Mark Walter, amid a federal investigation into his businesses, shockingly sold his stakes in the Los Angeles Lakers and Chelsea Football Club, which begged the question: what about the Los Angeles Dodgers?
The billionaire purchased the franchise in 2012 under his Guggenheim Baseball Management business, and if he continued a fire sale of sports ownership, that would be the next target.
But Walter stood firm when asked by the California Post if he planned on doing so.
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“We’re going to keep the team no matter what,” Walter replied to the outlet. “We’re going to be winning for 10 years or more. I think our commitment to do so will be just like it has been in the past, And, you know, we don’t win every year, but we’re going to try to.”
Walter’s team running the show — president Stan Kasten and president of baseball operations Andrew Friedman — have been saying their majority owner plans to run his team like they usually do.
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The man himself reiterated that sentiment.
“I certainly hope we can look forward to winning another World Series next year under my ownership,” he added. “And I think we’re just trying to win consistently, and do so for not just next season, but for the next decade and decades beyond that.”
Under his ownership, the Dodgers have become a villain of sorts with their ability to land superstar talent over the years, while paying record-breaking contracts. But with the federal government’s investigation into the alleged use of investment funds to make loans directly to other businesses, some of which within Walter’s business, speculation that there was fraud within the Dodgers started trickling out on social media.
Walter’s company, TWG Global, addressed those comments earlier this year, denying the conspiracy theories that the Dodgers’ payroll, the second-highest in MLB at $322.39 million, was supported by loan fraud.
“Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media. It is important to set the record straight,” it said. “TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.”
But with the Justice Department and Securities and Exchange Commission looking into these allegations, Walter’s move to sell his controlling stake in the Lakers, another iconic American sports franchise like the Dodgers, sounded alarms, especially considering he had bought the majority stake with a $10 billion valuation from the Buss family just one year ago.
The Lakers were sold to Josh Kushner and former Disney CEO Bob Iger at a $12.5 billion valuation.
Walter then began the process of selling his stake in Chelsea, the English Premier League club, which he held alongside business partner Todd Boehly, who is also a member of Guggenheim Baseball Management. Reports also emerged that investment firm Guggenheim Partners was trying to raise funds for its insurance operations amid the federal investigation.
TWG Global denied any wrongdoing.
“There is no victim here. No one has been harmed, and no one has claimed they were harmed,” the statement said in August. “TWG is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries.
“The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players.”
