An NBA franchise is not a quick asset flip. For Mark Walter, that is what the Los Angeles Lakers ultimately became. The timeline and overall story remains bizarre despite some added time to soak everything in.
ESPN's Ramona Shelburne told everyone that Walter was presented with the offer from Josh Kushner and Bob Iger on Sunday, Aug. 9. It was accepted on the Wednesday that followed, with news of the shocking sale surfacing. Just like that, Walter's brief time as the majority owner of the Lakers had an end date in sight.
The all-time franchise sold for $12.5 billion. It was a $2.5 billion gain for Walter, who had bought the team for $10 billion. Everyone wondered what was going on, and what the fallout from this stunning sale was going to be.
Josh Kushner and Bob Iger were in the right place, at the right time
Kushner and Iger were trying to make a push for the expansion franchise in Vegas. When murmurings of Walter's inclination to sell the Lakers had made it over to them, there was an opportunity they could not pass up.
Iger told Khobi Price in an interview: "It was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it."
For Kushner and Iger, it made sense. Why pay $7 billion, or so, for an expansion franchise when one of the NBA's most historic teams could be had with a bit of added effort? Their part in this has always made sense. It is Walter that is confusing.
Mark Walter will leave the Lakers without making a mark worth remembering
What was it that made the wildly successful owner of the Los Angeles Dodgers pivot away from the Lakers? Was the NBA too tough by comparison to MLB? Did the CBA make building a champion too tall of a task for Walter? Was it just a quick buck to be made?
The explanation most have landed on is that Walter's sale of the Lakers has something to do with the investigation he and his company are under.
Late October was when the NBA officially approved Walter's group as majority owners. Less than nine months later, the Lakers were sold again. That does give off a public perception of desperation.
Dave McMenamin reported: "Multiple sources wonder what, if any, impact the ongoing federal investigation into his company, TWG Global, had on his decision to sell."
Walter did not deliver the major financial influx to the Lakers that many had expected. The front office was thought to be getting extra resources. Rob Pelinka's job at the top was supposed to be made easier from a filled-out group around him. Meanwhile, Los Angeles still had an assistant general manager job that went unoccupied while the team was sold.
The legacy of Walter thus becomes that of an afterthought with the Lakers. A quick purchase and no meaningful imprint during his time as owner — that is what fans will remember. That and ticket prices going up.
Those rooting for the Lakers will hope for a much more rewarding experience with Kushner and Iger. Walter gave the franchise close to nothing. The most he left people with was questions of what was going on amid an odd period of history for the organization.
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