Financial analyst and renowned businessman Mark Walter sent shockwaves through the sports world after announcing that he was purchasing majority stakes in the Los Angeles Lakers from the Buss family. NBA legend Magic Johnson rallied behind this blockbuster deal, which is stipulated at over $10 billion.
Johnson has known Walter for many years now. The duo works together in the Guggenheim Partners firm, which is a multi-billion-dollar financial asset-controlling organization based out of America.
Together the duo have controlling stakes in the Los Angeles Dodgers alongside business partner Todd Boehly. The defending World Series champions have been climbing up the ladders of success since the Guggenheim Partners purchased majority stakes in 2012. They have won the World Series twice since Mark Walter bought the team.
Magic Johnson Praises Mark Walter After He Acquires Controlling Stakes in Los Angeles Lakers
Johnson took to X to praise his colleague Walter. He applauded the Buss family on selling the majority stakes in the Lakers franchise to Mr. Walter. In his social media post, Johnson wrote, “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!”
He further continued, “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!”
MORE: Dodgers President Hints at Potential Michael Conforto Trade
Furthermore, Johnson shared another post in which he penned down a message for the loyal Lakers fans by letting them know what a great personality Walter has and that the Laker Nation can rally behind him to take the team back to their glory days in the NBA.
Laker fans should be estatic. 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 -…
— Earvin Magic Johnson (@MagicJohnson) June 18, 2025
Johnson and Walter go way back as business partners. Johnson became a member of the Guggenheim Partners soon after retiring from the NBA. He later joined Guggenheim Baseball Management, which launched a $2.15 billion bid to purchase majority stakes in the Dodgers organization.
With a $50 million investment, Johnson became a minority owner and currently has a 2-3% stake in the Dodgers ballclub. Now, it remains to be seen whether the NBA legend will pitch in with some investments as Walter gears up to purchase $10 billion worth of stakes in the Lakers franchise.