Latest news with #MarkWalter
Yahoo
21 hours ago
- Business
- Yahoo
When $10 billion Lakers sale is expected to close
The post When $10 billion Lakers sale is expected to close appeared first on ClutchPoints. The $10 billion sale of the Los Angeles Lakers to businessman Mark Walter is expected to close in the third or fourth quarter of this year, according to the Associated Press. The transaction marks the most expensive franchise sale in sports history and ends the Buss family's controlling ownership of the team after 46 years. Advertisement In a joint statement released Wednesday, the parties confirmed that Jeanie Buss will remain in her role as team governor and continue to oversee day-to-day operations 'for the foreseeable future.' The arrangement maintains a level of organizational continuity while ushering in a new financial era under Walter, who has been a minority owner of the team since 2021. The Buss family has held a controlling interest in the Lakers since 1979, when the late Dr. Jerry Buss purchased the franchise. Under his leadership and later under Jeanie Buss, the Lakers won 11 NBA championships and became one of the most recognizable brands in global sports. 'From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style,' Jeanie Buss said in the statement. Mark Walter's sports portfolio and shared values position Lakers for a new era of ownership She praised Walter's alignment with the franchise's core values and described him as an 'excellent partner' over the past four years. Advertisement Walter is the chairman and CEO of TWG Global, a diversified holding company with investments across multiple professional sports. His portfolio includes ownership stakes in the MLB's Los Angeles Dodgers, the WNBA's Los Angeles Sparks, the Professional Women's Hockey League, the Billie Jean King Cup, and the Cadillac Formula 1 team. Walter expressed admiration for the Lakers' legacy, citing the team's historic standard of excellence and widespread cultural influence. 'The Lakers have long been one of the most iconic franchises in sports,' Walter said. 'Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.' The $10 billion valuation exceeds previous records for franchise sales, including the Boston Celtics' $6.1 billion deal earlier this year. The sale also comes at a transitional moment for the Lakers, who were eliminated in the first round of the 2025 NBA Playoffs and face a critical offseason as they build around Luka Doncic and await a decision from 40-year-old LeBron James. Advertisement With the transaction expected to finalize later this year, the Lakers are poised to enter a new chapter of ownership while maintaining ties to their historic past through Jeanie Buss' continued involvement. Related: Dwyane Wade gets brutally honest on Heat GOAT debate with LeBron James Related: Jeanie Buss breaks silence on Lakers' franchise sale
Yahoo
21 hours ago
- Business
- Yahoo
Lakers rumors: What LeBron James didn't discuss with LA about contract
The post Lakers rumors: What LeBron James didn't discuss with LA about contract appeared first on ClutchPoints. The Los Angeles Lakers are at a crossroads. LA has two superstar players in LeBron James and Luka Dončić, but they won't be able to afford both for long. Soon-to-be owner Mark Walter could soon face the reality of a Lakers team without James. Advertisement Lakers star LeBron James reportedly did not discuss additional years on his contract, per The Athletic's Sam Amick. This creates the possibility that James could leave the Lakers after the 2025-26 NBA season. 'Team sources say James and the Lakers did not discuss deals that would have added years to his Lakers tenure that began in 2018, either by way of extension or with him opting out and signing a new deal,' Amick wrote. 'Conversely, James and his camp signaled months ago that there would be no discounts offered this time around (the Lakers, team sources say, didn't propose any sort of discounted deal out of respect for James).' James will play on a $52.6 million player option next season. After that, nobody knows. This contract decision could signal a shift in LA from James to Luka Dončić as the future of the franchise. Advertisement 'If the Lakers have any hope of staying nimble in the crucial years to come, and potentially adding the next co-star to put alongside Dončić after James is gone, then it behooves them to maintain as much flexibility as possible. The second-apron realities of today's NBA mean that elite talents could shake loose at any time, with owners who pushed for this virtual hard cap now facing its grave consequences.' LeBron James' agent, Rich Paul, discusses contract with Lakers Petre Thomas-Imagn Images James does not seem to have the leverage he once did. His agent, Rich Paul, recently explained the situation his client finds himself in with the Lakers. Advertisement 'LeBron knows the Lakers are building for the future, and he also wants to compete for championships,' Paul told The Athletic and ESPN. 'We understand the difficulty in winning now while preparing for the future. We do want to evaluate what's best for LeBron at this stage in his life and career. He wants to make every season he has left count, and the Lakers understand that, are supportive and want what's best for him. We are very appreciative of the partnership that we've had for eight years with Jeanie (Buss) and Rob (Pelinka) and consider the Lakers as a critical part of his career.' James is rumored to be facing pressure from his wife to retire 'in the next year or so.' Paul's messaging seems to suggest that next season could be James' final year with the Lakers. There's no telling where James could go after that. But retirement now seems to be an option for the 40-year-old basketball legend. Related: NBA rumors: Suns center linked to Knicks, Lakers in trade talks Related: Warriors' trade proposal for LeBron James pairs NBA legend with Steph Curry
CNA
2 days ago
- Automotive
- CNA
Cadillac F1 team managing expectations with limitless ambition
SILVERSTONE, England :Cadillac principal Graeme Lowdon says Formula One's newest team have limitless ambition, and plenty of funds, but every expectation of being last when they debut next season. The General Motors brand secured approval in March, after a 764-day entry process, to become the sport's 11th team and are racing against time to be ready. Testing starts in Barcelona on January 26, with free practice for the 2026 season-opener in Melbourne on March 6. No drivers are signed yet, despite regular reports of familiar names set to join and the usual suspects in the frame, but the focus is on more fundamental issues. A recent tour of the team's Silverstone facility revealed a quiet sense of purpose, and the deep pockets behind the operation. "You will not see this team over-promising in any way," Lowdon told reporters. "But we do want to convey the fact that the ambitions are really limitless, as they should be." The team are also backed by TWG Global, whose CEO Mark Walter has an estimated net worth of $12.5 billion, according to the Bloomberg Billionaires Index. Walter's ownership interests include MLB's Los Angeles Dodgers, Premier League soccer side Chelsea and a soon to be acquired majority stake in the Los Angeles Lakers NBA basketball franchise. LONG ROAD Despite that, there is a long road ahead for a team that will start with Ferrari engines but plan to make their own eventually. Lowdon, whose U.S.-owned rivals Haas are in their 10th season, said he presents the situation to shareholders with a question: "Can you imagine if you've owned a Formula One team for 10 years and then another team rocks up and beats you? You would be apoplectic. "You have to assume that any new team coming in is going to be last. Otherwise, what's gone wrong somewhere else? ... We're trying to be as competitive as we possibly can but We're realistic. We know how difficult it is. "We're happy with our progress, but we just don't know. Other than if we beat someone then someone's going to be angry." Cadillac reckon on having 600 people by next season, many recruited from rival teams, and say they are already two thirds of the way there and no longer even the smallest outfit. Although approval came only in March, preparations started long before. Wind tunnel work has been ongoing since the middle of last year and the first car floor was delivered in January. Roll hoop testing took place in May and a prototype steering wheel was also ready by then. "We've already issued somewhere in the region of 6,000 drawings. We've made 10,000 components already while we've been kind of quiet," said Lowdon. "If you just wait until you get the entry and then start doing everything that we've been doing, you time out. It becomes an impossible task." Cadillac have sites on two continents - a headquarters under construction in Indianapolis, manufacturing facilities in North Carolina and Michigan and a design and logistics base at Silverstone. Lowdon, a previous CEO of the defunct Virgin and Marussia teams, said a different management approach was needed and he had "leaned heavily" on the structure used by the U.S. space programme in the 1960s and 70s. "We need an engineer here (in Britain) talking to an engineer in Charlotte and another one in Warren, Michigan, or eventually in Fishers (Indiana). So we've looked to have a very, very flat management structure," he said.
Reuters
2 days ago
- Automotive
- Reuters
Cadillac F1 team managing expectations with limitless ambition
SILVERSTONE, England, July 1 (Reuters) - Cadillac principal Graeme Lowdon says Formula One's newest team have limitless ambition, and plenty of funds, but every expectation of being last when they debut next season. The General Motors brand secured approval in March, after a 764-day entry process, to become the sport's 11th team and are racing against time to be ready. Testing starts in Barcelona on January 26, with free practice for the 2026 season-opener in Melbourne on March 6. No drivers are signed yet, despite regular reports of familiar names set to join and the usual suspects in the frame, but the focus is on more fundamental issues. A recent tour of the team's Silverstone facility revealed a quiet sense of purpose, and the deep pockets behind the operation. "You will not see this team over-promising in any way," Lowdon told reporters. "But we do want to convey the fact that the ambitions are really limitless, as they should be." The team are also backed by TWG Global, whose CEO Mark Walter has an estimated net worth of $12.5 billion, according to the Bloomberg Billionaires Index. Walter's ownership interests include MLB's Los Angeles Dodgers, Premier League soccer side Chelsea and a soon to be acquired majority stake in the Los Angeles Lakers NBA basketball franchise. Despite that, there is a long road ahead for a team that will start with Ferrari engines but plan to make their own eventually. Lowdon, whose U.S.-owned rivals Haas are in their 10th season, said he presents the situation to shareholders with a question: "Can you imagine if you've owned a Formula One team for 10 years and then another team rocks up and beats you? You would be apoplectic. "You have to assume that any new team coming in is going to be last. Otherwise, what's gone wrong somewhere else? ... We're trying to be as competitive as we possibly can but We're realistic. We know how difficult it is. "We're happy with our progress, but we just don't know. Other than if we beat someone then someone's going to be angry." Cadillac reckon on having 600 people by next season, many recruited from rival teams, and say they are already two thirds of the way there and no longer even the smallest outfit. Although approval came only in March, preparations started long before. Wind tunnel work has been ongoing since the middle of last year and the first car floor was delivered in January. Roll hoop testing took place in May and a prototype steering wheel was also ready by then. "We've already issued somewhere in the region of 6,000 drawings. We've made 10,000 components already while we've been kind of quiet," said Lowdon. "If you just wait until you get the entry and then start doing everything that we've been doing, you time out. It becomes an impossible task." Cadillac have sites on two continents -- a headquarters under construction in Indianapolis, manufacturing facilities in North Carolina and Michigan and a design and logistics base at Silverstone. Lowdon, a previous CEO of the defunct Virgin and Marussia teams, said a different management approach was needed and he had "leaned heavily" on the structure used by the U.S. space programme in the 1960s and 70s. "We need an engineer here (in Britain) talking to an engineer in Charlotte and another one in Warren, Michigan, or eventually in Fishers (Indiana). So we've looked to have a very, very flat management structure," he said. "It's highly modelled on the Apollo project ... OK, we're not putting a man on the moon, but it feels like it sometimes."
Yahoo
2 days ago
- Sport
- Yahoo
Lakers' LeBron James urged to retire by Jeff Teague
The post Lakers' LeBron James urged to retire by Jeff Teague appeared first on ClutchPoints. LeBron James ended his 22nd NBA season with a disappointing playoff exit. The Minnesota Timberwolves eliminated the Los Angeles Lakers in a decisive first-round series. Despite trading for Luka Doncic, James and the Lakers were unable to make a deep playoff run. With Mark Walter taking over as Los Angeles' new owner, Jeff Teague thinks James should retire. Advertisement Teague gave his opinion on James' future on Wednesday's episode of the Club 520 Podcast. The former All-Star point guard played against the future Hall-of-Famer throughout his NBA career, including three playoff series. Unfortunately for Teague, he never beat James in the postseason, suffering sweeps in three consecutive seasons to the Cleveland Cavaliers. James has been the model of consistency for his team, but the Lakers' situation has changed over the last 12 months. Adding Doncic shifts the team's focus from now to the future. The arrival of Mark Walter as the new owner could help Los Angeles attract more stars to carry the Lakers into the future as well. According to Teague, James has simply played in the league too long. He reacted to rumors that James could spend the last seasons of his career with the Cavaliers, but does not want him to play in the NBA any longer. 'And Bron[LeBron James], this ain't no disrespect,' Teague said. 'You my favorite player, bro. I think you the GOAT all-time. But I'm tired, bro. If you want to go somewhere, me and the rest of your fan base—we tired.' Advertisement Teague is not the only former player that has brought up James retiring this season. Experts and NBA media personnel have said that it is time for the four-time champion to hang up his sneakers after last season. However, James has not confirmed anything as it pertains to his future plans. Along with his retirement rumors, there is speculation that the Lakers forward could entertain a trade. One that has gained more steam since the ACL injuries in the postseason involves the Cavaliers. James led them to a title back in 2016 and fans believe that he could be the key to Cleveland's success in 2026-27. On the other hand, James has an opportunity to bounce back strong alongside Doncic next season. If Walter's arrival helps Los Angeles obtain a big man to anchor their defense, the Lakers are dangerous. Despite that, Teague is ready for James to call it a career. If he does, James will walk away as one of the best players to ever touch an NBA floor. Related: Magic Johnson makes '30, 40 years' declaration on new Lakers owner Mark Walter Related: The player the Lakers must avoid in 2025 NBA free agency
