After Lakers Move, Dodgers Owner Goes Into Damage Control, Says No “Fire Sale” Is Happening

Less than a month ago, Mark Walter was the undisputed king of Los Angeles sports as owner of the NBA’s marquee franchise Lakers and the MLB’s Dodgers , the reigning World Series champs.

Now the billionaire’s holding company, TWG Global, is moving into damage control mode amid claims of insurance fraud in his empire.

The shocking sale of the Lakers to a group led by investor Jared Kushner and Disney mogul Bob Iger only threw fuel on the fire of what had been reported to be government scrutiny stemming from deals made by his asset-management giant Guggenheim Investments over the years.

On Wednesday, Walter’s company issued a series of bullet points aiming to counter concerns that the Dodgers may be the next asset to be sold as well as on the terms of the sale of the Lakers. It also confirmed that its dealing with the U.S. Department of Justice and the Securities and Exchange Commission “to resolve their inquiries,” confirming the probes at both agencies.

Walter’s company said of the terms of the deal for the NBA team, “Regarding the proposed sale of the Los Angeles Lakers for $12.5 billion, Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021)—hardly a ‘fire sale.'”

As to Walter’s crown jewel MLB team: “Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated,” TWG Global stated.

Walter’s Guggenheim group had acquired the Dodgers and Dodgers Stadium from owner Frank McCourt in 2012 in a $2.15 billion deal and embarked on a rebuilding push that led to its championships. TWG also has ownership stakes in the WNBA’s L.A. Sparks, football club Chelsea F.C., the Cadillac Formula 1 team, the Professional Women’s Hockey League, tennis’ Billie Jean King Cup as well as multiple motosports investments.

TWG said of the Dodgers acquisition, “The allegation that the Los Angeles Dodgers were acquired or have been funded improperly is false and not supported by the facts.” And, it added, “The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players.”