Lakers Sale: Guggenheim Partners Deal Close
Guggenheim Partners CEO Mark Walter is poised to acquire a majority stake in the Los Angeles Lakers in a deal perhaps valued at a record-breaking $10 billion. This significant move signifies a shift for the storied franchise, with jeanie Buss expected to remain as the controlling owner and team governor.Walter, already a stakeholder since 2021, is expanding his influence in the sports world, adding to his co-ownership of the Los Angeles Dodgers and part-ownership of Chelsea FC. The NBA board of governors must approve the sale. This breaking news, brought to you by News Directory 3, details the Lakers sale, providing context on the team’s valuation and ancient meaning, including the influence of the Buss family and their championship legacy. Discover what’s next for the Lakers organization.
Lakers Nearing $10B Sale to Mark Walter, Guggenheim CEO
The Buss family, owners of the Los Angeles Lakers, are reportedly finalizing a deal to sell their majority stake in the NBA team to Mark Walter, chief executive of Guggenheim Partners. The potential valuation of the Lakers sale is approximately $10 billion, which would be a record for a sports team acquisition.
The sale would mark a meaningful shift for the Lakers, a storied franchise owned by the Buss family as 1979. A person familiar with the matter said Jeanie Buss would remain as the controlling owner and team governor after the transaction.
Walter, who heads the $300 billion asset manager Guggenheim Partners, initially acquired a minority stake in the Lakers in 2021 with Todd Boehly of Eldridge Industries. That deal valued the team at around $5 billion. Walter’s prior agreement included the right of first refusal for ownership.
A representative for Walter confirmed he is “entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, of which he has been a stakeholder since 2021.”
Acquiring the Lakers would further solidify Walter’s presence in the sports world. he and Boehly are co-owners of the Los Angeles Dodgers and part-owners of Chelsea FC, a Premier League football team.
The Lakers’ valuation significantly exceeds recent major league team sales, indicating the continued high demand for sports teams as valuable assets. The Boston Celtics were sold earlier this year for $6.1 billion to a group led by Bill Chisholm. In 2023,Josh Harris led a consortium that purchased the Washington Commanders for $6.05 billion.
According to a source, Walter is using personal funds for the Lakers investment, not capital from TWG Global, his holding company with Thomas Tull.
The NBA’s board of governors, comprised of representatives from all 30 franchises, must approve the deal. In 2021, the NBA permitted teams to accept passive investments of up to 20% from private equity firms.
Jerry Buss, Jeanie’s father, bought the Lakers in 1979 for $67.5 million. Under the Buss family’s leadership, the Lakers have secured 11 NBA championships, the most of any team during that period. Their most recent title came in 2020, led by LeBron James.
What’s next
The deal is expected to be finalized pending NBA board approval, setting the stage for a new era in Lakers ownership while Jeanie Buss continues to guide the team’s operations.