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As of June 19, 2025, 8:16 p.m.

A new era is dawning for the Los Angeles Lakers: The franchise is being sold for ten billion dollars. This could herald glorious times in sports for LeBron James, Luka Doncic, and the rest.

Mark Walter is very sparing with public statements. However, the man from Cedar Rapids, Iowa, seems to be more or less throwing money around.

Thirteen years ago, he and his partners took over the legendary Los Angeles Dodgers baseball team for what was then an almost unbelievable $2.15 billion. Now, the 65-year-old is acquiring the iconic Los Angeles Lakers basketball franchise with LeBron James and Luka Doncic – for a whopping ten billion dollars.

Magic Johnson: "I'm happy and excited"

"I'm so happy and excited for all the Lakers fans around the world," wrote club icon Magic Johnson on X. The Hall of Famer, who won five NBA titles in the purple and yellow jersey, also praised club president Jeanie Buss: "My sister did a great job in closing this impressive deal."

More money has never been paid for a franchise in US sports or any other club in the world. Too much money? Not if Walter has his way. "I'm not trying to save a dollar," he said after taking over the Dodgers. "I'd rather say we have a great team and maybe spend a little too much."

Walter's Success in Baseball

Walter's success speaks for itself: The financially well-endowed Dodgers won the title in 2020 and 2024; their current value is estimated at $6.3 billion. They gave Japanese megastar Shohei Ohtani a ten-year, $700 million contract in 2023.

Last year, the club paid $103 million in "taxes" because it was over the league's $237 million salary cap. Now that Walter is likely to spend a few extra dollars on the Lakers, golden times could be dawning for the 17-time champions. James is expected to earn around $52.6 million this season, Doncic $46 million, and Würzburg native Maxi Kleber at least $11. More top players are urgently needed, of course. Exceeding the $154.6 million salary cap would be unavoidable.

The Lakers have been owned by the Buss family since 1979.

Walter is the head of Guggenheim Partners, an investment firm that manages $325 billion in assets. His second sports coup, initially reported by ESPN, now even overshadows the sale of the Lakers' eternal rival: The Boston Celtics changed hands in May for $6.1 billion.

The Lakers had been owned by the Buss family since 1979, at a purchase price of $67.5 million. After Jerry Buss's death in 2013, the club was passed on to his six estranged children. Daughter Jeanie (63) retained the important role as club president after a tough legal battle – and she will continue to do so.

Walter likely wants to stay in the background

Two of his six siblings reportedly did not agree to the sale to Walter, who has held 26 percent of the Lakers since 2021. Walter is also already a co-owner of the Los Angeles Sparks (women's basketball), the Los Angeles Kings (ice hockey), and the new Cadillac Formula 1 team. Privately, he holds a season ticket for the Chicago Cubs, a rival of the Dodgers.

In one of his rare interviews, Walter said he prefers to stay in the background and leave the management of the teams to people who know more about it than he does. However, Walter seems to know very well what constitutes a good investment.