Latest news with #GuggenheimPartners
Reuters
43 minutes ago
- Business
- Reuters
Biggest deals for global sports teams
June 19 (Reuters) - The Buss family agreed in principle on Friday to sell the Los Angeles Lakers, who have won 17 National Basketball Association championships, to financier Mark Walter in a world record deal that values the franchise at $10 billion. Walter is chief executive officer of Guggenheim Partners, a global financial services firm with more than $325 billion in assets. He led the group that bought the Los Angeles Dodgers in 2012, according to The Athletic, and currently holds the controlling share in the baseball franchise. Here are the biggest purchases of global sports teams in history:
Yahoo
4 hours ago
- Business
- Yahoo
"Best caretaker of the Laker brand" - Magic Johnson says the L.A. Lakers are in good hands with Mark Walter
"Best caretaker of the Laker brand" - Magic Johnson says the L.A. Lakers are in good hands with Mark Walter originally appeared on Basketball Network. Los Angeles Lakers legend Magic Johnson was one of the first to celebrate the news that the NBA franchise he led to five championships during the 1980s has been sold for a record $10 billion. Advertisement What made Magic even happier was the fact that the Buss family decided to sell his beloved Lakers to a man he knows very well — Mark Walter. "Mark Walter is the best choice and will be the best caretaker of the Laker brand. The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner, notching 2 World Series and 11 NL West divisional titles in the last 12 years!" Johnson wrote on "X." Mark is a business partner of Magic It was announced in March 2012 that a group led by Earvin had acquired the Los Angeles Dodgers for a then-record $2 billion. Magic's group was called Guggenheim Baseball Management, and its investors included Peter Guber of Mandalay Entertainment, former Atlanta Braves president Stan Kasten, Bobby Patton, Todd Boehly, and Walter. Advertisement But while Johnson and Kasten were well-known to the media because they were the group's spokesmen, Walter, the CEO of Guggenheim Partners, a financial services firm with over $325 billion in assets managed worldwide, was the main player in the deal, and he was named the Dodgers' controlling owner. "Laker fans should be ecstatic," added Magic. "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! I can understand why Jeanie sold the team to Mark Walter because they are just alike - they are competitive people, l have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world." Related: "They are going to have to start to paying guys" - Doc Rivers breaks down why OKC won't be able to keep this team together Walter brought in Mookie Betts and Shohei Ohtani to the Dodgers Aside from having experience running pro sports teams, Walter is — as Magic said — not shy about spending a fortune to bring the best players to his teams. In 2020, he traded for Mookie Betts and signed the 2018 AL MVP to a massive 12-year deal worth $365 million. The Dodgers won the 2020 World Series. Advertisement Then, in 2023, Mark negotiated the biggest free agent signing in baseball history, inking Shohei Ohtani to a historic 10-year contract worth $700 million. One year later, the Dodgers were World Series champions again. Both the Lakers and Dodgers are among the most valuable sports teams in North American pro sports. However, only the Dodgers have spent like one. Under Walter, they have consistently landed in the Top 5 in salaries paid in the Major League. Meanwhile, the Lakers lost Alex Caruso in 2021 because they could no longer afford him. It's worth noting that Jeanie Buss will remain the governor and be in control of the Lakers' operations in the meantime. And although Jeanie has been known to be a thrifty spender, things may be different with someone else writing the check. That should come in handy as the Purple & Gold will try to sign Luka Doncic to an extension while also building the right team around him. No wonder Magic is so happy. Related: "The largest sale of a U.S. professional sports team all-time" - The Buss family is selling the Lakers for $10 billion This story was originally reported by Basketball Network on Jun 19, 2025, where it first appeared.
Yahoo
7 hours ago
- Business
- Yahoo
Who is prospective LA Lakers owner Mark Walter?
Mark Walter has said he sees sport as an "avenue for social change" [Getty Images] He may not be name familiar to most sports fans but his reach expands across some of the biggest teams in the world. He was recently named one of the most influential figures in sport by Sports Illustrated and is involved in baseball, basketball, Formula 1, football, tennis and hockey. Advertisement Now Mark Walter's portfolio is set to expand even further. Walter is set to become the majority owner of iconic NBA side Los Angeles Lakers in what is believed to be a deal worth a record $10bn (£7.45bn). But who is he? Who is Mark Walter? A 65-year-old American businessman, Walter has a net worth of $6.1bn according to business magazine Forbes. He is the chief executive of Guggenheim Partners, a privately held global investment firm that says it has more than $340bn in assets. Walter, who is from Chicago, graduated from Creighton University with a degree in accounting, then earned a law degree from Northwestern University before moving into finance and setting up a company which later became part of Guggenheim Partners. Advertisement Walter is also the founder and chief executive of a holding company - a business created to buy and own the shares of other companies - called TWG Global. According to the Milken Institute think tank, TWG has interests in financial services, renewable energy, sports, media, entertainment, art, eco-tourism and agriculture. Walter has a wife and one child and, says the Milken Institute, "they invest their wealth largely to support organisations and causes focused on social justice, equity, diversity". Which sports teams is he a part of? Walter became the controlling owner of the LA Dodgers baseball team in 2012. They won the World Series in 2020 and 2024. Advertisement He bought WNBA team Los Angeles Sparks with former Lakers star Earvin 'Magic' Johnson in 2014. Other sporting teams listed TWG's portfolio under include the Cadillac F1 team, who will enter F1 in 2026, and Andretti Global, who compete in Indycar and Formula E. Walter also has a stake in Chelsea and Strasbourg through his holding in BlueCo, which is the parent company of both football clubs. He was part of the consortium led by Todd Boehly which bought Chelsea for £2.5bn in 2022. Boehly is also a part-owner of the Dodgers, LA Sparks and has a stake in the Lakers. TWG also has a share of the Billie Jean King (BJK) Cup tennis tournament and owns the Professional Women's Hockey League. Walter (left) is a controlling owner of the LA Dodgers, who signed baseball star Shohei Ohtani in a £558m deal in 2023 [Getty Images] What is Walter like? Walter's influence spreads far and wide but he appears someone prefers to stay in the background as he rarely gives interviews. Advertisement "I'm a fairly quiet and private person," he reportedly told the Chicago Tribune in 2012. "So I haven't sought publicity. "My belief is if you just keep your head down and work, and you have the fortune to be successful, there really aren't moments that change you. "Yes, your company gets bigger and owns more things, but you're just the same person you were the day before." When he spoke to Los Angeles Times reporters at the time of the LA Dodgers sale, Walter said: "I'm a baseball fan, but I'm not qualified to make baseball decisions, and I don't want to pretend to be. Advertisement "I'm here to support and help my people as much as I can. I'm here to cheer as loud as I can." He also gave an idea of his thoughts on the influence of sport and part of the reason he invests in it when he was quoted in a press release in 2023 that announced his joint venture with the International Tennis Federation for the BJK Cup. "I believe sports are one of the most essential avenues for social change and can make a real difference in developing a more equitable society," he said. BBC football reporter Nizaar Kinsella said: "Mark Walter has probably got the strongest connection to Todd Boehly in Chelsea ownership group," said BBC football reporter Nizaar Kinsella. Advertisement "He's the richest part of the ownership in terms of individual net worth. "I think there was a conscious effort from the current ownership to make Todd Boehly the sort of frontman of the Chelsea bid when it came out, so that's why he is well known, but Mark owns a similar proportion of Chelsea as Todd Boehly. "There is this divide in the Chelsea ownership and he would very much be on the Todd Boehly side. "He kind of feels like a silent partner and I'd say of all the people that own parts of Chelsea, he's the one that I've seen least of." 'It's like buying a piece of art' So why would a person as wealthy as Walter want to invest so much in sport? Advertisement "The price is intriguing," said sport finance expert Kieran Maguire. "It's showing that the value of sports businesses and sports franchises is heading in one direction only. "It also reflects the scarcity factor in terms of sports business. You can't set up a rival because they're not going to expand their number of participants. "You've got an owner with with a lot of excess cash, he wants to buy the trophy asset and you can't get more trophy than the Lakers. "It's a bit like being buying a piece of art. It's that rarity and the inability to duplicate them which has driven up prices. Advertisement "It's a statement purchase. It does set you aside. In the circles that Mark Walter is circulating, it's a way of saying to your fellow billionaires 'I'm at the top of the tree'. "There will be a financial reward from owning the Lakers but it's not a very good return on the investment." Should Lakers fans be worried? No, would be the apparent answer, especially if you ask "business partner" Johnson. Johnson is the famous face associated with Walter and has provided reassurance about the prospect of the Lakers ownership moving from the Buss family, which has owned the team since 1979, to Walter. Advertisement Jerry Buss bought the franchise for $67.5m and, after he died in 2013, Jeanie Buss has served as the Lakers' governor. "I know that my sister Jeanie would have only considered selling the Lakers organisation to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss," Johnson said. "Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust. "She's witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organisation, and fans! "Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community!"
Time of India
7 hours ago
- Automotive
- Time of India
Meet Mark Walter: Billionaire investor poised to take control of the iconic LA Lakers sold for $10 billion
Billionaire investor Mark Walter is set to become the new majority owner of the Los Angeles Lakers in a record-breaking $10 billion deal. This is the highest valuation ever for a sports team. Even after the sale, Jeanie Buss will continue as the team's governor, keeping some leadership with the Buss family. Mark Walter is already the main owner of the Los Angeles Dodgers baseball team. He will get the controlling ownership of the Lakers by buying most shares from the Buss family. The Lakers' $10 billion valuation is the biggest in NBA and professional sports history. This huge value partly comes after the Lakers made a big trade for star player Luka Doncic recently. Walter was born in Cedar Rapids, Iowa. He studied at Creighton University and Northwestern. In 2000, Walter co-founded Guggenheim Partners, a private financial services company, as per the report by The Mirror. Guggenheim Partners now manages over $325 billion in assets. Walter is CEO of Guggenheim Partners. Guggenheim works in many fields like asset management, insurance, merchant banking, and more. Investment Walter's investment empire is controlled through TWG Global, a company he co-chairs with Thomas Tull. TWG Global invests in sports, technology, artificial intelligence, finance, insurance, and real estate. TWG recently committed $2.5 billion with Abu Dhabi's Mubadala Capital for a $40 billion AI investment fund, according to the report by The Mirror. Live Events Walter already owns 20% of the Lakers through TWG Global. He is also the owner of the WNBA's Los Angeles Sparks. Walter holds a 12.7% stake in Chelsea Football Club in England's Premier League. He owns part of the Professional Women's Hockey League. Walter has invested in motorsports, including the Cadillac Formula 1 team with Andretti Global and Spire Motorsports. Spire Motorsports plans to start racing in 2026. His estimated net worth is between $6 billion and $12 billion, depending on how his companies are valued, as reported by The Mirror. Sports and tech Walter has invested in insurance firms such as Group 1001 and Delaware Life. He also holds shares in public companies like Carvana. With this Lakers deal, he will shift from being a minority owner to becoming the majority owner. This change could speed up big decisions and changes in the Lakers franchise. Despite the change in ownership, Jeanie Buss will continue to be the team governor. NBA legend Magic Johnson, who owns 2.3% of the Dodgers, publicly supports Walter's new role. Magic Johnson said on social media, "Mark Walter is the best choice and will be the best caretaker of the Laker brand," according to The Mirror. He praised Walter for winning 2 World Series titles and 11 division titles with the Dodgers in 12 years. Magic said Lakers fans should be very happy because Walter is focused on winning and doing things the right way. He also said Jeanie Buss sold to Walter because they both are competitive, caring, and prefer to work quietly behind the scenes. Magic Johnson said he is very excited for Lakers fans worldwide. This deal is not just about money; it shows Walter wants to reshape global sports. Walter's record shows he is willing to invest big money, innovate, and build top teams in many industries. The Lakers' future under Walter's majority ownership will likely follow his bold and ambitious style, as stated by The Mirror. FAQs Q1. Who is buying the LA Lakers ? Billionaire Mark Walter is buying the majority stake in the LA Lakers at a $10 billion valuation. Q2. Will Jeanie Buss still run the Lakers? Yes, Jeanie Buss will remain the team governor even after Mark Walter becomes majority owner. Economic Times WhatsApp channel )
BBC News
8 hours ago
- Business
- BBC News
Who is prospective LA Lakers owner Mark Walter?
He may not be name familiar to most sports fans but his reach expands across some of the biggest teams in the was recently named one of the most influential figures in sport, external by Sports Illustrated and is involved in baseball, basketball, Formula 1, football, tennis and Mark Walter's portfolio is set to expand even is set to become the majority owner of iconic NBA side Los Angeles Lakers in what is believed to be a deal worth a record $10bn (£7.45bn).But who is he? Who is Mark Walter? A 65-year-old American businessman, Walter has a net worth of $6.1bn according to business magazine Forbes., externalHe is the chief executive of Guggenheim Partners, a privately held global investment firm that says it has more than $340bn in who is from Chicago, graduated from Creighton University with a degree in accounting, then earned a law degree from Northwestern University before moving into finance and setting up a company which later became part of Guggenheim is also the founder and chief executive of a holding company - a business created to buy and own the shares of other companies - called TWG to the Milken Institute think tank,, external TWG has interests in financial services, renewable energy, sports, media, entertainment, art, eco-tourism and has a wife and one child and, says the Milken Institute, "they invest their wealth largely to support organisations and causes focused on social justice, equity, diversity". Which sports teams is he a part of? Walter became the controlling owner of the LA Dodgers baseball team in 2012. They won the World Series in 2020 and bought WNBA team Los Angeles Sparks with former Lakers star Earvin 'Magic' Johnson in sporting teams listed TWG's portfolio, external under include the Cadillac F1 team, who will enter F1 in 2026, and Andretti Global, who compete in Indycar and Formula also has a stake in Chelsea and Strasbourg through his holding in BlueCo, which is the parent company of both football was part of the consortium led by Todd Boehly which bought Chelsea for £2.5bn in is also a part-owner of the Dodgers, LA Sparks and has a stake in the also has a share of the Billie Jean King (BJK) Cup tennis tournament and owns the Professional Women's Hockey League. What is Walter like? Walter's influence spreads far and wide but he appears someone prefers to stay in the background as he rarely gives interviews."I'm a fairly quiet and private person," he reportedly told the Chicago Tribune, external in 2012. "So I haven't sought publicity."My belief is if you just keep your head down and work, and you have the fortune to be successful, there really aren't moments that change you."Yes, your company gets bigger and owns more things, but you're just the same person you were the day before."When he spoke to Los Angeles Times reporters at the time of the LA Dodgers sale, Walter said:, external "I'm a baseball fan, but I'm not qualified to make baseball decisions, and I don't want to pretend to be."I'm here to support and help my people as much as I can. I'm here to cheer as loud as I can."He also gave an idea of his thoughts on the influence of sport and part of the reason he invests in it when he was quoted in a press release, external in 2023 that announced his joint venture with the International Tennis Federation for the BJK Cup."I believe sports are one of the most essential avenues for social change and can make a real difference in developing a more equitable society," he football reporter Nizaar Kinsella said: "Mark Walter has probably got the strongest connection to Todd Boehly in Chelsea ownership group," said BBC football reporter Nizaar Kinsella."He's the richest part of the ownership in terms of individual net worth."I think there was a conscious effort from the current ownership to make Todd Boehly the sort of frontman of the Chelsea bid when it came out, so that's why he is well known, but Mark owns a similar proportion of Chelsea as Todd Boehly."There is this divide in the Chelsea ownership and he would very much be on the Todd Boehly side."He kind of feels like a silent partner and I'd say of all the people that own parts of Chelsea, he's the one that I've seen least of." Should Lakers fans be worried? No, would be the apparent answer, especially if you ask "business partner" is the famous face associated with Walter and has provided reassurance about the prospect of the Lakers ownership moving from the Buss family, which has owned the team since 1979, to Buss bought the franchise for $67.5m and, after he died in 2013, Jeanie Buss has served as the Lakers' governor."I know that my sister Jeanie would have only considered selling the Lakers organisation to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss," Johnson said., external"Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust."She's witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organisation, and fans!"Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community!"
