Mark Walter reportedly looking to sell WNBA's Sparks after Lakers, Chelsea sales

Billionaire Mark Walter is reportedly considering selling the Los Angeles Sparks, the women's basketball team of the WNBA, to raise capital for settling legal and financial issues surrounding his other non-sports businesses. The proposed sale would reportedly be for at least $700 million, shattering the current WNBA record for the most expensive sale.

The Sparks, formerly valued at $400 million by Sportico, would be the most expensive team in the league's history to change hands, surpassing the $300 million Connecticut Sun purchased by the Fertitta family. Walter, who acquired a majority stake in the Sparks in 2014, has collaborated with co-owners Magic Johnson, Todd Boehly, Robert Patton, and Stan Kasten.

The potential sale of the Sparks comes amidst scrutiny of Walter's insurance firms by federal prosecutors, who are investigating potential irregularities in the company's dealings and disclosure of relationships with other controlled businesses. As the owner of the Los Angeles Dodgers, whose MLB team has thrived under his ownership, Walter's recent focus on selling assets like the Lakers, Chelsea, and now the Sparks might be a strategy to pay off pending legal disputes.