Mark Walter officially becomes the new controlling owner of the Los Angeles Lakers. This represents a seismic shift for the legendary franchise worth an estimated $10 billion. According to ESPN, this deal would be the first majority ownership change in 46 years. Walter is replacing the Buss family, who have been a basketball billionaire dynasty in Los Angeles since 1979.
Walter is CEO and chairman of TWG Global, an international consultancy. In addition to his incredible philanthropic work, he’s already made a major impact on the Los Angeles sports scene. He holds existing shares in both the Los Angeles Dodgers, a Major League Baseball team, and the Los Angeles Sparks, a Women’s National Basketball Association franchise. His purchase of the Lakers marks a turning point for one of the NBA’s most storied franchises.
Earvin “Magic” Johnson—Hall of Fame point guard, former player, coach and executive of the Lakers—echoed those sentiments, thrilled at Walter’s leadership. His zeal leaps off the page as he raves about Walter’s talent. Johnson says that Walter is an example of a deeply rooted commitment to winning and excellence.
“Laker fans should be ecstatic. A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way,” – Earvin ‘Magic’ Johnson
The sale represents the end of an era for the Buss family. Beyond the story of their time, it illustrates their eternal impact on pro sports. Jerry Buss, who bought the team in 1979, made the Lakers one of the most successful and popular franchises in the world. Jeanie Buss, Jerry’s daughter, would still stay on as governor of the Lakers even after the sale.
Walter is approaching this new, high-profile position with a great deal of optimism. Beyond his initial enthusiasm, the new owner has committed significant resources to make sure this team succeeds on-court. His great reputation in the greater Los Angeles sports community gives fans plenty to expect. On the business side, they can expect an innovation-fueled new era with this ownership.
This move marks a historic period of change in the reality of both the Los Angeles Lakers and NBA landscape. With Walter at the helm, everyone is expecting a new direction that matches his vision of excellence. The decision to sell a majority stake certainly is an important turning point for the Buss family. It even affects the Lakers fans, who have vehemently rooted for the franchise during its numerous incarnations.
