Mark Walter’s reported $12.5 billion sale of the Los Angeles Lakers on Wednesday stunned many across the sports world, including Golden State Warriors owner Joe Lacob.
Walter had only recently taken control of the franchise after the NBA approved his purchase in October 2025. Less than a year later, Walter agreed to sell the Lakers to Josh Kushner and Bob Iger, creating one of the most unexpected ownership changes in sports history.
Hours after the news broke, Lacob shared his reaction during an interview with NBA insider Tim Kawakami.
Mark Walter’s $12.5B Lakers Sale Draws Blunt Reaction From Warriors Owner Joe Lacob
Walter acquired the Lakers roughly nine months ago for a then-record $10 billion. After taking control, he made significant organizational changes, including revamping the front office and rebuilding the scouting department, moves that appeared consistent with a long-term approach to running the franchise.
That made the reported sale even more surprising.
Walter’s sports holdings also extend beyond the Lakers. He has major ownership interests involving the Los Angeles Dodgers and Los Angeles Sparks, but the Purple and Gold franchise is the crown jewel of his Southern California team collection.
Lacob admitted he was caught off guard by the development.
“I’m shocked, shocked. Who wouldn’t be? The only thing I can imagine is there’s something going on, and I’m just imagining it that we don’t know about it yet. It’s just hard to believe you would close it. Not even a year, and to flip it! This isn’t flipping a house. Or maybe it is. I don’t know. I don’t think that is the story. There must be more to it,” Lacob said.
Lacob was not the only sports owner surprised by the transaction. Front Office Sports cited “a source close to dozens of sports owners” who described the reaction among fellow owners as one of widespread disbelief.
“It’s one of the most bizarre things I’ve ever seen. My phone’s ringing off the hook with people saying they’re stunned,” the unnamed source said.
The timing of the reported sale has also prompted questions because of previously reported scrutiny surrounding Walter’s business interests.
Last month, Bloomberg Law reported: “Federal agents seized the mobile phone and computer of Los Angeles Dodgers owner Mark Walter last September in a wide-ranging probe into the financial dealings of the billionaire’s businesses, according to people with knowledge of the matter.”
Bloomberg also reported that federal prosecutors in Manhattan had been investigating “potential financial improprieties” involving two of Walter’s insurance companies and Guggenheim Partners, where he is the CEO.
No one has been accused of wrongdoing in connection with those investigations. There is also no indication that the investigations played any role in the Lakers transaction.
For now, the sale itself is the headline. Walter’s reported $12.5 billion transaction came less than a year after he acquired the Lakers, leaving even experienced NBA owners like Lacob asking whether there is more to the story that has yet to emerge.
This article originally appeared on Pro Football Network.