Mark Walter is seeking to sell the WNBA’s Los Angeles Sparks, according to people familiar with the matter, just months after cashing out of the Lakers in a blockbuster deal. The Sparks have been under Walter’s ownership group since 2014, and the team was not part of the Lakers transaction earlier this year.
The Sparks’ 2014 ownership change followed a period of financial strain: the previous ownership group said it had lost nearly $12 million on the team since 2007 and could no longer afford to invest. A group led by Mark Walter and Magic Johnson bought the franchise, keeping it in Los Angeles after the league began searching for a new owner. The Sparks have been in the city since the WNBA’s inaugural 1997 season. The Los Angeles Times’ account of the sale documented the financial pressures behind that transition.
Bloomberg reports that Walter, a co-founder of Guggenheim Partners, sold the Lakers earlier this year to Joshua Kushner and Bob Iger at a $12.5 billion valuation. The Sparks remained under his ownership after that sale closed, and the same Bloomberg report notes that Kushner and Iger later discussed acquiring the Sparks as well, though they are not currently among the team’s potential buyers.
The Lakers sale itself was a landmark transaction. The deal valued the team at $12.5 billion, according to CNBC, up from the $10 billion valuation Walter paid when he originally acquired the franchise. CNBC reported that the sale covered only Walter’s stake in the Lakers.
A Franchise on the Rise, Even as Its Owner Steps Back
The timing is notable given the Sparks’ recent trajectory. Forbes valued the Sparks at $350 million, seventh among the WNBA’s 15 teams. Plans call for a new 64,000-square-foot training facility in El Segundo, with an expected cost of $150 million.
That Times report also included a statement that TWG, Walter’s ownership entity, was not looking to sell its sports assets at fire-sale prices to raise capital for its insurance operations — a pushback against speculation that financial pressure was driving any sale talk. Whether that statement bears on the current Sparks sale process reported by Bloomberg is not addressed in the available reporting.
WNBA Values Are Climbing Fast
Any sale of the Sparks would unfold against a backdrop of surging WNBA valuations. CNBC estimated in May that the league’s 15 teams are worth an average of $460 million, 84% above the league’s most recent $250 million expansion fee, while Sportico separately pegged the average franchise value at $427 million, up 59% from 2025 — the two outlets offering differing estimates for the same growth trend.
Sportico reported that team revenue averaged $31.5 million per club in 2025, up 56% from the prior year, with valuation multiples averaging 13.6 times revenue.
How the Sparks Compare Around the League
Recent sales elsewhere in the league offer some context for what a Sparks transaction might look like. The Connecticut Sun announced it would sell to Houston Rockets owner Tilman Fertitta for $300 million, pending league approval. CNBC pegged the Las Vegas Aces at $500 million.
A WNBA franchise sale can require approval from the league’s governing bodies, not just agreement between buyer and seller. In May, the WNBA and NBA boards unanimously approved the Connecticut Sun’s sale and relocation to Houston, where the team is scheduled to begin playing in 2027. The league also announced the board approval of Joe Tsai’s purchase of the New York Liberty in 2019. Those transactions show that a Sparks deal would unfold within a league approval process. The Connecticut Sun approval announcement detailed the boards’ role.
