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[Saba Sports News] For the first time since 1979, the Los Angeles Lakers are no longer owned by the Buss family.
Billionaire Mark Walter has purchased majority control of the franchise at a staggering $10 billion valuation, shaking up one of the NBA’s most iconic teams.
The move has major implications for the league and the city of Los Angeles—but who exactly is the man now calling the shots? Here’s what you need to know:
1. He’s not originally from L.A.
Despite now owning several high-profile Los Angeles sports teams, Mark Walter hails from Cedar Rapids, Iowa. His father worked at a concrete block plant, and Walter grew up a lifelong Chicago Cubs fan.
2. He attended Creighton University
Walter earned his undergraduate degree in accounting from Creighton University in Omaha, Nebraska in 1982.
3. He earned a law degree from Northwestern
After undergrad, Walter moved to Chicago to attend law school at Northwestern University, where he also met his wife, Kimbra.
4. He made his fortune in insurance
Walter got his start in finance in the 1990s and later pivoted into the insurance industry. In 2000, he co-founded a major investment firm with ties to the Guggenheim family.
5. He co-founded Guggenheim Partners
Walter is best known as the founder and CEO of Guggenheim Partners, a global financial firm managing over $330 billion in assets. Under his leadership, the company expanded into sports ownership.
6. He led the purchase of the Dodgers in 2012
When the Dodgers were put up for sale after ownership turmoil, Walter led Guggenheim Baseball Management in a $2 billion acquisition. The group bought the team, stadium, and land—but notably not the parking lots, which the Dodgers still lease annually.
7. He personally owns 27% of the Dodgers
Walter contributed $100 million of his own money in the Dodgers deal and now holds a 27% personal ownership stake in the team.
8. Magic Johnson is a partner
Lakers legend Magic Johnson is also a minority owner of the Dodgers, helping Walter’s group secure the deal in 2012. Johnson also partnered with Walter to purchase another LA team.
9. He already owns the WNBA’s Los Angeles Sparks
Before acquiring the Lakers, Walter and Johnson purchased the WNBA’s Sparks. Under his partial ownership, the team won a WNBA title in 2016 and two conference championships.
10. He’s been positioned to take over the Lakers for years
Though his majority purchase shocked many, Walter’s path to full ownership began in 2021 when he bought a 20% stake in the Lakers from Philip Anschutz. That deal gave him the option to become majority owner down the line—an option he has now exercised.
With deep ties to both sports and finance, Mark Walter is poised to usher in a new era for the Lakers. Whether he can bring championships back to Los Angeles remains to be seen—but he certainly has the resources to try.