
Johnson, a Hall of Famer who won five NBA titles with the Lakers, said fans should be "ecstatic" about Iowa native Walter becoming the team's next owner.
"A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way," Johnson said in a post on X on Wednesday.
The reported $10 billion valuation of the Lakers was eyebrow-raising, especially after their historic rivals the Boston Celtics sold for $6.1 billion in April.
But it was not a surprise that Walter would be on the other side of the deal. He has been a stakeholder in the team since 2021.
Walter's net worth is estimated at $12.5 billion by the Bloomberg Billionaires Index. Unlike Major League Baseball, the NBA has a salary cap. Still, there are plenty of ways for a deep-pocketed owner to use his money to the team's advantage, from developing players to hiring the best staff.
The Lakers have 17 NBA titles, with the latest one coming in 2020. That is second only to the Celtics who have 18, including in 2024.
In addition to his ownership of the Dodgers, Walter is also co-owner of the WNBA's Los Angeles Sparks, Premier League side Chelsea FC and, through TWG Motorsports, owns Cadillac Formula One team, which will debut next year.
His other financial interests include international women's tennis competition the Billie Jean Cup and the Professional Women's Hockey League, which named its championship trophy the "Walter Cup" after him and his wife Kimbra.
Walter's growing footprint in the Los Angeles sports scene comes at a time when the Southern California city is preparing to play a key role in hosting FIFA World Cup matches next summer.
Dodger Stadium will host baseball and softball competitions during the Los Angeles Olympics in 2028, while the Lakers' home of Crypto.com Arena in downtown LA will serve as the venue for gymnastics and boxing.
(Reporting by Rory Carroll in Los Angeles; Editing by David Gregorio)
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