Mark Walter’s unexpected decision to sell the Lakers comes during a federal investigation.
Shortly after he agreed to transfer his controlling interest in the team to Josh Kushner and Bob Iger for $12.5 billion, it was revealed that U.S. prosecutors are probing Walter regarding the alleged movement of billions within his company.
The Securities and Exchange Commission, alongside the U.S. Attorney’s Office in Manhattan, is looking into approximately $16 billion in loans listed on the balance sheet of Walter’s conglomerate, TWG Global. Reports suggest authorities are examining potential fraud.
Nevertheless, a spokesperson for TWG Global asserted that both Walter and his company “have always acted with integrity.”
“Those who do business with Mark regard him as honest and straightforward,” the representative mentioned. “There was nothing unusual about these transactions, and we believe everything will be resolved positively.”
According to ESPN, the deal was finalized in just 72 hours after Iger and Kushner initially reached out to Walter on a Sunday.
Walter became a well-known figure in the business realm as a co-founder of Guggenheim Partners while also gaining fame in sports through TWG Global, which has affiliations with teams like the Dodgers and Chelsea.
He purchased the Lakers from the Bass family last year for approximately $10 billion and agreed to transfer the franchise to Kushner and Iger.
“Owning the Los Angeles Lakers has been one of the greatest honors of my life and an incredible investment. However, I will cherish the community, fans, and city that embrace this team as family,” Walter expressed in a statement to ESPN after the news broke.
“I’d like to thank Jeannie Buss, the Buss family, players, and staff for welcoming me in this journey. The Lakers are meant to be in Los Angeles, and I am confident the best is yet to come.”
