Mark Walter's period as the majority owner of the Los Angeles Lakers has concluded less than a year and a half after he initially agreed to purchase the team, and approximately 10 months after officially taking the reins. The sale to businessman Josh Kushner and former Disney executive Bob Iger brings an end to an ownership era that was largely viewed as a disappointment, failing to meet the soaring expectations that accompanied Walter's acquisition.
Walter, who has also been the majority owner of the Los Angeles Dodgers since 2012 and has overseen a period of significant success for the MLB franchise, had his Lakers ownership tenure characterized by several changes within the business operations. These included the hiring of Lon Rosen as president of business operations, who previously led business operations for the Dodgers under Walter. Additionally, season ticket prices were increased, the G League team relocated to Coachella Valley, a second row of courtside seats was added, and widespread layoffs occurred in May.
On the basketball side, the Lakers experienced a second-round playoff exit, which was followed by the departure of star player LeBron James. James left the franchise after eight years to join the Philadelphia 76ers, prompting a roster reconstruction around Luka Doncic. These outcomes fell far short of the anticipated success under Walter's guidance.
The sale marks the end of a 46-year era of primary ownership by the Buss family, the longest tenure in NBA history. While Walter's time with the Lakers was brief, his ownership was preceded by a succession plan that began when he became a minority owner in 2021, acquiring a right of first refusal on the majority share. The reasons behind Walter's decision to sell at this particular time remain unclear, though speculation has surfaced regarding a federal investigation he is reportedly under.
Walter issued a statement expressing gratitude for his time as owner, calling it "one of the great honors of my life" and emphasizing that "the Lakers belong to Los Angeles." The incoming ownership group, led by Kushner and Iger, is expected to continue the modernization efforts of the franchise. Their financial standing suggests they can build upon the investments made in areas such as the practice facility and medical equipment, picking up where Walter left off in attempting to update the team's infrastructure.