‘Totally Nuts’: Mark Walter’s Lightning-Fast Lakers Flip
“It is the fastest flip I know of,” a sports economist tells FOS.
Mark Walter made history last year when he purchased the Lakers for a valuation of $10 billion. Once again, Walter stunned the basketball world by agreeing to sell the Lakers at a record-breaking $12.5 billion valuation on Wednesday. The news left one NBA co-owner dumbfounded, saying "Totally nuts." A former NBA executive called the rapid flip "not a bad day" for Walter and Todd Boehly.
Forensic accountant Jesse Silvertown, whose firm specializes in sports transactions, remarked that he couldn't recall a quicker control flip in pro sports M&A history. Smith College sports economist Andrew Zimbalist concurred, stating it's the fastest flip he knows of. The $12.5 billion valuation surpasses Walter's previous record of buying the Lakers.
The rapid sale is under investigation due to Walter's insurance empire being under federal scrutiny. The transaction comes amid extenuating circumstances for Walter, whose insurance firm is reportedly under federal investigation over the treatment and disclosure of affiliated investments. The sale of the Lakers could potentially help Walter resolve the investigation by no longer owning the asset.
The circumstances surrounding the sale suggest there are "a few things in play," according to David Carter, who runs sports consultancy Sports Business Group.
Written by urgent.news from Front Office Sports's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
