Mark Walter just became one of the most powerful owners in all of sports.
The CEO and founder of holding company TWG Global is set to acquire a majority ownership stake in the Los Angeles Lakers, acquiring it from the Buss family − led by Jeanie Buss − for a $10 billion valuation. It’s not only a monumental day in Los Angeles, but in the United States as it becomes the most expensive purchase agreement of a U.S. pro sports franchise in history.
The Lakers are one of the most recognizable sports brands in the world, and the sale could mean grand things for the team that has won 18 NBA championships. It will be the first time in more than 45 years that the Lakers won’t be owned by the Buss family. Jerry Buss had purchased the team in 1979.
So with Walter becoming an even more important figure in sports, here’s what to know about the new Lakers owner:
Who is Mark Walter?
Walter is a 65-year-old businessman from Iowa. He attended Creighton University and got his doctorate at Northwestern University. He also is a board member at both of his alma maters.
Mark Walter net worth
His net worth is $6.1 billion, according to Forbes.
Mark Walter companies
Walter is the CEO and founder of holding company TWG Global, which owns and controls businesses in financial services, renewable energy, sports, media, entertainment, art, eco-tourism and agriculture, according to the Milken Institute. He also is the founder and is the CEO of Guggenheim Capital, LLC, which the Milken Institute says is “a diversified financial services firm with more than $340 billion in assets under management.”
Who owns the Los Angeles Dodgers?
That would be Walter. His investment group of Guggenheim Baseball Management, which includes Magic Johnson, purchased the team in 2012 for $2.2 billion. Walter serves as the team chairman.
Under his leadership, the Dodgers have won two World Series − 2020 and 2024 − four National League pennants, 11 NL West division titles and have made the playoffs every year. Excluding the shortened 2020 season, the Dodgers have won at least 91 games each season since Walter’s group bought the team, with five of those seasons having at least 100 victories.
The sponsorship on the Dodgers’ jerseys are Walter’s company in Guggenheim Capital.
Mark Walter owns several sports teams
The Dodgers and Lakers aren’t the only teams Walter has invested in. He has minority ownership in:
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Chelsea FC
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Los Angeles Sparks
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Cadillac Formula 1
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The Professional Women’s Hockey League
Mark Walter almost owned the Los Angeles Clippers
Before he became the Lakers owner, he nearly owned the team that used to play in the same building.
Walter was part of David Geffen’s bid to buy the Los Angeles Clippers in 2014, when the team went for sale after former owner Donald Sterling was banned by the NBA for racist remarks. However, the team eventually went to Steve Balmer, who acquired the Clippers for $2 billion.
This article originally appeared on USA TODAY: Who is Mark Walter? What to know about Los Angeles Lakers new owner
