Latest news with #BillieJeanCup
GMA Network
15 hours ago
- Business
- GMA Network
NBA: Walter's deep pockets could fuel Lakers return to glory
LOS ANGELES — Billionaire Mark Walter's purchase of a majority stake in the Los Angeles Lakers, in a deal that values the team at $10 billion, adds another glittering asset to his sports portfolio and could usher in another championship era for the National Basketball League franchise. The Buss family, the longest-tenured owners in the NBA, is entering into an agreement to make the sale to Walter, ESPN reported on Wednesday, in what would be the largest-ever sale of a professional sports team. The Lakers have yet to confirm the deal. Walter, 65, is the CEO of holding company TWG Global and financial services firm Guggenheim Partners, and LA sports fans do not need to look far to see the impact his mighty checkbook can have on a franchise. Walter, along with a group that included Lakers legend Earvin "Magic" Johnson, purchased the Los Angeles Dodgers in 2012 for $2.15 billion in what at the time was an MLB record. Under his ownership, the Dodgers have made 12 straight playoff appearances, won two championships, including last season's World Series and added generational talents Mookie Betts, Freddie Freeman and Shohei Ohtani. 'Ecstatic' Johnson, a Hall of Famer who won five NBA titles with the Lakers, said fans should be "ecstatic" about Iowa native Walter becoming the team's next owner. "A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way," Johnson said in a post on X on Wednesday. The reported $10 billion valuation of the Lakers was eyebrow-raising, especially after their historic rivals the Boston Celtics sold for $6.1 billion in April. But it was not a surprise that Walter would be on the other side of the deal. He has been a stakeholder in the team since 2021. Walter's net worth is estimated at $12.5 billion by the Bloomberg Billionaires Index. Unlike Major League Baseball, the NBA has a salary cap. Still, there are plenty of ways for a deep-pocketed owner to use his money to the team's advantage, from developing players to hiring the best staff. The Lakers have 17 NBA titles, with the latest one coming in 2020. That is second only to the Celtics who have 18, including in 2024. In addition to his ownership of the Dodgers, Walter is also co-owner of the WNBA's Los Angeles Sparks, Premier League side Chelsea FC and, through TWG Motorsports, owns Cadillac Formula One team, which will debut next year. His other financial interests include international women's tennis competition the Billie Jean Cup and the Professional Women's Hockey League, which named its championship trophy the "Walter Cup" after him and his wife Kimbra. Walter's growing footprint in the Los Angeles sports scene comes at a time when the Southern California city is preparing to play a key role in hosting FIFA World Cup matches next summer. Dodger Stadium will host baseball and softball competitions during the Los Angeles Olympics in 2028, while the Lakers' home of Arena in downtown LA will serve as the venue for gymnastics and boxing. — Reuters
The Star
17 hours ago
- Business
- The Star
NBA-Walter's deep pockets could fuel Lakers return to glory
Mark Walter, Founder and CEO, TWG Global; Founder and CEO, Guggenheim Partners speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. REUTERS/David Swanson/File Photo LOS ANGELES (Reuters) -Billionaire Mark Walter's purchase of a majority stake in the Los Angeles Lakers, in a deal that values the team at $10 billion, adds another glittering asset to his sports portfolio and could usher in another championship era for the National Basketball League franchise. The Buss family, the longest-tenured owners in the NBA, is entering into an agreement to make the sale to Walter, ESPN reported on Wednesday, in what would be the largest-ever sale of a professional sports team. The Lakers have yet to confirm the deal. Walter, 65, is the CEO of holding company TWG Global and financial services firm Guggenheim Partners, and LA sports fans do not need to look far to see the impact his mighty checkbook can have on a franchise. Walter, along with a group that included Lakers legend Earvin "Magic" Johnson, purchased the Los Angeles Dodgers in 2012 for $2.15 billion in what at the time was an MLB record. Under his ownership, the Dodgers have made 12 straight playoff appearances, won two championships, including last season's World Series and added generational talents Mookie Betts, Freddie Freeman and Shohei Ohtani. 'ECSTATIC' Johnson, a Hall of Famer who won five NBA titles with the Lakers, said fans should be "ecstatic" about Iowa native Walter becoming the team's next owner. "A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way," Johnson said in a post on X on Wednesday. The reported $10 billion valuation of the Lakers was eyebrow-raising, especially after their historic rivals the Boston Celtics sold for $6.1 billion in April. But it was not a surprise that Walter would be on the other side of the deal. He has been a stakeholder in the team since 2021. Walter's net worth is estimated at $12.5 billion by the Bloomberg Billionaires Index. Unlike Major League Baseball, the NBA has a salary cap. Still, there are plenty of ways for a deep-pocketed owner to use his money to the team's advantage, from developing players to hiring the best staff. The Lakers have 17 NBA titles, with the latest one coming in 2020. That is second only to the Celtics who have 18, including in 2024. In addition to his ownership of the Dodgers, Walter is also co-owner of the WNBA's Los Angeles Sparks, Premier League side Chelsea FC and, through TWG Motorsports, owns Cadillac Formula One team, which will debut next year. His other financial interests include international women's tennis competition the Billie Jean Cup and the Professional Women's Hockey League, which named its championship trophy the "Walter Cup" after him and his wife Kimbra. Walter's growing footprint in the Los Angeles sports scene comes at a time when the Southern California city is preparing to play a key role in hosting FIFA World Cup matches next summer. Dodger Stadium will host baseball and softball competitions during the Los Angeles Olympics in 2028, while the Lakers' home of Arena in downtown LA will serve as the venue for gymnastics and boxing. (Reporting by Rory Carroll in Los Angeles; Editing by David Gregorio)
Straits Times
17 hours ago
- Business
- Straits Times
NBA-Walter's deep pockets could fuel Lakers return to glory
Mark Walter, Founder and CEO, TWG Global; Founder and CEO, Guggenheim Partners speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. REUTERS/David Swanson/File Photo LOS ANGELES - Billionaire Mark Walter's purchase of a majority stake in the Los Angeles Lakers, in a deal that values the team at $10 billion, adds another glittering asset to his sports portfolio and could usher in another championship era for the National Basketball League franchise. The Buss family, the longest-tenured owners in the NBA, is entering into an agreement to make the sale to Walter, ESPN reported on Wednesday, in what would be the largest-ever sale of a professional sports team. The Lakers have yet to confirm the deal. Walter, 65, is the CEO of holding company TWG Global and financial services firm Guggenheim Partners, and LA sports fans do not need to look far to see the impact his mighty checkbook can have on a franchise. Walter, along with a group that included Lakers legend Earvin "Magic" Johnson, purchased the Los Angeles Dodgers in 2012 for $2.15 billion in what at the time was an MLB record. Under his ownership, the Dodgers have made 12 straight playoff appearances, won two championships, including last season's World Series and added generational talents Mookie Betts, Freddie Freeman and Shohei Ohtani. 'ECSTATIC' Johnson, a Hall of Famer who won five NBA titles with the Lakers, said fans should be "ecstatic" about Iowa native Walter becoming the team's next owner. "A few things I can tell you about Mark - he is driven by winning, excellence, and doing everything the right way," Johnson said in a post on X on Wednesday. The reported $10 billion valuation of the Lakers was eyebrow-raising, especially after their historic rivals the Boston Celtics sold for $6.1 billion in April. But it was not a surprise that Walter would be on the other side of the deal. He has been a stakeholder in the team since 2021. Walter's net worth is estimated at $12.5 billion by the Bloomberg Billionaires Index. Unlike Major League Baseball, the NBA has a salary cap. Still, there are plenty of ways for a deep-pocketed owner to use his money to the team's advantage, from developing players to hiring the best staff. The Lakers have 17 NBA titles, with the latest one coming in 2020. That is second only to the Celtics who have 18, including in 2024. In addition to his ownership of the Dodgers, Walter is also co-owner of the WNBA's Los Angeles Sparks, Premier League side Chelsea FC and, through TWG Motorsports, owns Cadillac Formula One team, which will debut next year. His other financial interests include international women's tennis competition the Billie Jean Cup and the Professional Women's Hockey League, which named its championship trophy the "Walter Cup" after him and his wife Kimbra. Walter's growing footprint in the Los Angeles sports scene comes at a time when the Southern California city is preparing to play a key role in hosting FIFA World Cup matches next summer. Dodger Stadium will host baseball and softball competitions during the Los Angeles Olympics in 2028, while the Lakers' home of Arena in downtown LA will serve as the venue for gymnastics and boxing. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
a day ago
- Business
- Yahoo
Los Angeles Lakers Being Sold To Dodgers Owner For Estimated $10 Billion: Report
The Los Angeles Lakers' longtime owners have reportedly agreed to sell the team to another LA sports magnate in a deal estimated to be worth $10 billion. ESPN's NBA expert Shams Charania broke the news on Wednesday afternoon, revealing that the Buss family will sell its majority ownership stake in the Lakers to Mark Walter, the CEO of holding company TWG Global and primary owner of baseball's Los Angeles Dodgers. Lakers co-owner Jeanie Buss in 2021. Her family has owned the team since 1979. Allen J. Schaben via Getty Images Jeanie Buss, who became the team's president after her father Jerry Buss' death in 2013, will continue her role as the Lakers' representative on the NBA's Board of Governors, sources told ESPN. Advertisement Walter already has stakes in several of LA's most prominent athletic organizations, like the Dodgers and the WNBA's Los Angeles Sparks, in addition to interests in tennis' Billie Jean Cup, pro-racing's Cadillac Formula 1 team and the Professional Women's Hockey League. Dodgers owner Mark Walter (left) and president of baseball operations Andrew Friedman (right) stand for a photo with Shohei Ohtani (center) in December 2023. Walter has reportedly agreed to buy the Lakers. Wally Skalij via Getty Images The Buss family's legacy has been intertwined with the Lakers since patriarch Jerry Buss bought the team in a 1979 deal which also included the NHL's Los Angeles Kings and the Los Angeles Forum arena in Inglewood, California. HuffPost reached out to representatives for Walter and the Lakers for comment, but did not immediately hear back. Related...
The Independent
02-04-2025
- Sport
- The Independent
Emma Raducanu withdraws from GB Billie Jean King Cup squad to ‘look after body'
Emma Raducanu has pulled out of Great Britain's squad for next week's Billie Jean King Cup qualifiers against Germany and the Netherlands. Raducanu reached the quarter-finals of the Miami Open last week, the British number two's deepest run at a WTA 1000 event and her best tournament performance since her stunning US Open triumph in 2021. The 22-year-old has featured in seven events in a busy first three months of the year and has now opted to take a breather for the next two to three weeks to fit in a training block. She will not participate in any WTA tournaments during that time, having pulled out of a tournament in Rouen starting on 14 April, and it is unclear when she intends to return to action. The decision means she has withdrawn from Britain's five-strong team for their Billie Jean King Cup double-header in the Netherlands, played on clay indoors in The Hague. 'I recognise this has been a difficult decision for Emma,' Britain captain Anne Keothavong said on the Lawn Tennis Association's X account. 'Of course you always miss a player of her quality on the team, we've seen what she can do in the past representing her country, but I have the utmost belief in the players who are travelling next week and will confirm a fifth player in due course.' Raducanu was one of three top-100 singles players in Keothavong's original full-strength team, with Katie Boulter and Sonay Kartal selected alongside former world number 70 Harriet Dart and British doubles number one Olivia Nicholls. The former US Open champion was a key player in the Billie Jean Cup squad last year, winning all five of the matches she played, including two on clay in France. Britain lost in the semi-finals in November. The Billie Jean King Cup has a new round-robin qualifying format, with the top nation heading to the Finals later this year. The remaining two teams will have to compete in play-offs for the chance to return to the qualifiers in 2026.
