The Los Angeles Lakers underwent a significant management shift as CEO of TWG Global, Mark Walter, acquired the team from the Buss family at a valuation of $10 billion. With Lakers legend Magic Johnson vouching for his business partner, he also shared some exciting news about the franchise’s future with Lakers fans. He said:
“Laker fans should be ecstatic. 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 – they are competitive people, have big hearts, love to give back, and both prefer to be behind the scenes. This makes all the sense in the world. I am so so SO happy and excited for @Lakers fans all over the world!!”
But Johnson didn’t stop here. He gave a glowing review of Walter and attested to his managerial abilities as well, citing his success with the other franchises he owns:
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the @Lakers legacy and tradition of winning – Mark Walter, my business partner and friend! Mark Walter is the best choice and will be the best caretaker of the Laker brand. 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 notching 2 World Series and 11 NL West divisional titles in the last 12 years!”
“I know that my sister Jeanie would have only considered selling the Lakers organization to someone she knows and trusts would carry on the Buss legacy, started by her father Dr. Buss. Now she can comfortably pass the baton to Mark Walter, with whom she has a real friendship and can trust. She’s witnessed him build a winning team with the Dodgers and knows that Mark will do right by the Lakers team, organization, and fans! Both are extremely intelligent, visionaries, great leaders, and have positively impacted the greater Los Angeles community! I love both my sister @JeanieBuss and my business partner Mark Walter.”
Johnson’s long and thorough support for the acquisition and Jeannie Buss’ decision were telling in his tweets. Considering the success the Dodgers have enjoyed, having won the World Series Title under TWG Global’s ownership, the Lakers legend has every reason to be excited about the prospects for the future.
He concluded on the topic by congratulating Buss for her massive $10 billion sale of the Lakers. He tweeted:
“I just talked to my sister Jeanie Buss to tell her congratulations, and that I’m so happy for her and family. I told her that her dad Dr. Buss would be very proud of her for getting $10B for the Lakers, the largest sports franchise sale in history!”
While referring to the recent sale of the Boston Celtics, Johnson also took a shot at Boston, comparing the two storied franchises and the valuation earned by the Purple and Gold.
Earlier in the week, Johnson had appeared on “First Take”, teasing the possibility of ownership in an NBA team. Although he wasn’t able to be a part of the Lakers, his support for Walter is an extremely positive indication for the team moving forward.
What Does New Ownership Imply For The Lakers?
The $10 billion acquisition of the Lakers is no small move. With the purchasing power to acquire one of the biggest names in the sporting world, TWG Global brings a lot of muscle to the team. But this is only a small aspect of the overall deal.
Mark Walter is also the CEO of Guggenheim Partners, a financial services firm said to have almost $325 billion in available assets. This ridiculous financial backing essentially transforms the Purple and Gold into one of the most financially viable and powerful teams.
ESPN’s Brian Windhorst addressed this recently and highlighted the impact this purchase has on the rest of the NBA. He said:
“I would only suspect that the modernization of the Lakers is about to come, and if I were another team, I would not think this is a great development. I think the Lakers are only gonna get more dangerous as an organization with the more resources that are theoretically here about to be poured into.”
Considering the number of trade rumors the Lakers have been involved in this offseason, the addition of strong financial backing gives the team a lot of currency heading into negotiations. With significant plans set in motion with the purchase of the franchise, the Purple and Gold could look to be a legitimate threat to other teams in the market.
