Lakers Sold to Dodgers Co-Owner Mark Walter in Record $10 Billion Deal

The Los Angeles Lakers have been sold to Mark Walter, co-owner of the Los Angeles Dodgers, in a record-breaking deal valued at approximately $10 billion. The sale, which was unanimously approved by the NBA Board of Governors, marks a new era for the storied franchise.

The Deal

Mark Walter, chairman and CEO of TWG Global, a diversified holding company, will become the majority owner of the Lakers, with Jeanie Buss remaining as the team’s governor and retaining a minority stake. Buss will continue to oversee day-to-day operations for the foreseeable future, ensuring continuity and stability within the organization.

Walter’s Vision

“I am honored to be part of the Lakers’ legacy and look forward to working alongside Jeanie Buss to maintain the team’s excellence and set the standard for success both on and off the court,” Walter said in a statement. “The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness.”

Buss Family’s Legacy

The Buss family has owned the Lakers since 1979, when Jerry Buss purchased the team for $67.5 million. Under their leadership, the Lakers have captured 11 NBA championships, including a three-peat from 2000 to 2002 and a title in 2020. Jeanie Buss has been instrumental in the team’s success, serving as team governor since her father’s passing in 2013.

Walter’s Credentials

Mark Walter is no stranger to sports ownership, having led Guggenheim Baseball Management’s $2.15 billion purchase of the Los Angeles Dodgers in 2012. Under his stewardship, the Dodgers have become a model franchise, capturing World Series titles in 2020 and 2024. Walter also owns stakes in the WNBA’s Los Angeles Sparks, Chelsea Football Club, and the Professional Women’s Hockey League.

What’s Next

The sale still requires final approval from the NBA, but with the Board of Governors’ unanimous approval, the deal is expected to close soon. With Walter’s deep pockets and winning track record, Lakers fans can expect a new era of excitement and success.

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Navigating the USA Mortgage Market: Tips and Insights

The USA mortgage market can be complex and overwhelming, especially for first-time homebuyers. However, with the right knowledge and guidance, you can navigate the process with confidence and secure the best mortgage deal for your needs. Here are some valuable tips to help you get started:

Understand Your Financial Situation

Before applying for a mortgage, it’s essential to understand your financial situation. This includes:

• Credit score: Your credit score plays a significant role in determining the interest rate you’ll qualify for. Aim for a credit score of 700 or higher to qualify for better interest rates.
• Income: Lenders will verify your income to ensure you can afford the mortgage payments. Make sure you have a stable income and a low debt-to-income ratio.
• Savings: You’ll need a down payment and closing costs. Aim to save at least 20% of the purchase price to avoid paying private mortgage insurance (PMI).

Choose the Right Mortgage Type

There are several types of mortgages available in the USA, including:

• Fixed-rate mortgage: A fixed-rate mortgage offers a stable interest rate for the entire term of the loan.
• Adjustable-rate mortgage: An adjustable-rate mortgage offers a lower interest rate that can change periodically based on market conditions.
• Government-backed mortgages: Government-backed mortgages, such as FHA and VA loans, offer more lenient credit requirements and lower down payments.

Shop Around for Lenders

Don’t settle for the first lender you come across. Shop around and compare rates and terms from multiple lenders to find the best deal with. You can check with local banks, credit unions, and online lenders.

Understand the Mortgage Process

The mortgage process typically involves:

• Pre-approval: Get pre-approved for a mortgage before starting your home search.
• Application: Submit your mortgage application and provide required documentation.
• Processing: The lender will process your application and order an appraisal.
• Closing: Sign the final documents and complete the purchase.

Additional Tips

• Read the fine print: Understand the terms and conditions of your mortgage, including any fees or penalties.
• Consider working with a mortgage broker: A mortgage broker can help you navigate the process and find the best mortgage deal.
• Keep your credit utilization ratio low: Keep your credit utilization ratio below 30% to avoid negatively impacting your credit score.

By following these tips and insights, you can navigate the USA mortgage market with confidence and secure the best mortgage deal for your needs. Remember to stay informed, shop around, and understand the mortgage process to achieve your dream of homeownership.

Mortgage Terms to Know

• APR: Annual percentage rate, the total cost of the loan, including interest and fees.
• Closing costs: Fees associated with closing the loan, including title insurance, appraisal fees, and attorney fees.
• Down payment: The amount of money you pay upfront towards the purchase price of the home.
• Mortgage insurance: Insurance that protects the lender in case you default on the loan.

Resources

• Federal Housing Administration (FHA): A government agency that insures mortgages and provides more lenient credit requirements.
• Department of Veterans Affairs (VA): A government agency that provides mortgage guarantees for eligible veterans and service members.
• Consumer Financial Protection Bureau (CFPB): A government agency that provides information and resources on mortgage lending and consumer protection.