Mark Walter may be selling the Lakers, but the new owners plan to take a money-making page out of the Dodgers’ playbook nonetheless: Dump the ticket brokers and leverage control over the resale market to drive up the cost of a ticket.
As a result, the average price for a Lakers ticket could rise from $217 to $361 within the next two years, the Wall Street Journal reported Friday, citing documents prepared for potential investors.
Thrive Eternal, the sports properties company run by incoming Lakers owner Joshua Kushner, declined to comment because the NBA has not yet approved the sale.
However, the $361 figure was intended to illustrate to potential investors how much incremental ticket revenue the Lakers could gain by booting the brokers, not to signal another immediate and steep price hike, according to a person familiar with the deal but not authorized to comment publicly about it.
In February, under Walter’s ownership, the Lakers announced significant increases in ticket prices for the 2026-27 season. No announcement has been made for seasons beyond then, but the investor presentation provides information on how prices have increased for NBA tickets across the league.
Sports teams often enjoyed long and beneficial relationships with brokers, who bought out blocks of season tickets. That guaranteed the teams with revenue, with brokers benefiting from a markup for popular games but taking the risk that tickets to less popular games would sell at a loss, or not at all.
Over the past decade, the Dodgers and other teams have kicked out the brokers and taken that risk themselves, with the aid of dynamic pricing: the constant raising or lowering of ticket prices based on real-time supply and demand. For the Dodgers, the worst tickets seldom fall to market rate, because the team would rather live with a few empty seats rather than condition fans to hold out for a lower price.
The Dodgers lead the major leagues in attendance, on pace to sell 4 million tickets for the second consecutive season. The Lakers played to 99.8% of capacity last season, according to ESPN. So the calculus is simple for both teams: Sell a $100 ticket to a broker, who would then sell it for $200; or cut out the broker, sell the ticket for $200, and pocket the $100 difference.
Kushner and former Disney Chief Executive Bob Iger agreed last month to buy controlling interest in the Lakers, at a $12.5-billion valuation. The world’s most valuable sports team, according to Sportico: the Dallas Cowboys, at $15.5 billion.
According to the Journal, the Thrive Eternal investor pitch projected that the Lakers could leverage increases in ticket prices, media rights, sponsorships and international growth to generate close to $600 million in annual profit by 2037, when the value of the franchise could reach $30 billion.
Times owner Dr. Patrick Soon-Shiong holds a 4% stake in the Lakers. He is not selling his stake in the Lakers, his attorney told The Times last month, in part because “we believe they are still undervalued.”
With ownership of the team still in limbo, the Lakers announced two front office additions Friday, hiring former Miami Heat executive Eric Amsler as assistant general manager, player personnel, while bolstering their sports performance staff with Keith D’Amelio as director of integrated performance systems.
Boosting the team’s behind-the-scenes infrastructure was one of Mark Walter’s major initiatives when the Dodgers’ owner bought the Lakers in 2025. After the season, Lakers president and general manager Rob Pelinka said Walter and the ownership group were working to create two assistant GM positions and upgrade treatment, physical therapy and sports science facilities to mirror the success of the Dodgers.
But the status of such investments came into question when Walter unexpectedly sold his majority stake in the Lakers to Bob Iger and Joshua Kushner last month. The transaction that valued the Lakers at a record $12.5 billion still needs to be approved by the NBA board of governors, which next meets Sept. 14-15, according to ESPN, but approval for the Lakers ownership change will likely not be on the docket.
“Continuing to invest in and strengthen our basketball operations group is a top priority as we build for the long-term success of our team and players,” Pelinka said in a statement. “Eric and Keith bring a wealth of experience that will add valuable expertise across our organization.”
Amsler spent the previous 22 seasons with the Heat, most recently serving as vice president of player personnel and the general manager of G League affiliate Sioux Falls Skyforce. He oversaw the Heat’s scouting department and evaluation of draft, professional and G League prospects.
Amsler joins former New Orleans Pelicans executive Rohan Ramadas as assistant general managers hired this offseason. While Ramadas, who joined the team in May, will be involved in managing the salary cap, analytics and data for the Lakers, Amsler’s responsibilities will mirror the scouting and player development responsibilities he held in Miami.
D’Amelio most recently served as chief innovation officer for the New York Liberty, where he worked across basketball operations, health and performance, analytics and applied sciences. His previous NBA experience includes stints with the Toronto Raptors and Boston Celtics. He also worked with Stanford men’s basketball and Nike.
A few months after Mark Walter became the chairman and majority owner of the Dodgers, he was told a fan in one of Dodger Stadium’s upper decks was upset about a mix-up with his tickets.
On most days, that would be an issue for an usher to handle. Not on this day.
Walter and team president Stan Kasten decided to address the problem, climbing the narrow stairwell to the top level where they found the fan and listened to his complaint.
“Obviously the guy was floored just to see me, let alone to see Mark,” Kasten said. “Mark, he’s incredibly comfortable around people. Not just his peers, but average fans. Because he considers himself an average fan.”
The Dodgers’ billionaire owner, hardly an average fan, is under intense scrutiny these days, following the sale of his controlling interest in the Lakers and a federal investigation into his business dealings. The drama has come as a surprise to some who know Walter, who has earned respect for his financial acumen and, despite his purchases of high-profile sports teams, has tended to dodge publicity.
He put together the ownership group that bought the Dodgers in 2012. Since the purchase, the team has played in five World Series, winning three, and finished first in the National League West 12 times in 14 seasons. It’s the greatest sustained run of excellence in baseball in more than a generation.
Walter waves to the crowd during the Dodgers’ ring ceremony in March.
(Jessie Alcheh/MLB Photos via Getty Images)
If the Dodgers win a third straight World Series this fall, they will become the first team to three-peat this century. And much of the credit for that would go to Walter, who has funded a front office that consistently has outspent the rest of Major League Baseball, signing seven players to contracts worth more than $2 billion combined in the last six years alone.
Now Walter faces questions about his future owning the Dodgers. Last month, his companies became the focus of two federal inquiries and a Delaware insurance regulatory review.
He is helping pay off some of his companies’ loans and sold the Lakers at a record valuation of $12.5 billion, a deal Walter’s holding company, TWG Global, says was not forced by the inquiries. Still, the sale raised questions about whether he will sell his ownership stakes in other sports properties, including English soccer club Chelsea, the Cadillac Formula One racing team, the WNBA’s Sparks and the Professional Women’s Hockey League.
Walter declined to comment for this article.
Kasten insists Walter has no plans to divest from the Dodgers. “The sports portfolio is going to remain intact,” Kasten said. “It’s important to Mark. I can’t tell you how important the Dodgers are to him.”
Still, Kasten acknowledges the decision to sell the Lakers to former Disney chief executive Bob Iger and venture capitalist Joshua Kushner just 14 months after agreeing to buy the team “was not a planned thing,” either.
Walter hoists the World Series trophy next to MLB Commissioner Rob Manfred last November.
(Rob Tringali/MLB Photos via Getty Images)
Like most of the middle-class kids in the class of 1978 at Jefferson High in Cedar Rapids, Iowa, Walter worked in high school.
“He pumped gas and he played golf,” recalled Cathy Boland Polito, Walter’s date for the senior prom who is now a retired medical technologist living in Oro Valley, Ariz.
Walter hardly stood out in his graduating class of about 350 students. He was athletic but not a stud. He was a good student, especially in math, but not a nerd.
“He was friendly. He was nice,” Polito said. “Everybody sort of knew him.”
Walter talks with Dodgers president Stan Kasten during the playoffs last year. “I can’t tell you how important the Dodgers are to him,” Kasten says.
(Michael Reaves / Getty Images)
Walter went to Creighton University , where he studied accounting and business while playing intramural sports and participating in the philosophy society. Three years later, he earned a law degree from Northwestern.
Walter met his wife, Kimbra, in Chicago, where they raised their daughter, Samantha.
After a decade split between a Chicago law firm and First Chicago Capital Markets, a financial services and securities brokerage, Walter founded an investment firm, Liberty Hampshire Co., in 1996. While there he met J. Todd Morley, who connected him with the Guggenheim family fortune. The introduction quickly led to the formation of Guggenheim Partners, an investment and advisory financial services firm that works with insurance services, among other assets, and one that has a Wall Street reputation for being low-key but aggressive.
Before the COVID-19 pandemic closed Guggenheim’s offices, the lobby of the firm’s Chicago headquarters on the 49th floor of the AT&T Center boasted one of Monet’s “Water Lilies” paintings, which hung behind the receptionist’s desk inside a glass case with an alarm. A Picasso brightened another office upstairs.
Walter with Guggenheim Baseball Management partners Peter Guber, left, Stan Kasten and Magic Johnson at Dodger Stadium in 2012 after the group bought the Dodgers for $2 billion.
(Damian Dovarganes / Associated Press)
A company insider not authorized to speak publicly told The Times in 2012 that Walter was a disciplined, focused and careful investor.
“He is a guy with one of the great financial minds of our time,” the person said.
For Walter, 66, who grew up playing youth baseball about 50 miles from the Iowa cornfield that became Kevin Costner’s “Field of Dreams,” that financial success was all well and good. But the longtime Chicago Cubs season-ticket holder really was a die-hard baseball fan whose dream was to own a sports franchise.
Walter first explored a purchase of the Houston Astros, who eventually were sold to Houston businessman Jim Crane for $615 million ahead of the 2012 season. So Walter pivoted and formed Guggenheim Baseball Management, a group that included Kasten, Lakers Hall of Famer Magic Johnson, movie producer Peter Guber and investors Bobby Patton and Todd Boehly, to buy the Dodgers for $2.15 billion, a record at the time, in March 2012. Part of the money Walter invested in the deal came from the insurers he controlled, although that deal was vetted by state insurance regulators.
MLB engineered the sale of the Dodgers after previous owner Frank McCourt filed for bankruptcy.
“The market drove the price,” Walter told The Times after the sale closed, calling the investment “a multigenerational thing my daughter’s granddaughters will own.” Walter’s daughter, who grew up joining family trips to Los Angeles for Dodgers games, is a marketing manager at TWG Global.
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1.WASHINGTON, DC – JULY 02: U.S. President Joe Biden (C) holds the jersey given to him by Los Angeles Dodgers Chairman Mark Walter during an event with the 2020 World Series champions in the East Room of the White House on July 02, 2021 in Washington, DC. The Dodgers defeated the Tampa Bay Rays to win the championship series at the end of an abbreviated season due to the coronavirus. (Photo by Chip Somodevilla/Getty Images)(Chip Somodevilla / Getty Images)2.WASHINGTON, DC – APRIL 07: (L-R) Los Angeles Dodgers pitcher Clayton Kershaw, U.S. President Donald Trump, and Los Angeles Dodgers Owner and Chairman Mark Walter pose with a jersey presented to Trump as he hosts the 2024 World Series champions in the East Room of the White House on April 07, 2025 in Washington, DC. The Los Angeles Dodgers defeated the New York Yankees with a 7-6 victory in Game 5. (Photo by Kevin Dietsch/Getty Images)(Kevin Dietsch / Getty Images)
Today, the team is the most lucrative in the sport and is on pace to become just the second this century to draw more than 4 million fans in consecutive seasons. The Dodgers could be sold for a valuation of $10 billion to $13 billion — at the higher end, three times as much as the record sale price for a major league team — an industry source told The Times on the condition of anonymity.
Through it all, Walter mostly has shunned attention. The exception is participating in on-field championship celebrations and joining the team for trips to the White House during the Trump and Biden administrations.
His smooth run was interrupted during the Dodgers’ run to the 2024 World Series when Walter suffered a stroke that kept him from the victory celebration. His recovery reportedly was arduous; Walter struggled to speak clearly for months and didn’t return to public view until the Dodgers’ season-opening series in Japan the following spring.
Walter didn’t publicly step down from any roles after the stroke, holding on to control of a vast portfolio. Since buying the Dodgers, he has invested in European soccer, women’s hockey and basketball, squash and auto racing. He also bought several historic buildings in the resort town of Crested Butte, Colo., where he and his philanthropist wife own a home. In 2013, the couple purchased the Wild Oak Plantation, a 17,000-acre wildlife preserve in northeast Florida, where the Walters now spend most of their time.
Kimbra has served on the boards of Chicago’s Lincoln Park Zoo, OneGoal nonprofit and Goodman Theatre and is active in the family’s charitable organization, TWF Causes, which focuses on social impact and conservation work, including owning or supporting several major conservation and private reserve properties in Africa.
The family has a limited political footprint, with Walter donating to the Democratic National Committee and the campaigns of then-presidential candidate Barack Obama and then-Chicago mayoral candidate Rahm Emanuel. The majority of their donations, however, run through their family foundation and the Dodgers Foundation.
“For us, my wife and I, and all of my partners believe that corporations have to be corporate citizens, and individuals who benefit from them, or who have built them, need to give back,” Walter told ESPN soon after buying the Dodgers. “You can’t take it with you, and you ought to do something philanthropic with it.”
But while he’s put money into charitable projects, he’s invested his heart and soul in the Dodgers, Kasten said.
“He cares deeply about it,” the Dodgers president said. “He’s living through every play, every out, every at-bat.”
However much longer Walter remains invested in the Dodgers — financially, at least — could come down to math.
Justice Department prosecutors, the Securities and Exchange Commission and a Delaware insurance regulator are investigating whether Walter funneled as much as $21 billion from the portfolios of two insurance companies he owns into private credit for loans to other companies he also controls while reporting just a fraction of the loans’ value. The Wall Street Journal and the Athletic reported Walter used billions of dollars of those insurance premiums to buy sports teams.
Such “related party transactions” are legal, within limits, but are required to be reported to guard against conflicts of interest and to protect clients.
In Walter’s case, the related-party loans f initially were reported at between $1 billion and $1.4 billion when the true total actually was between $16 billion and $21 billion. The reclassification meant the affiliated investments jumped from 2% of one insurer’s portfolio to about 40%, according to Fitch Ratings.
No formal charges have been filed, and TWG Global, the multinational holding company led by Walter, is cooperating in the investigation. Walter has declined to be interviewed or to respond to written questions about the investigation, but his representatives have strongly denied any improper behavior, describing reports of the probe as “substantial speculation and misinformation” advanced by “unnamed sources and self-serving interests.”
“It does not inspire confidence to know that this kind of wild understatement happened,” said Andrew Granato, a law professor at the University of Texas at Austin who specializes in corporate finance and insurance. “It also doesn’t inspire very much confidence in the system of insurance regulation we have, that there could be this big of a mess that was not caught for years.”
Walter hired veteran Goldman Sachs lawyer David Markowitz to be his chief legal officer and reportedly is exploring the sale of his 12.8% stake in the Chelsea soccer club to Clearlake Capital, a Santa Monica-based private-equity firm whose Puerto Rican-born co-founder, José E. Feliciano, recently bought the San Diego Padres.
A source close to Walter not authorized to discuss it publicly told The Times he has an interest in selling Chelsea if the terms are right but insisted there is no desire to sell the Sparks, the PWHL, his investment in professional squash or, more prominently, his stake in the Dodgers.
While Kasten and TWG Global officials insist the Dodgers aren’t for sale, uncertainty likely will linger at least until all investigations are completed.
Times staff writer Mirjam Swanson contributed to this report.
