Just hours after the surprising announcement that Mark Walter, owner of the Dodgers, would sell a majority interest in the Lakers for an unprecedented $12.5 billion, Dodgers president Stan Kasten emphasized that there would be no changes within the Dodgers organization.
Kasten clarified that Walter has no intentions of selling the baseball team.
“This is really a Lakers story, not a Dodgers story,” Kasten told reporters at Dodger Stadium during batting practice. “Actually, it doesn’t involve the Dodgers at all. Everything is separate. So, there’s no change here… That’s the essence of it.”
The situation does seem to have some layers, though.
Walter’s decision to sell the Lakers to former Disney CEO Bob Iger and venture capitalist Josh Kushner took many by surprise, especially since he had just purchased the team for $10 billion a little over a year ago.
Additionally, this sale comes amid a federal investigation into Walter’s business dealings, particularly a probe by the Securities and Exchange Commission regarding how around $16 billion in loans from his insurance companies might have affected the books of his global conglomerate, TWG.
In an exclusive chat with the California Post later that day, Iger mentioned that “there have been suggestions that Mark Walter might be interested in selling his stake in the Lakers,” but he didn’t elaborate on the reasons.
Within the sports community, there was speculation that Walter’s quick sale of the Lakers, wrapped up in just a matter of days, might be linked to the ongoing inquiry into his business operations.
Some even raised questions about the potential sale of the Dodgers.
However, Kasten countered those theories, describing the Lakers deal as “opportunistic” and suggesting that Walter’s viewpoint was that it was a reasonable decision. Walter had acquired the Dodgers for $2.15 billion back in 2012.
When asked if the Lakers’ sale was connected to the SEC investigation, Kasten’s response was clear:
“There’s no reason to think that,” he said. “No, that topic never came up. Mark and I have discussed it, and we see no reason to connect those dots.”
Kasten claimed he first heard about the Lakers deal on Tuesday, noting that Walter didn’t seem to be pursuing a sale before being approached by Iger and Kushner, the managing partner of Thrive Capital.
“I think it caught him off guard,” Kasten noted. “That’s what he conveyed to me. Mark wasn’t looking to make that move. The opportunity just presented itself to him.”
While Kasten admitted he didn’t have intricate details about the sale or federal investigations into Walter’s other ventures (“I can’t speak to anyone’s motives”), he reiterated that there’s no connection to the Dodgers.
“It has nothing to do with the Dodgers,” he stated. “They haven’t even consulted us.”
Following the announcement, there were questions about whether the Dodgers’ robust financial standing—reflected in a league-high payroll exceeding $400 million over the past two seasons—might be influenced by the newfound uncertainty around Walter’s other business dealings.
But Kasten was firm: “There’s no reason to think so.”
He went back to emphasizing that while the sale of the Lakers might have surprised Dodgers insiders, it wouldn’t alter the team’s operations, including Walter’s ownership status.
“This is a Lakers story,” he reiterated. “There’s no shock on the Dodgers’ side. Aside from the usual questions, I can assure you everything remains the same here. No changes at all.”
