Who Is New Lakers Owner Mark Walter? Walter's Wealth, History Explained

The Buss family reportedly is entering an agreement to sell the majority share of the Los Angeles Lakers to Mark Walter at a valuation at approximately $10 billion, ESPN's Shams Charania reported on Wednesday. This marks the largest sale of a sports franchise in American history, and a sale that values the team at nearly $4 billion more than any other American sports team.

Though Jeanie Buss will remain the Lakers' governor and run the team for several years, the future of the Lakers lies in Walter's hands.

So, who is Mark Walter? Here is what to know about the new Lakers owner.

How Mark Walter Acquired the Team

Walter initially purchased a minority share of the Lakers in 2021, buying Phil Anschutz's 26% stake, per ESPN's Ramona Shelburne. With this stake, Walter was also granted the first right of refusal if the Buss family were to sell their 66% stake in the franchise, helping put him in position to eventually purchase the majority stake in the Lakers. About four years later, Walter is now taking majority ownership of the franchise.

The Background and Wealth of Mark Walter

Walter was born in Cedar Rapids, Iowa, spending his childhood in the Midwest and as a fan of the Chicago Cubs. He would remain in the Midwest through college, going on to get his Bachelor's degree in business at Creighton University and then earn a law degree at Northwestern University in 1985.

After graduating from law school, Walter worked at a law firm and then for First Chicago Capital Markets, but eventually left to become a co-founder of the Liberty Hampshire Company, an investment management and personal financing company.

During that time, Walter met J. Todd Morley, who introduced him to Peter Lawson-Johnston II, a descendant of the Guggenheim family. The three would go on to start Guggenheim Partners, which now has more than an estimated $330 billion of assets under their management. The Guggenheim Partners later found diversified holding company TWG Global, which Walter owns a 21% stake in and is the CEO of.

Walter has kept private and is known for being lowkey, but an insider with knowledge of the businesses told The Los Angeles Times in 2012 that Walter is "one of the great financial minds of our time."

What Is Mark Walter's Net Worth?

There are varying estimates of Mark Walter's net worth. Forbes listed Walter's net worth this year at $6.1 billion, while Bloomberg has his net worth estimate at more than double that figure at $12.5 billion.

Full Portfolio of Mark Walter's Sports Ownership

Along with his portfolio in finance and business, Mark Walter has invested greatly in professional sports. Walter is most well-known as the controlling owner of the Los Angeles Dodgers, leading Guggenheim Baseball Management to purchase the team for a then-record $2.15 billion in 2012. Walter owns 27% of the team, and has mostly taken a hands-off approach to his ownership. Since 2013, the Dodgers have made the postseason in every season, won two World Series, and accrued many big-name talents including Shohei Ohtani, Mookie Betts, and Freddie Freeman.

Outside of baseball, Walter has made great investment into women's sports. He owns a sixth of the Los Angeles Sparks as part of the team's six-person ownership group. He is also the owner of the Professional Women's Hockey League, and the winning team each year receives a trophy named after him, the Walter Cup.

Beyond these sporting investments, Walter additionally holds ownership stakes in Chelsea FC and the Cadillac Formula 1 team.