Los Angeles Lakers

The Los Angeles Lakers Are Getting a New Owner, and He’s Got Deep Pockets

Justin Rimpi

Well, folks, it looks like the storied Los Angeles Lakers are about to change hands. Hold onto your hats, because this is not just any sale—it is a blockbuster deal that is making waves across the entire sports world. Businessman Mark Walter is stepping up to the plate, and he is not just buying a piece of the pie; he is taking the whole darn bakery.

What Is Going On With the Los Angeles Lakers?

According to sources close to the action, Walter is set to present his whopping $10 billion bid to the NBA’s Advisory Finance Committee. If you just did a spit-take, you are not alone. That is billion with a “B.” The committee will give it the once-over and then pass its recommendation to the Board of Governors. If all the suits in the room give the thumbs up, Walter could be the new majority owner of the Lakers by the end of the month.

This deal is set to absolutely obliterate previous records. Remember when the Washington Commanders sold for a cool $6.05 billion? Or when the Boston Celtics went for $6.1 billion? Quaint, right? Walter’s bid makes those look like pocket change. It’s a new era of sports ownership, and the price of admission is astronomical.

Who Is Mark Walter?

So, who is this guy ready to drop a fortune on the Lakers? Walter is no stranger to the high-stakes world of professional sports. He’s the man behind the Los Angeles Dodgers, who are, as fate would have it, kicking off the World Series this Friday. Talk about good timing.

But his sports empire doesn’t stop there. Walter also owns the WNBA’s Los Angeles Sparks, has a stake in Chelsea FC of the English Premier League, and is involved with Formula 1 and the Professional Women’s Hockey League. Essentially, if there’s a ball, puck, or fast car involved, Walter’s probably got a piece of it. His purchase of the Dodgers back in 2012 for $2.15 billion seemed wild at the time, but now that team is valued at nearly $8 billion. The man knows how to make a smart play.

What This Means For the Buss Family

For all you die-hard Lakers fans worried about losing the soul of the franchise, you can breathe a little easier. The Buss family isn’t going anywhere just yet. Jeanie Buss is expected to stay on as the team’s governor, and the family will keep a minority stake of over 15%. It seems the Buss legacy will continue, just with a new, very wealthy partner calling the big shots. So, get ready, Laker Nation. A new chapter is about to begin. With an owner who clearly isn’t afraid to spend, the future in Hollywood is looking brighter—and a whole lot richer.

Justin has been a sportswriter for nearly a decade. He has previously written for 247 Sports an Sports Illustrated.

More Great Content