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CEO and billionaire Mark Walter will add another Los Angeles Sports franchise to his portfolio after signing a deal with the Bass Family to buy the Lakers majority ownership.
Walter is CEO of Guggenheim Partners, a global investment company with assets of over $345 billion. Among these assets are the Los Angeles Dodgers, who became the owner of control over $2 billion from Frank McCourt, who bankrupted the team in 2012.
Walter is part of ownership of other sports franchises, including the WNBA’s Los Angeles Sparks, Chelsea FC of the English Premier League, and the auto racing team. The Lakers will become Walter’s third Los Angeles franchise in his portfolio.
Lakers legendary Irvin “Magic” Johnson was also part of the Sparks and Dodgers, celebrating Walter’s drive to win.
“There are a few things I can tell you about Mark – he’s driven to win, excellence and do everything the right way, and he puts in the resources he needs to win!” Johnson said.
CNBC media and sports reporter Alex Sherman agreed that having a Walters with “Deep Pocket” would be beneficial for the Lakers franchise.
“He’s clearly willing to spend money on the Dodgers,” Sherman said. Especially in the looming reality of LeBron James’ retirement. “If LeBron retires at some point, they will obviously be on the market again to replace him.
“I think Lakers fans can easily rest because there’s someone like Mark Walter in that chair. I realized that money isn’t the goal,” Sherman explained.
The blockbuster deal will be the most expensive franchise sale in the history of US sports after the Boston Celtics were sold to lifelong fan William Chisholm in March 2025 at a $6.1 billion valuation.
Walter attended Clayton University before graduating from Northwestern Law School.
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