Lakers sale creates a powerhouse in Los Angeles sports

Walter and his investment group, TWG Global, agreed to buy a controlling interest from the Jeanie Buss and her brothers, who own 66% of the team. It's not clear how much of the team, if any, the Buss family will retain, but it values the team at $10B.

It's not the first big L.A. sports investment by Walter and his partners. In 2012, a group led by Walter called Guggenheim Baseball Management acquired the Los Angeles Dodgers for $2.15B. The group includes Lakers great Magic Johnson, movie producer and Golden State Warriors owner Peter Guber, tennis legend Billie Jean King and her partner Ilana Kloss and long time baseball executive Stan Kasten, as well as other former and current Guggenheim executives.

Since 2012, the Dodgers have routinely had one of the highest payrolls in baseball, which they've leveraged to 12 straight postseason appearances and World Series titles in 2020 and 2024. They drew nearly four million fans and Forbes estimated their revenue at $752M.

Walter and Johnson led a group that purchased the WNBA's Los Angeles Sparks in 2014, and two years later they won the WNBA title. They were back in the Finals a year later. Walter and a group led by King also founded the Professional Women's Hockey League in 2023, though the league does not have a Los Angeles team — yet.

Now Walter and his partners are assuming full control of the Lakers, four years after acquiring Philip Anschutz's 27% stake in the team. It's another jewel in the crown of his L.A. sports empire. If Walter has similar success with the Lakers to his other sports investments, the rest of the NBA should be very worried.