Walter Sold the Lakers Amid Federal Probes. Are the Dodgers Next?
Mark Walter’s shocking sale of the Los Angeles Lakers—the NBA team he purchased less than a year ago—amid a federal probe into his other businesses has raised another multibillion-dollar sports question: What might happen with the Los Angeles Dodgers? Walter is part of the group that owns the two-time defending World Series champions. Under their […]
In a surprising development, billionaire Mark Walter has sold the Los Angeles Lakers to former Disney CEO Bob Iger and venture capital executive Josh Kushner for a reported $12.5 billion, according to <source 6c08517a-457>. This marks a significant increase in the valuation of the franchise, which has risen by about $2.5 billion since Walter and his partners acquired it from the Buss family less than 14 months ago.
The sale sets a new record for the highest valuation of a U.S. pro sports franchise that has changed hands. Despite this impressive financial transaction, Walter has recently found himself under federal investigation for alleged tax fraud involving insurance companies he controls, with separate probes by U.S. prosecutors and the U.S. Securities & Exchange Commission ongoing.
The connection between Walter's legal troubles and the Lakers sale remains unclear, but the reselling of one of the most iconic NBA franchises still represents an extraordinary event in recent sports history. Iger and Kushner, who are lifelong NBA fans, expressed their honor and commitment to the team in a joint statement, while Walter expressed gratitude to the entire Lakers organization in his own statement.
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- Lakers Sold to Kushner, Iger for $12.5B Amid Mark Walter Investigation frontofficesports.com