Latest news with #Walter
Straits Times
5 hours ago
- Business
- Straits Times
Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers
The Los Angeles Lakers are being sold in a record-breaking US$10 billion deal that makes the iconic franchise the highest-valued sports team in US history. PHOTO: AFP Explainer: Breaking down the Buss family's US$10 billion sale of Los Angeles Lakers The Buss family, architects of 11 National Basketball Association (NBA) championships, is poised to relinquish their four-decade reign over the Los Angeles Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise. The following is the breakdown of the deal: WHAT IS AT STAKE? Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about US$10 billion (S$12.84 billion), making it the most expensive United States sports team valuation in history. The deal will end family control of the Lakers. The Buss family will retain a minority share of just over 15 per cent for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence. Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021. The previous record for biggest sports deal was held by the Boston Celtics, who agreed in March to be sold for US$6.1 billion. WHO ARE THE LAKERS? The Lakers are one of the most storied franchises in National Basketball Association history. The team was valued at US$7.1 billion by Forbes in 2024, behind only the Golden State Warriors and New York Knicks in the NBA. They are the second-most successful NBA team with 17 championships. The Celtics have 18. Jerry Buss, who bought the Lakers for US$67.5 million in 1979, transformed them into one of the most well-known franchises in professional sports. The team won five championships during the celebrated "Showtime" era of the 1980s. The Lakers have LeBron James, arguably the league's biggest star, on their roster. They also snapped up Slovenian Luka Doncic in a high-profile trade with the Dallas Mavericks in February. WHO IS MARK WALTER? Walter is a 65-year-old American billionaire businessman who is CEO and chairman of holding company TWG Global. He is also CEO of investment firm Guggenheim Partners. Walter, whose net worth is listed as US$6.1 billion by Forbes, has owned the LA Dodgers baseball team since 2012. He is adding the Lakers to a sporting portfolio that includes stakes in the Cadillac Formula One team, the WNBA's Los Angeles Sparks and English Premier League football club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66 per cent stake in the Lakers was passed on to his six children via a family trust after his death in 2013. Buss died at the age of 80 due to kidney failure. His daughter, Jeanie, took over as principal owner after his death and is set to continue as team governor, maintaining a family connection to the purple-and-gold empire her father built. WHICH ARE SOME OTHER NOTABLE SPORTS DEALS? The Celtics set the previous benchmark in NBA sale valuations after agreeing to a US$6.1 billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The National Football League's (NFL) Washington Commanders sold for US$6.05 billion in July 2023, in a deal that, at the time, was the biggest for a North American sports franchise. Also in 2023, British billionaire Jim Ratcliffe finalised a deal to acquire a minority stake in Manchester United that valued the English football club at US$6.3 billion. In 2022, former owner Roman Abramovich sold Chelsea to a consortium led by Boehly that included Walter, for about US$3.2 billion. WHEN IS THE LEAGUE EXPECTED TO FINALISE THE SALE? Final approval of the sale could take several months. The Celtics' sale has yet to receive final approval from the NBA Board of Governors. The Board is scheduled to meet in July in Las Vegas, though that session is expected to focus primarily on potential league expansion plans. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
GMA Network
5 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
6 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
6 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.
The Star
8 hours ago
- Business
- The Star
Explainer-NBA-Breaking down the Buss family's sale of LA Lakers at $10-billion valuation
Jeanie Buss, President of the Los Angeles Lakers speaks during the permanent placement of late Kobe Bryant's handprints and footprints in the forecourt of the TCL Chinese Theatre in Hollywood, Los Angeles, California, U.S., March 15, 2023. REUTERS/Mike Blake/File Photo (Reuters) -The Buss family, architects of 11 NBA championships, is poised to relinquish their four-decade reign over the LA Lakers, with ESPN reporting they are entering an agreement to sell a majority stake in basketball's most glamorous franchise. The following is the breakdown of the deal: WHAT IS AT STAKE? Lakers minority owner Mark Walter is set to take majority ownership in a deal valuing the Lakers at about $10 billion, making it the most expensive U.S. sports team valuation in history. The deal will end family control of the Lakers. The Buss family will retain a minority share of just over 15% for a period of time after the deal, ESPN reported, bringing to a close its stewardship of a franchise that became synonymous with Hollywood allure and championship excellence. Reuters could not immediately ascertain what Walter's new stake in the team would be. He purchased a minority stake in the Lakers with Todd Boehly in 2021. The previous record for biggest sports deal was held by the Boston Celtics, who agreed in March to be sold for $6.1 billion. WHO ARE THE LAKERS? The Lakers are one of the most storied franchises in National Basketball Association history. The team was valued at $7.1 billion by Forbes last year, behind only the Golden State Warriors and New York Knicks in the NBA. They are the second-most successful NBA team with 17 championships. The Celtics have 18. Jerry Buss, who bought the Lakers for $67.5 million in 1979, transformed them into one of the most well-known franchises in professional sports. The team won five championships during the celebrated "Showtime" era of the 1980s. The Lakers have LeBron James, arguably the league's biggest star, on their roster. They also snapped up Slovenian Luka Doncic in a high-profile trade with the Dallas Mavericks in February. WHO IS MARK WALTER? Walter is a 65-year-old American billionaire businessman who is CEO and chairman of holding company TWG Global. He is also CEO of investment firm Guggenheim Partners. Walter, whose net worth is listed as $6.1 billion by Forbes, has owned the LA Dodgers baseball team since 2012. He is adding the Lakers to a sporting portfolio that includes stakes in the Cadillac Formula One team, the WNBA's Los Angeles Sparks and English Premier League soccer club Chelsea. WHO ARE THE BUSS FAMILY? Jerry Buss's 66% stake in the Lakers was passed on to his six children via a family trust after his death in 2013. Buss died at the age of 80 due to kidney failure. His daughter, Jeanie, took over as principal owner after his death and is set to continue as team governor, maintaining a family connection to the purple-and-gold empire her father built. WHICH ARE SOME OTHER NOTABLE SPORTS DEALS? The Celtics set the previous benchmark in NBA sale valuations after agreeing to a $6.1-billion sale to a group headed by private equity firm Symphony Technology Group co-founder William Chisholm in March. The NFL's Washington Commanders sold for $6.05 billion in July 2023, in a deal that, at the time, was the biggest for a North American sports franchise. Also in 2023, British billionaire Jim Ratcliffe finalised a deal to acquire a minority stake in Manchester United that valued the English soccer club at $6.3 billion. In 2022, former owner Roman Abramovich sold English soccer club Chelsea to a consortium led by Boehly that included Walter, for about $3.2 billion. WHEN IS THE LEAGUE EXPECTED TO APPROVE AND FINALISE THE LAKERS SALE? Final approval of the sale could take several months. The Celtics' sale has yet to receive final approval from the NBA Board of Governors. The Board is scheduled to meet in July in Las Vegas, though that session is expected to focus primarily on potential league expansion plans. (Reporting by Pearl Josephine Nazare in Bengaluru;Editing by Rod Nickel)
