happening

For the last month, the Los Angeles Dodgers and Lakers have filled the headlines and airwaves, but not for the reasons either would like.

The Lakers were sold by Mark Walter in mid-August, just over a year after he bought the team.

The sale came about two weeks after the Wall Street Journal reported in late July that the U.S. attorney’s office and securities regulators were investigating Walter’s business and insurance empire regarding $16 billion to $21 billion in possibly fraudulent loans.

In June of last year, 66-year-old Walter and one of his holding companies, TWG Global, purchased a controlling interest in the Lakers for $10 billion, only to sell the franchise to Joshua Kushner and Bob Iger for $12.5 billion this month.

Bloomberg reported that Walter’s sale of the Lakers was done to eliminate some of the billions in outstanding loans that has drawn the ire of federal regulators.

Since then, questions have swirled about whether Walter will put other assets on the market in his fundraising bid, including the Dodgers, which he purchased as chief executive of Chicago investment firm Guggenheim Partners for $2.15 billion in 2012. Sources close to Walter say he’s not likely to sell.

To better understand this tangled story, we spoke with Times sports reporter Steve Henson about why he thinks Walter won’t put the Dodgers up for sale.

What are federal investigators examining

Business reporter Laurence Darmiento wrote Aug. 5 that the heart of the federal investigation swirls around related-party transactions.

These dealings are “between entities with business or personal ties, including loans, sales and other transactions that can have legitimate reasons but pose potential conflicts of interest and typically require extra scrutiny,” Darmiento wrote.

More than $1 billion in financing to buy the Dodgers in 2012 came from insurance companies managed by Guggenheim Partners. The purchase was later vetted by state insurance regulators.

More on the related-party transactions

Investigators are checking whether billions of dollars’ worth of similar loans made by Walter’s companies were properly disclosed and that insurance companies were not over-leveraged.

Approximately $21 billion in loans not disclosed to state insurance regulators were made by two Delaware insurers Walter owns, according to ratings agency Fitch. The loans reportedly were made to companies with ties to Walter or his TWG Global holdings company.

The issue with these loans is they raise suspicions, according to Bruce Dubinsky, a forensic accountant who spoke with Darmiento. Dubinsky worked on the Enron and Madoff cases.

Dubinsky said that from an audit standpoint, these types of transactions “are always more suspect to fraud” and manipulation since repayments can be delayed indefinitely.

The insurance industry’s tight regulations for money collected from premiums exists so that money is available for future claims. Regulators believe related-party transaction are a threat to that guarantee.

TWG Global has rejected any allegations of wrongdoing.

Why is Walter fighting to keep the Dodgers

Henson teamed with Times colleagues to write about Walter’s chances of hanging on to the Dodgers amid this federal probe and whether new owners Bob Iger and Josh Kushner overpaid for the Lakers.

Henson reported that Walter owns a broad series of sports interests: English soccer Premier League team Chelsea, the Los Angeles Sparks WNBA team, the Cadillac Formula 1 racing team; a premier women’s tennis competition, the Billie Jean King Cup, and the entire Professional Women’s Hockey League.

He already sold the Lakers and Henson noted that there have been reports he’s putting his shares of Chelsea on the market.

So, why keep the Dodgers?

“No MLB team has ever been run as boldly as this team,” Henson said. “And the revenue from the Dodgers is relentless, from ticket sales, to international merchandise and including friendly [player] salary deferments that help keep money in-house.”

Since Walter and Co.’s takeover, the Dodgers have won three of the last six World Series and 12 division titles after he and partners rescued the franchise from bankruptcy.

Walter noted that a sale of the Lakers, a franchise he’d barely owned for more than a year, was easier than one he’s already helmed for nearly 15 years.

“His identity is totally wrapped up with the Dodgers and this success saga,” Henson said. “It’s dear to his heart and having them to sell them would just tear him up.”

Amid all of this speculation, the boys in blue are attempting to become the first National League team (and third overall) to win three consecutive World Series titles this year.

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(Carolyn Cole/Carolyn Cole/Los Angeles Times)

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Today’s recipe

The San Juan Islands off Washington state has a much-loved clam chowder served at La Conner Brewing Co. in the tiny picturesque town of La Conner, Wash. The dish is spicy enough and not so thick with cream or flour and is a standout in the clam chowder world, according to Times reader Mary Ann Mollenkamp.

Have a great day, from the Essential California team

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Drones of an unknown origin were reportedly sighted over the remote joint U.S.-U.K. Diego Garcia installation located deep in the Indian Ocean. As we have frequently reported, this island base has long been a highly strategic operating location for the U.S. military. Beyond its large airfield that has been an epicenter of bomber operations over the decades, it plays many roles for the Pentagon. These include hosting Space Force operations, serving as a key port for U.S. Navy vessels, including nuclear submarines, and its lagoon provides shelter for a Sealift Command Prepositioning Ship Squadron.

The installation was targeted by Iranian ballistic missiles during the Epic Fury operation, but the threat posed by drones is even more plausible for the island outpost, especially at this extremely tense time as the standoff between the U.S. and Iran grinds on.

The issue of reported drones over Diego Garcia highlights a plausible threat of sea-launched drones that TWZ has been drawing attention to for years now. It also again raises concerns about the danger to critical infrastructure and aircraft parked in the open at Diego Garcia and many other U.S. installations. This is another issue TWZ has been highlighting for years.

“We are aware of reported sightings of drones (UAS) over Diego Garcia,” the U.K. Defense Ministry (MoD) told us Monday morning. “We are unable to provide any details about a situation which may affect the security or operation of the joint U.K.-U.S. base on Diego Garcia.”

“The U.S. and U.K. Commanding Officers on Diego Garcia consider and implement appropriate measures to ensure the security and safety of the base and the safety of the personnel on the island,” MoD added.

U.S. officials were less forthcoming.

“As a matter of operational security, we do not discuss specific force protection measures or security procedures at U.S. military installations,” an official from U.S. Pacific Command (PACOM) told us on Friday. “We remain vigilant in protecting U.S. personnel and facilities.”

Neither MoD nor PACOM would say what kinds of drones were sighted, when they were sighted, who was operating them or what, if any, defensive measures were taken as a result. Both military organizations were responding to our questions about an Aug. 7 posting on the Air Force amn/nco/snco Facebook page, an unofficial social media channel that posts about service topics.

“Inbox: ‘Diego Garcia. Drones spotted near fuel farm. Base on 0700 to 1900 curfew until further notice’ Note: message us if you have further information, thanks,” the post read.

On Sunday, the page published a second post on the topic titled “Diego Garcia Curfew reportedly due to Drone Threats.” The post displayed what the page purported to be an official listing of curfew times for various locations around the installation.

We cannot independently confirm the accuracy of these posts and have reached out to MoD and PACOM for details. MoD did not specify who reported the drone sightings over Diego Garcia, so we have asked for clarification. Making this an even more unusual event, Diego Garcia is essentially a closed island with no significant general population or tourists around to be operating drones on a recreational basis. So seeing one or more over the base would certainly raise alarms.

Though Diego Garcia is about 1,000 miles from Sri Lanka, the nearest large landmass, its remote location does not rule out the possibility of drone incursions by an adversary.

During the run-up to the launch of the Epic Fury operation against Iran, the FBI sent out an alert warning about the possibility of an Iranian drone attack on targets in California using uncrewed aircraft launched from ships off the coast. Though the alert was based on raw, unverified intelligence, and was sent out of an abundance of caution rather than any fears of an imminent action, the overall threat of drone attacks from ships is very real. You can read our feature about this very real threat vector and its relation to that questionable intelligence release here.

Generally speaking, there are long-standing concerns that Iran and/or other actors operating on its behalf could seek to launch asymmetric attacks on targets in the United States, as well as elsewhere outside of the Middle East, in retaliation for large-scale strikes or even in an unprovoked manner. The risks of Iranians deciding to take such action have historically been seen as especially high in any scenario where there might be an existential threat to the regime in Tehran.

There were enough concerns about an Iranian attack on Diego Garcia that F-16s were deployed there in February, before the war erupted, for protection primarily against one-way attack drones and cruise missiles. F-15Es were first deployed to Diego Garcia for this same purpose last year, in what appeared to be a first of its kind force protection change. As noted earlier, Iran clearly sees the installation as a top target, as it has long been something of a refuge for U.S. forces to fallback from the Middle East from, if need be. Iran subsequently launched two intermediate-range ballistic missiles at Diego Garcia during Epic Fury; however, neither struck the base.

The threat from drones launched by ships is not just limited to Iran. Russia is suspected of sending drones over key European military installations from vessels.

Long-range one-way attack drones with endurance measured in many hundreds of miles, if not more than a thousand miles, are increasingly a staple in military arsenals globally, and have also been proliferating to non-state actors. Yet the drone threat isn’t just limited to these kinds of weapons for remote locales like islands. Ukraine has carried out devastating attacks on Russian radars and other targets on Crimea and elsewhere using short-range aerial drones launched by uncrewed surface vessels (USVs). This same capability set is proliferating around the globe, allowing for the USV to work as a relatively low-cost delivery system for highly precise and relatively inexpensive short-range drones that can then execute near-field attacks. The U.S. and others are also developing similar capabilities for its submarines and future uncrewed underwater vehicles (UUVs), which could even more easily sneak into close proximity to targets ashore before launching their deadly drone munitions.

The following video shows a Ukrainian USV launching drones against Russian targets:

Individuals training to become U.S. Navy tactical jet pilots can still get carrier qualifications in T-45 Goshawk jet trainers, even though it is no longer a graduation requirement. If there is time and space available, they can join future E-2 Hawkeye pilots, as well as foreign student aviators training with the Navy, for whom this is still a requirement, at least for now.

The Navy is separately in the process of evaluating new ways to ensure it can keep providing key carrier aviation training, at least in the virtual realm, as it moves ahead with plans to replace its T-45 fleet. The service’s next jet trainer will not even be required to perform carrier landing touch-and-go training.

TWZ had reached out to the office of the Chief of Naval Air Training (CNATRA) for an update on carrier aviation training plans last week. This followed the release of a new batch of pictures showing T-45s conducting carrier qualifications aboard the Nimitz class aircraft carrier USS Dwight D. Eisenhower at the end of June. CNATRA also forwarded some of our queries to Naval Air Systems Command (NAVAIR), which offered additional details about the full ‘systems of systems’ being pursued under the Undergraduate Jet Training System (UJTS) program that will take the place of the just under 200 Goshawks in inventory today.

“Those photos consisted of 26 student naval aviators from the following pipelines: 17 E-2 students, seven international military students and two strike students,” a spokesperson for CNATRA told us to begin with. “Carrier qualifications are not required for strike students, but if aircraft and deck time are available, we will select a small number of strike students to participate alongside E-2 and international military students.”

“Carrier qualifications remain an integral part of the E-2 and international military student training pipeline,” they added.

“The determination of when a student conducts carrier qualifications is dependent on several factors, including the student’s position in the training pipeline at the time the opportunity becomes available,” they also explained when asked for more details. “More specifically, CNATRA and the fleet determine that a carrier has the deck time and aviation assets available to support training operations, and the Training Air Wings evaluate their rosters to determine if there are students at the right phase of their training where a carrier qualification evolution is appropriate.”

As noted, as part of the UJTS effort, the Navy is already moving to acquire a new jet trainer to directly replace the T-45, which will not be required to perform carrier landing touch-and-goes or similar training called Field Carrier Landing Practice (FCLP) at facilities ashore. FCLP, as it exists now, is structured in a way that “simulates, as near as practicable, the conditions encountered during carrier landing operations,” per the Navy. This historically served as a lead-up to full carrier qualifications.

F-18 Field Carrier Landing Practice (FCLP). Touch-and-Go Landing.

With carrier qualifications already eliminated from the strike pipeline syllabus, this prompts further questions about what will happen to the syllabus for E-2 and foreign student aviators after the T-45s are retired for good. For most prospective strike pilots, the current curriculum already means they will not touch down on a real carrier until after they are winged and flying a front-line aircraft.

“The UJTS system must be capable of training student pilots to land on a carrier,” Navy Capt. Duane Whitmer, head of the UJTS program office at NAVAIR, told TWZ in a statement. “As [the] T-45 is planned to be operational through 2040 and UJTS is currently going through source selection, any discussion regarding CNATRA carrier qualification syllabus requirements once UJTS is fielded would be premature.”

“We are essentially explaining the same requirement from different angles. UJTS is a comprehensive ‘system of systems’ encompassing both the physical aircraft and advanced simulators,” he added. “By design, this approach ensures the FCLP training capability exists within the overall program, even though the RFP [request for proposals for the T-45 replacement] does not explicitly mandate FCLP to touchdown in the aircraft itself. We are currently in source selection to evaluate how industry proposes delivering this capability across the combined system, [but] any discussion regarding future CNATRA syllabus changes remains premature.”

For years now, the Navy has made clear that it sees advances in virtualized training, as well as automated carrier landing capabilities like Magic Carpet and its successors, as having fundamentally altered the training landscape. The service has also said that eliminating FCLP and carrier qualification requirements will help move student aviators through training faster amid chronic pilot shortages. There is a cost-benefit argument to be made, as well.

Flight Ready: Live, Virtual, Constructive

Flight Ready: Magic Carpet

Despite all this, concerns and criticism have been and continue to be voiced about the broader ramifications of cutting elements long considered critical to naval aviation training. As TWZ regularly noted, virtualized aviation training environments have become very impressive in recent years, but still cannot be expected to truly replicate live training. It’s also worth pointing out here that the Navy’s E-2 fleets do not currently benefit from automated carrier landing developments, though the Navy is now moving to change that with a Precision Approach Landing Capability (PALC) upgrade.

“Carrier qualifications demand the highest levels of focus, skill, and teamwork,” Navy Capt. Travis Suggs, CNATRA operations officer, was quoted as saying in an official Navy news item about the training conducted on Eisenhower last month. “Watching our future pilots and our international military students successfully catch the wire aboard the Dwight D. Eisenhower is a testament to the quality of our training pipelines, the dedication of our instructors, and the immense capability of the ship’s crew.”

There remains a window for the Navy to potentially adopt something of a different approach as it firms up the rest of its UJTS ‘systems of systems’ plans. The Sierra Nevada Corporation’s (SNC) proposed T-45 replacement, called the Freedom jet, is still being designed to be capable of conducting FCLP training. SNC has also now partnered with Northrop Grumman and General Atomics on this effort.

Freedom Family of Training Systems (FoTS)

In addition, the expectation was that removing the FCLP training requirement for the Navy’s next jet trainer would help open the field to more competitors, including ones based on types intended for operation from bases on land. However, this has not come to pass. SNC is one of just two major competitors still in the running after Boeing dropped out last month. Lockheed Martin, which had teamed with Korea Aerospace Industries (KAI), bowed out in April. A team led by Leonardo and Textron is still competing with a proposal centered on the M-346N aircraft. Both the Freedom jet and the M-346N are also notable twin-engine designs. The T-45, as well as the proposals from Boeing and Lockheed Martin/KAI, are all single-engine designs.

We Fly Aboard The M-346 That Could Become The Navy’s Next Jet Trainer

It is worth noting here that the Navy’s UJTS plans have already been evolving for years amid repeated delays with the program, which first emerged publicly back in 2020. The original goal was to have a T-45 replacement enter operational service in 2028. The Navy is now aiming to just pick a winning design next year, after which it will take some amount of time to complete the aircraft’s development and begin actual deliveries.

In the meantime, the aging T-45s have faced their own struggles in recent years. This includes a spate of reported hypoxia-like physiological episodes among pilots that led to the development of a new oxygen system. Engine issues have also hounded the fleet. In recent years, there have been several Goshawk crashes, some of which have been fatal, due to a variety of factors. The most recent of these came in May, but the individuals on board thankfully survived.

The Navy’s overall vision for training future aviators continues to solidify, with the new jet trainer being just one component. Just how much training ends up moving into virtualized spaces remains to be seen.

Contact the author: joe@twz.com

Madonna is just a material girl, living in a material world.

The “Vogue” hitmaker graced the cover of Interview magazine for the Summer 2026 issue and in the accompanying chat, the singer revealed the reason the ultra-hyped biopic with “Ozark” star Julia Garner was scrapped: not enough cold hard cash.

Turns out, Universal Studios was not Madonna’s Mr. Right. According to the pop star, the studio didn’t share her vision for a budget for the film.

“I worked on my script for two years and spent two years at Universal Studios with the line producers doing budgeting and casting,” she told the magazine. “We had a falling out, me and Universal, regarding budget because I needed — I’ve had an extraordinary life. I’ve had a huge life, so I needed a big budget. You know what I mean?”

The film had been in the works for years, and in 2021 Universal Pictures won a multi-studio auction to helm the biopic. According to Variety, the script followed Madonna from her upbringing in the suburbs of Detroit, her artistic awakening in 1980s New York City, and concluded around the 1998 release of “Ray of Light.”

“I found a way to make it for less money in Serbia, but I don’t think they were into the idea of — I don’t know,” she said. “Maybe they just didn’t believe in me.”

Madonna said the studio couldn’t wrap its head around what she was suggesting and countered that she wouldn’t “stay in Serbia more than four days.”

“I said, ‘Did you read the script?’ My whole life has been survival. I’m not going there for a holiday.’”

Madonna said that she was in “limbo” when the movie plans fell apart, and she considered telling her life story through a Netflix series when the streamer came knocking. But she wouldn’t be able to use the script she had penned for Universal without buying it from the studio for “an extortionist’s price,” even though she wrote it.

“That’s just the way it goes,” she continued. “I started trying to understand how making a series would work. It’s a very, very different process. You have to meet a lot of writers and find the right showrunner, and I couldn’t find one. This went on for another eight or nine months. I was like, ‘Good thing I have another job because I need to work, I need to create. I need to do what I was put on this earth to do.’”

Representatives for Universal Pictures, Netflix and Garner did not immediately respond to The Times’ request for comment.

Through the process of writing the script, Madonna was bitten by the memoir bug, but she channeled that confessional energy into her forthcoming album, “Confessions on a Dance Floor: Part II,” which drops July 3. A 13-minute music video weaving together six tracks from the new album was released earlier this month and featured A-list cameos by Sabrina Carpenter, Kate Moss, Lourdes Leon, Benedict Cumberbatch and more.

While the biopic and buzz around Garner’s portrayal of the “Like a Virgin” star had fans of the two blondes chomping at the bit, all is not lost: Art captures life. Garner and Madonna were spotted filming scenes in Venice two weeks ago for the second season of “The Studio,” in which Madonna plays herself struggling to get her biopic made.