Who is new Los Angeles Lakers owner Mark Walter?

Shohei Ohtani might now have some competition for Los Angeles sports king.

In a stunning announcement, Jeanie Buss and the Buss family have agreed to sell majority ownership of the Los Angeles Lakers to Los Angeles Dodgers owner Mark Walter for an astounding $10 billion, which obliterates the $6.1 billion the Boston Celtics sold for earlier this year.

The Buss family, and Jeanie Buss especially, inherited the legacy of Showtime from her father Jerry, who bought the team in 1979 for $67.5 million, and it seemed like it would stay in the family for generations to come.

So who is Walter, the 65-year-old sports tycoon that is now majority owner of two of the most iconic franchises in the United States and the world?

Dec 14, 2023: Shohei Ohtani shakes hands with Dodgers owner Mark Walter at an introductory press conference | Kirby Lee-Imagn Images

Ain't that America

Walter has blue-collar roots, living out the ultimate American dream, growing up in Cedar Rapids, Iowa, where his father worked at a local concrete manufacturing plant.

From there, he attended Creighton University before graduating Northwestern University Law School.

Walter is said to be extremely private, married to Kimbra Walter, an attorney and trustee at Lincoln Park Zoo in Chicago. Walter was a Chicago Cubs fan growing.

The couple's main residence is allegedly in Chi-Town as well, and they have one daughter together.

So why the Dodgers instead of the Cubs?

Walter's fortune seems to be a cross between big insurance ownership stakes, smart annuities investments, and eventually aligning with the Guggenheim estate where he helped found Guggenheim Partners, where he serves as CEO.

That led to the purchase of the Los Angeles Dodgers, where he spearheaded the purchase for $2.15 billion in 2012 through Guggenheim Baseball Management. He is said to own 27% of the Dodgers, who are now valued at $4.8 billion, only behind the New York Yankees at a $7.1 billion valuation.

Walter also has ownership stakes in the WNBA's Los Angeles Sparks, the newly formed Cadillac Formula 1 team, English Premier League club Chelsea, among many other sports ventures.

Mark Walter, Kimbra Walter — June 3, 2022: Kimbra Walter, Mark Walter, and Ilana Kloss, wife of Billie Jean King, pose for a photo during the Alexander Zverev and Rafael Nadal semifinal at the French Open. | Susan Mullane-Imagn Images

Lakers are the crowning jewel... for now

And now Walter, through his TWG Global company, which also owns the Cadillac F1 team, has agreed to buy the Lakers.

Walter has been a minority owner since 2021, and as part of his stake, he had the right of first refusal for a majority share of the team.

Well, it's clear now Walter gave the Buss family an offer they couldn't refuse at $10 billion.