Mark Walter’s acquisition of the majority stake in the Lakers last year brought a wave of optimism about the team’s future, both in the near and distant horizons.
The Lakers had been under the ownership of the Buss family for 46 years—starting with Dr. Jerry Buss and continuing with his children, led by Jeanie Buss—making it the longest continuous ownership in the NBA. Now, a new chapter was beginning.
The team, often seen as the league’s marquee franchise, was moving from personal ownership to a corporate model with Walter at the helm. This shift made fans cautiously excited, especially given Walter’s proven success with the Los Angeles Dodgers.
As majority owner of the Dodgers since 2012, Walter had overseen tremendous achievements, including 13 straight playoff appearances, 12 division titles in the last 13 years, and three World Series championships in just six years. That track record naturally led to high expectations among Lakers enthusiasts.
Even though it was acknowledged that Walter’s financial clout wouldn’t directly influence player salaries for the Lakers as it did for the Dodgers, there was hope that modernizing the franchise’s office and infrastructure would yield positive results.
Last year did see some expected advancements in those areas, but then Walter’s sale of his Lakers stake to businessman Josh Kushner and former Disney executive Bob Iger effectively wrapped up a disappointing chapter under his ownership.
Walter’s Ownership Ends on a Sour Note
The path to Walter’s ownership began back in 2021 when he acquired a preferred stake in the team. Why he chose to sell just 14 months into the agreement, and only ten months post-majority ownership, is unclear.
Speculation swirls around the idea that a federal investigation might have influenced his decision.
In his statement about the sale, Walter expressed deep gratitude for the community and the people surrounding the Lakers, acknowledging that owning the team was a significant honor. He stated, “The Lakers belong in Los Angeles, and I am confident that the best is yet to come.” That said, the short time he spent as their main owner will likely be viewed as less than successful.
It’s worth noting that Walter hardly had a full year to make a lasting impact on the franchise, unlike his experience with the Dodgers, where it took years to reach major milestones.
The past year with the Lakers was marked by relatively little noticeable change.
Changes During Walter’s Tenure
There were, however, some business operation changes, like hiring Ron Rosen as the president of business operations, who had previously worked with the Dodgers.
Ticket prices for the season went up, and the G League team relocated to the Coachella Valley. Additional courtside seats were added, but significant layoffs happened as well. The season ended with an early playoff exit for the Lakers, and changes were made to the roster, including a shift around Luka Doncic following LeBron James’ departure.
Expectations under Walter certainly were not met, and some might say his legacy will simply be a bridge to the new era under Kushner and Iger.
During his time, the Lakers were in the midst of a rebuild in terms of basketball operations, making investments in their practice facilities and medical assets.
What lies ahead under Kushner and Iger seems uncertain, but their acquisition suggests a continuity of Walter’s vision for modernization.
In the end, while there were hopes for significant developments under Walter, his brief tenure as majority owner will probably be reminisced as a time of stagnation.
