Mark Walter’s Lakers sale memorialized by mass layoffs, price hikes, losing LeBron

When Mark Walter purchased the majority ownership of the Lakers last year, expectations for the franchise’s short- and long-term future soared.

After being primarily owned by the Buss family – first Dr. Jerry Buss and then his children, led by Jeanie Buss – for 46 years, which was the longest majority ownership tenure in the NBA, the Lakers were entering a dawn of a new era.

The Lakers, the league’s glamour franchises, were going from a mom-and-pop operation to a more traditional, corporate infrastructure under Walter. 

And Lakers fans didn’t need to look far to see the success that could be accomplished with Walter leading the franchise. 

The Dodgers, who Walter has been the majority owner of since 2012, have been one of the most successful MLB franchises in the last 14 years: Thirteen consecutive playoff appearances; 12 of the last 13 NL West division titles; five World Series appearances in the last nine years; three World Series titles in the last six years, including being the reigning back-to-back champs. 

Even with the understanding that Walter’s deep pockets wouldn’t impact the Lakers’ payroll for players in the same way it did for the Dodgers, there was optimism that modernizing and restructuring the Lakers in other ways – such as building out the franchise’s front office and investments in the infrastructure – would pay divendends. 

The Lakers made the type of expected progress in those areas over the last year. 

But Walter selling the majority ownership of the Lakers to businessman Josh Kushner and ex-Disney executive Bob Iger brought the end to an Walter-ownership era that was ultimately a disappointment.

Walter’s sad end to Lakers ownership

The succession plan for Walter to own the Lakers was essentially put in place when he became a minority owner in 2021, when he received a right of first refusal on the majority share of the team.

Why Walter chose to sell the Lakers now, just 14 months after agreeing to purchase the Lakers and 10 months since he officially became the majority owner, isn’t clear. 

There’s been speculation about the decision to sell now has something to do with Walter being under federal investigation. 

Walter hasn’t publicly commented on the sale outside of this statement: “Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

Regardless of why Walter ultimately decided to sell now, his short tenure as the Lakers majority owner, whenever it officially ends, will be remembered as a disappointment.

In fairness, Walter didn’t have the time to make the impact on the Lakers like he has the Dodgers.

It took the Dodgers five years into Walter’s ownership to make a World Series appearance, and eight to win the title.

The Lakers didn’t even have a full year under the 66-year-old’s guidance.

But in that year, very few remarkable things happened.

Lakers changes under Walter

There were several hires on the business operations side, including Lon Rosen becoming the franchise’s president of business operations after leading the Dodgers’ business operations under Walter.

Season ticket prices were raised. The G League team moved to Coachella Valley. A second row of courtside seats were added. There were widespread layoffs in May. 

And there was a second-round playoff exit that preceded LeBron James leaving the franchise after eight years for the 76ers and a roster reconstruction around Luka Doncic. 

Not close to what was hoped for under Walter. 

Maybe Walter’s legacy as the Lakers’ owner will be remembered for how he set up the Kushner-Iger era.

The Lakers were revamping their basketball operations under Walter, and already started making more investments into their practice facility, which included medical equipment. 

There’s little-to-no evidence of what a Kushner-Iger-led NBA operation looks like.

But the valuation they paid for the Lakers, including their combined net worth, suggests they’ll be able to pick up where Walter left off with modernizing the franchise.

But so much more was hoped for under Walter, whose tenure with the Lakers will be remembered for much less than expected.