10 things you need to know about Lakers' new majority owner Mark Walter
The post 10 things you need to know about Lakers' new majority owner Mark Walter appeared first on ClutchPoints.
For the first time since 1979, the Buss family will no longer own the Los Angeles Lakers, with Mark Walter purchasing the team at a valuation $10 billion.
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This move, understandably, took the sports world by storm, as it majorly shook up one of the most popular teams in one of the biggest cities in one of the biggest leagues in the world, with potential ramifications the likes of which won't be known for years to come.
But who is Mark Walter, the first new owner of the Lakers in almost five decades? Where is he from, how did he get his money, and how does he now own multiple major franchises in Los Angeles? Needless to say, his journey to the Lakers is fascinating.
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1. Mark Walter isn't from LA
Though he may own what feels like half of the biggest teams in Los Angeles, Mark Walter isn't actually from LA County.
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Born in Cedar Rapids, Iowa, Walter grew up in the Midwest, where his father worked at a concrete block manufacturing plant, and he grew up a Cubs fan.
2. Mark Walter went to Creighton for his undergrad
Despite his Midwest roots, Walter went to college at Creighton University in Omaha, Nebraska. Walter studied accounting and ultimately earned a bachelor's degree in 1982.
3. Mark Walter has a law degree from Northwestern
After completing his undergraduate studies, Walter traveled to Chicago to pursue a law degree at Northwestern University.
While getting to watch his favorite baseball team on the regular, Walter also met his wife, Kimbra, in Chicago, with whom he remains married to this day.
4. Mark Watler earned his money from insurance
How was Walter able to put down $10 billion to purchase the Lakers? Well, Walter earned much of his money from the insurance industry, where he has been working professionally since 2000. After founding his first major company in 1996, Liberty Hampshire Company, Walter shifted over to insurance in 2000 when he decided to found a new company with the Guggenheim family.
5. Mark Walter is a founder of Guggenheim Partners
Outside of his sports portfolio, Mark Walter is best known for being the founder of Guggenheim Partners, one of the world's biggest insurance companies.
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Founding the company with Peter Lawson-Johnson II, the firm has assets under management of $330 billion. With Walter as the CEO, Guggenheim has become one of the biggest companies in the world and has ventured out into sports ownership with the launch of Guggenheimer Baseball Management.
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6. Guggenheim Management purchased the Dodgers in 2012
In 2012, the Dodgers were put up for sale after then-owner Frank McCourt was investigated by MLB, and the team filed for Chapter 11 Bankruptcy.
After failing to purchase the Astros years prior, Walter and the Guggenheim Group put together a package worth north of $2 billion to buy the team outright, purchasing the team, their affiliates, their stadium, and the land around it, but, curiously enough, not the parking lot, which LA rents for $14 million a year.
7. Mark Walter personally owns 27 percent of the Dodgers
Though the Guggenheim Baseball Management group is the primary owner of the Dodgers, Walter does have a stake in the team personally at 27 percent after personally putting up $100 million to help purchase the team.
8. Magic Johnson is a minority owner of the Dodgers, too
As many fans around LA know, Lakers legend Magic Johnson is also a minority owner of the Dodgers, helping the Guggenheim group with their purchase back in 2012. Though his name was in many headlines at the time regarding the purchase, Johnson remains a single-digit owner of the team.
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9. Mark Walter already owns the Los Angeles Sparks
Before he purchased the Lakers, Walter and Johnson came together to buy the Los Angeles Sparks, with the Guggenheim CEO owning a sixth of the franchise. Under Walker's leadership, the Sparks have won two conference titles and a WNBA Championship in 2016.
10. Mark Walter has been the Lakers' owner-in-waiting
While the news of Walter buying the Lakers caught the sporting world by surprise, it's technically been an option for some time now, as when he purchased 20 percent of the team in 2021 from Philip Anschutz, he was given the ability to become majority owner should the opportunity arise in the future.
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Were the Lakers going to be put up for sale publicly? It's hard to say, but after holding a fifth of the team for multiple seasons, Walter was able to buy the franchise outright at a valuation $10 billion.
Related: Lakers rumors: Nick Wright predicts Austin Reaves' trade value after Desmond Bane deal
Related: Sources: Why Lakers rivals hoped Jeanie Buss would never sell franchise
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