Latest news with #WalterCup
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
7 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
7 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.
Business Insider
14 hours ago
- Business
- Business Insider
Meet Mark Walter, the man poised to buy the LA Lakers in a record-setting $10 billion deal
Billionaire Mark Walter, CEO of asset manager and brokerage firm Guggenheim Partners and a major investor in pro sports, has signed on to buy the LA Lakers for a record-high $10 billion, according to ESPN. Walter has been a stakeholder in the franchise since 2021, when he bought a 26% share and received the right of first refusal for the majority share, ESPN reported. In addition to his role with Guggenheim, which manages more than $345 billion in assets globally, Walter is chairman and founder of the holding company TWG Global. Walter's estimated net worth is around $6.1 billion, according to Forbes, and at one point was up to $12.5 billion, according to Bloomberg. He is purchasing the Lakers from the Buss family, who have owned the franchise since 1979, the longest-running ownership of a current NBA franchise. During that time period, the team won 11 championships. The Lakers' sale was approved by members of the Buss family through a majority vote, per ESPN. The team's current governor, Jeanie Buss, will continue in that role and run the team going forward as a stipulation of the deal. The Buss family will also retain a 15% stake. The NBA franchise will add to Walter's collection of sports investments, including his primary ownership of the MLB's Los Angeles Dodgers and part ownership of the WNBA's Sparks. His investment helped found the Professional Women's Hockey League, whose championship trophy, the Walter Cup, bears his name. Walter is also the owner of the Cadillac Formula 1 racing team and has a partial stake in Premier League's Chelsea FC. During the California wildfires earlier this year, Walter helped lead a recovery initiative called LA Rises, pledging $100 million toward rebuilding efforts. Earvin "Magic" Johnson, the former Lakers star and basketball Hall-of-Famer turned businessman, has previously worked with Walter on LA Rises and as part-owner of the Dodgers and the Sparks. Johnson shared his support for the deal on X, writing that Walter is the "best choice" for the role and "fans should be ecstatic." The Lakers rank second-highest in overall NBA championship wins, second to the Boston Celtics, a franchise that in March was slated to be purchased by private equity exec Bill Chisholm for $6.1 billion, which was then the most expensive deal for any North American sports team.
The South African
20 hours ago
- Business
- The South African
Meet the man who bought the Los Angeles Lakers for $10 billion
The Los Angeles Lakers are being sold in a record-breaking $10 billion deal that makes the iconic franchise the highest-valued sports team in US history. The report said the Lakers owners, the Buss family, would sell their controlling interest in the team to billionaire Mark Walter, who already owns a minority stake in the franchise. Mark Walter is a high-profile figure renowned for his leadership in finance, his expansive global sports investment portfolio, and his philanthropic endeavours. His agreement to acquire the Los Angeles Lakers cements his position as one of the most influential sports owners in the world. CEO of Guggenheim Partners , the investment firm he helped co-found in the late 1990s, which manages over $325 billion in assets , the investment firm he helped co-found in the late 1990s, which manages over $325 billion in assets Also heads TWG Global, a private investment holding company with varied interests in finance, insurance, AI, sports, and entertainment Controlling owner & chairman of the Los Angeles Dodgers , acquired in 2012 for $2.15 billion; under his leadership, the team has won World Series crowns in 2020 and 2024 , acquired in 2012 for $2.15 billion; under his leadership, the team has won World Series crowns in 2020 and 2024 Agreed to purchase the Los Angeles Lakers (NBA) in June 2025 for a record-setting $10 billion – a landmark deal in U.S. sports (NBA) in June 2025 for a record-setting $10 billion – a landmark deal in U.S. sports Co-owner of the Los Angeles Sparks (WNBA) and influential in women's hockey – founding the Professional Women's Hockey League, whose championship trophy is named the 'Walter Cup' after him and his wife (WNBA) and influential in women's hockey – founding the Professional Women's Hockey League, whose championship trophy is named the 'Walter Cup' after him and his wife Holds a stake in Chelsea FC via the BlueCo consortium (with Todd Boehly and others), and invests in the Cadillac Formula One team scheduled for a 2026 debut A dedicated philanthropist, he and his wife Kimbra support social justice, wildlife conservation (e.g., White Oak Conservation in Florida and preserves in Africa), and education initiatives Through the Dodgers Foundation, he pledged over $100 million toward community causes and donated $5.5 million to the Women's Sports Foundation Born in 1960 in Cedar Rapids, Iowa, he graduated from Creighton University (BA) and Northwestern University (JD) in Cedar Rapids, Iowa, he graduated from and His net worth is estimated at $6.1 billion according to Forbes, making him the 585th-richest person in the world as at the time of publishing While Jeanie Buss would continue as Lakers governor, the deal ends the Buss family's 46-year reign over the NBA giants. Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea. TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team. While further specifics of the deal were not disclosed, Lakers legend Earvin 'Magic' Johnson – a business partner of Walter – was among the first to react to news of the agreement. 'Laker fans should be ecstatic,' Johnson wrote on X. 'A few things I can tell you about Mark – he is driven by winning, excellence, and doing everything the right way. And he will put in the resources needed to win! I can understand why Jeanie sold the team to Mark Walter because they are just alike.' Lakers legend Magic Johnson says the blockbuster sale of the NBA franchise should be a cause for celebration by fans. Image: Harry How / AFP Johnson cited Walter's ownership of the Dodgers baseball team as a reason for optimism. The Dodgers have won the World Series twice since Walter's ownership group took over the club, and in recent years have adopted an aggressive recruitment strategy that has seen them sign some of the sport's best talent, including Japanese superstar Shohei Ohtani on a 10-year, $700 million deal. 'Mark is the best choice and will be the best caretaker of the Laker brand,' Johnson wrote. 'The proof is in the pudding on what he's been able to accomplish with the LA Dodgers. Mark has been nothing short of a winner.' The Buss family selling the Los Angeles Lakers marks the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday. The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand. The Buss era brought the Lakers 11 NBA championships – more than any other team over the same period – and encompassed golden ages which included the 'Showtime' Lakers of Magic Johnson as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant. More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic. Walter has been a minority owner of the Lakers since 2021 when he bought a share in a deal which also gave him first refusal to purchase the club should the Buss family ever decide to sell. The sale of the club smashes the previous highest figure paid for a US sports team, the $6.1 billion paid for the Boston Celtics earlier this year. That Celtics sale eclipsed the $6.05 billion that Josh Harris paid for the Washington Commanders in 2023. 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