One of the biggest headlines in the sports world this week is the reported sale of the Los Angeles Lakers to billionaire financier Mark Walter for a record-breaking $10 billion. If the deal is finalized, it will become the most expensive purchase of a sports team in history.

Walter, already the owner of another iconic L.A. franchise—the Los Angeles Dodgers—would then control two of the city's most storied and successful sports teams.

He is the CEO of TWG Global, a multinational conglomerate holding company with investments in finance, insurance, and technology. However, he is best known to the public as the co-founder of Guggenheim Partners, a global investment and advisory firm managing over $300 billion in assets.

According to the Bloomberg Billionaires Index, Walter has an estimated net worth of $12.5 billion.

A graduate of Northwestern University and a resident of Chicago, Walter is known for acquiring teams with the potential to win. After purchasing the Dodgers for $2.1 billion in 2012, the team has made three World Series appearances and won the championship in 2020.

Walter could be the missing piece the Lakers need to win another title before NBA superstar LeBron James retires in the coming years. The Lakers recently made waves by trading Anthony Davis for Luka Dončić—one of the boldest moves in recent memory. With Walter’s deep pockets and strategic mind, fans hope the Lakers can bring home another championship next season.