Mark Walter, Co-Founder and CEO of private equity firm Guggenheim Capital, is set to purchase a majority stake in the Los Angeles Lakers in a deal valued at $10bn via his TWG Global investment firm, marking the largest sale of a US sports franchise in history, according to a report by the BBC.
The report cites unnamed sources familiar with the transaction as confirming that Walter — who has held a 20% equity interest in the Lakers since 2021 – has reached agreement with the Buss family to increase his holdings to more than 50%..
Walter’s expanded ownership comes on the heels of his successful stewardship of the Los Angeles Dodgers, the Major League Baseball team that claimed a World Series title in 2020. His track record in sports includes significant stakes in Chelsea Football Club and the upcoming Cadillac Racing Formula 1 entry.
The Buss family, which acquired the Lakers in 1979 for $67.5m, will retain a significant minority position, with Jeanie Buss continuing as the team’s Governor under the terms of the transaction. Walter’s acquisition will eclipse the recent $6.1bn sale of the Boston Celtics to Bill Chisholm and the 2023 sale of the Washington Commanders American football team for $6.05bn.
The Lakers, led on-court by LeBron James, have won 11 NBA championships under the Buss family’s stewardship and represent an iconic brand in basketball.
