Turns out, Mark Walter, the guy who just sold his majority stake in the Los Angeles Lakers last week, was apparently in a serious rush for cash, and he was ready to use the Lakers as collateral. Reports are spilling out, painting a picture of some seriously troubling financial moves during his brief time as the team’s owner. We’re talking about discussions for a multibillion-dollar loan that would have fundamentally shaken things up for the purple and gold.
The Loan Scheme and TV Deal Shocker
Can you believe this? Walter wasn’t just struggling for cash on the down-low, he was making big moves to get his hands on some serious money. Financial Times, along with other reports, reveals Walter held discussions with private investment giant Apollo Global Management for a multibillion-dollar loan against his Lakers stake. These talks went on throughout the summer and only stopped when Josh Kushner and Bob Iger swooped in to buy him out. It screams “desperate” when an owner is trying to leverage a legendary franchise like that.
But wait, there’s more! Walter reportedly tried to get both the Lakers and the Los Angeles Dodgers, another team he owns, out of their massive television deal with Spectrum SportsNet. We’re talking about the Lakers’ 20-year, $3 billion contract, signed way back in 2012! The reports suggest Walter was “perhaps looking for a lump sum of cash.” You have to wonder what kind of financial hole you’re in to try and blow up a deal of that magnitude. These moves really call into question his whole reason for selling his stake in the first place, don’t they? It feels less like a strategic move and more like an urgent scramble.
Buss Family Drama and Jeanie’s Lone Fight
And just when you thought the Lakers’ ownership situation couldn’t get any more wild, the Buss family saga took another turn. The Buss family, who initially sold Walter his majority share last year, just voted to sell their remaining 17.8% stake in the franchise to Kushner and Iger. It’s a clean sweep for the new guys, right? Not exactly.
Jeanie Buss, who serves as the franchise’s governor, is reportedly the sole member of the Buss family opposed to this latest transaction. She’s not going down without a fight! When Walter first bought his share, there was an agreement that would let Buss remain governor through 2030, and she’s not letting that go. Reports say she’s even looking for a way to hold onto the minimum 15% ownership required to keep her governor role, even if all five of her siblings cash out. Talk about sticking to your guns!
The Lakers’ ownership situation is truly in flux right now. With Walter out, and Kushner and Iger stepping in, plus Jeanie Buss fighting tooth and nail to keep her seat at the table, the front office drama in Los Angeles is far from over. Everyone’s watching to see if this new era brings some much-needed calm or if it’s just the start of more questions for one of the league’s most iconic teams.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Yahoo Sports.
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