mark walter

A few months after Mark Walter became the chairman and majority owner of the Dodgers, he was told a fan in one of Dodger Stadium’s upper decks was upset about a mix-up with his tickets.

On most days, that would be an issue for an usher to handle. Not on this day.

Walter and team president Stan Kasten decided to address the problem, climbing the narrow stairwell to the top level where they found the fan and listened to his complaint.

“Obviously the guy was floored just to see me, let alone to see Mark,” Kasten said. “Mark, he’s incredibly comfortable around people. Not just his peers, but average fans. Because he considers himself an average fan.”

The Dodgers’ billionaire owner, hardly an average fan, is under intense scrutiny these days, following the sale of his controlling interest in the Lakers and a federal investigation into his business dealings. The drama has come as a surprise to some who know Walter, who has earned respect for his financial acumen and, despite his purchases of high-profile sports teams, has tended to dodge publicity.

He put together the ownership group that bought the Dodgers in 2012. Since the purchase, the team has played in five World Series, winning three, and finished first in the National League West 12 times in 14 seasons. It’s the greatest sustained run of excellence in baseball in more than a generation.

Walter waves to the crowd during the Dodgers’ ring ceremony in March.

(Jessie Alcheh/MLB Photos via Getty Images)

If the Dodgers win a third straight World Series this fall, they will become the first team to three-peat this century. And much of the credit for that would go to Walter, who has funded a front office that consistently has outspent the rest of Major League Baseball, signing seven players to contracts worth more than $2 billion combined in the last six years alone.

Now Walter faces questions about his future owning the Dodgers. Last month, his companies became the focus of two federal inquiries and a Delaware insurance regulatory review.

He is helping pay off some of his companies’ loans and sold the Lakers at a record valuation of $12.5 billion, a deal Walter’s holding company, TWG Global, says was not forced by the inquiries. Still, the sale raised questions about whether he will sell his ownership stakes in other sports properties, including English soccer club Chelsea, the Cadillac Formula One racing team, the WNBA’s Sparks and the Professional Women’s Hockey League.

Walter declined to comment for this article.

Kasten insists Walter has no plans to divest from the Dodgers. “The sports portfolio is going to remain intact,” Kasten said. “It’s important to Mark. I can’t tell you how important the Dodgers are to him.”

Still, Kasten acknowledges the decision to sell the Lakers to former Disney chief executive Bob Iger and venture capitalist Joshua Kushner just 14 months after agreeing to buy the team “was not a planned thing,” either.

Walter hoists the World Series trophy next to MLB Commissioner Rob Manfred last November.

(Rob Tringali/MLB Photos via Getty Images)

Like most of the middle-class kids in the class of 1978 at Jefferson High in Cedar Rapids, Iowa, Walter worked in high school.

“He pumped gas and he played golf,” recalled Cathy Boland Polito, Walter’s date for the senior prom who is now a retired medical technologist living in Oro Valley, Ariz.

Walter hardly stood out in his graduating class of about 350 students. He was athletic but not a stud. He was a good student, especially in math, but not a nerd.

“He was friendly. He was nice,” Polito said. “Everybody sort of knew him.”

Walter talks with Dodgers president Stan Kasten during the playoffs last year. “I can’t tell you how important the Dodgers are to him,” Kasten says.

(Michael Reaves / Getty Images)

Walter went to Creighton University , where he studied accounting and business while playing intramural sports and participating in the philosophy society. Three years later, he earned a law degree from Northwestern.

Walter met his wife, Kimbra, in Chicago, where they raised their daughter, Samantha.

After a decade split between a Chicago law firm and First Chicago Capital Markets, a financial services and securities brokerage, Walter founded an investment firm, Liberty Hampshire Co., in 1996. While there he met J. Todd Morley, who connected him with the Guggenheim family fortune. The introduction quickly led to the formation of Guggenheim Partners, an investment and advisory financial services firm that works with insurance services, among other assets, and one that has a Wall Street reputation for being low-key but aggressive.

Before the COVID-19 pandemic closed Guggenheim’s offices, the lobby of the firm’s Chicago headquarters on the 49th floor of the AT&T Center boasted one of Monet’s “Water Lilies” paintings, which hung behind the receptionist’s desk inside a glass case with an alarm. A Picasso brightened another office upstairs.

Walter with Guggenheim Baseball Management partners Peter Guber, left, Stan Kasten and Magic Johnson at Dodger Stadium in 2012 after the group bought the Dodgers for $2 billion.

(Damian Dovarganes / Associated Press)

A company insider not authorized to speak publicly told The Times in 2012 that Walter was a disciplined, focused and careful investor.

“He is a guy with one of the great financial minds of our time,” the person said.

For Walter, 66, who grew up playing youth baseball about 50 miles from the Iowa cornfield that became Kevin Costner’s “Field of Dreams,” that financial success was all well and good. But the longtime Chicago Cubs season-ticket holder really was a die-hard baseball fan whose dream was to own a sports franchise.

Walter first explored a purchase of the Houston Astros, who eventually were sold to Houston businessman Jim Crane for $615 million ahead of the 2012 season. So Walter pivoted and formed Guggenheim Baseball Management, a group that included Kasten, Lakers Hall of Famer Magic Johnson, movie producer Peter Guber and investors Bobby Patton and Todd Boehly, to buy the Dodgers for $2.15 billion, a record at the time, in March 2012. Part of the money Walter invested in the deal came from the insurers he controlled, although that deal was vetted by state insurance regulators.

MLB engineered the sale of the Dodgers after previous owner Frank McCourt filed for bankruptcy.

“The market drove the price,” Walter told The Times after the sale closed, calling the investment “a multigenerational thing my daughter’s granddaughters will own.” Walter’s daughter, who grew up joining family trips to Los Angeles for Dodgers games, is a marketing manager at TWG Global.

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1. WASHINGTON, DC – JULY 02: U.S. President Joe Biden (C) holds the jersey given to him by Los Angeles Dodgers Chairman Mark Walter during an event with the 2020 World Series champions in the East Room of the White House on July 02, 2021 in Washington, DC. The Dodgers defeated the Tampa Bay Rays to win the championship series at the end of an abbreviated season due to the coronavirus. (Photo by Chip Somodevilla/Getty Images) (Chip Somodevilla / Getty Images) 2. WASHINGTON, DC – APRIL 07: (L-R) Los Angeles Dodgers pitcher Clayton Kershaw, U.S. President Donald Trump, and Los Angeles Dodgers Owner and Chairman Mark Walter pose with a jersey presented to Trump as he hosts the 2024 World Series champions in the East Room of the White House on April 07, 2025 in Washington, DC. The Los Angeles Dodgers defeated the New York Yankees with a 7-6 victory in Game 5. (Photo by Kevin Dietsch/Getty Images) (Kevin Dietsch / Getty Images)

Today, the team is the most lucrative in the sport and is on pace to become just the second this century to draw more than 4 million fans in consecutive seasons. The Dodgers could be sold for a valuation of $10 billion to $13 billion — at the higher end, three times as much as the record sale price for a major league team — an industry source told The Times on the condition of anonymity.

Through it all, Walter mostly has shunned attention. The exception is participating in on-field championship celebrations and joining the team for trips to the White House during the Trump and Biden administrations.

His smooth run was interrupted during the Dodgers’ run to the 2024 World Series when Walter suffered a stroke that kept him from the victory celebration. His recovery reportedly was arduous; Walter struggled to speak clearly for months and didn’t return to public view until the Dodgers’ season-opening series in Japan the following spring.

Walter didn’t publicly step down from any roles after the stroke, holding on to control of a vast portfolio. Since buying the Dodgers, he has invested in European soccer, women’s hockey and basketball, squash and auto racing. He also bought several historic buildings in the resort town of Crested Butte, Colo., where he and his philanthropist wife own a home. In 2013, the couple purchased the Wild Oak Plantation, a 17,000-acre wildlife preserve in northeast Florida, where the Walters now spend most of their time.

Kimbra has served on the boards of Chicago’s Lincoln Park Zoo, OneGoal nonprofit and Goodman Theatre and is active in the family’s charitable organization, TWF Causes, which focuses on social impact and conservation work, including owning or supporting several major conservation and private reserve properties in Africa.

The family has a limited political footprint, with Walter donating to the Democratic National Committee and the campaigns of then-presidential candidate Barack Obama and then-Chicago mayoral candidate Rahm Emanuel. The majority of their donations, however, run through their family foundation and the Dodgers Foundation.

“For us, my wife and I, and all of my partners believe that corporations have to be corporate citizens, and individuals who benefit from them, or who have built them, need to give back,” Walter told ESPN soon after buying the Dodgers. “You can’t take it with you, and you ought to do something philanthropic with it.”

But while he’s put money into charitable projects, he’s invested his heart and soul in the Dodgers, Kasten said.

“He cares deeply about it,” the Dodgers president said. “He’s living through every play, every out, every at-bat.”

However much longer Walter remains invested in the Dodgers — financially, at least — could come down to math.

Justice Department prosecutors, the Securities and Exchange Commission and a Delaware insurance regulator are investigating whether Walter funneled as much as $21 billion from the portfolios of two insurance companies he owns into private credit for loans to other companies he also controls while reporting just a fraction of the loans’ value. The Wall Street Journal and the Athletic reported Walter used billions of dollars of those insurance premiums to buy sports teams.

Such “related party transactions” are legal, within limits, but are required to be reported to guard against conflicts of interest and to protect clients.

In Walter’s case, the related-party loans f initially were reported at between $1 billion and $1.4 billion when the true total actually was between $16 billion and $21 billion. The reclassification meant the affiliated investments jumped from 2% of one insurer’s portfolio to about 40%, according to Fitch Ratings.

No formal charges have been filed, and TWG Global, the multinational holding company led by Walter, is cooperating in the investigation. Walter has declined to be interviewed or to respond to written questions about the investigation, but his representatives have strongly denied any improper behavior, describing reports of the probe as “substantial speculation and misinformation” advanced by “unnamed sources and self-serving interests.”

“It does not inspire confidence to know that this kind of wild understatement happened,” said Andrew Granato, a law professor at the University of Texas at Austin who specializes in corporate finance and insurance. “It also doesn’t inspire very much confidence in the system of insurance regulation we have, that there could be this big of a mess that was not caught for years.”

Walter hired veteran Goldman Sachs lawyer David Markowitz to be his chief legal officer and reportedly is exploring the sale of his 12.8% stake in the Chelsea soccer club to Clearlake Capital, a Santa Monica-based private-equity firm whose Puerto Rican-born co-founder, José E. Feliciano, recently bought the San Diego Padres.

A source close to Walter not authorized to discuss it publicly told The Times he has an interest in selling Chelsea if the terms are right but insisted there is no desire to sell the Sparks, the PWHL, his investment in professional squash or, more prominently, his stake in the Dodgers.

While Kasten and TWG Global officials insist the Dodgers aren’t for sale, uncertainty likely will linger at least until all investigations are completed.

Times staff writer Mirjam Swanson contributed to this report.

Mark Walter doesn’t need to sell the Sparks. It said so in a release from his company Wednesday: “TWG is not looking to sell its sports assets at ‘fire sale’ prices to raise capital for its insurance operations.”

He should sell the Sparks anyway.

Not because of the investigations into allegations that insurance companies under Walter’s umbrella failed to properly disclose and conduct transactions between other companies he controls.

But for the sake of the storied WNBA franchise, which hasn’t won a championship in a decade and is about to miss the playoffs for the sixth consecutive season — something that would have been unthinkable six seasons ago.

Sell for the sake of the Sparks, who have long deserved an owner who wants seriously to run the team like Walter’s group runs, well, the Dodgers.

With passion and pride, foresight and smarts.

A steel beam is raised as the final structuarl piece of the Sparks’ $150-million training facility in El Segundo on Wednesday.

(Ronaldo Bolanos / Los Angeles Times)

And, yes, the new $150-million training facility that’s going to open in El Segundo next year is a better-late-than-never step in that direction.

It’s not too little; the 64,000-square-foot space, which will be tremendous in a prime location near the beach and shopping.

But it’s very late. Wednesday’s topping-out ceremony, when a construction crew lifted the final structural beam into place, doesn’t change that.

While so many of the Sparks’ rivals have had the upper hand in recruiting and retaining talent with state-of-the-art private practice spaces for the past few years, the Sparks have been — to use star forward Nneka Ogwumike’s word — “nomads.”

The Sparks have always offered fans a famously fun game-day experience, but their players had to continually get familiar with facilities all over Southern California, from L.A. Southwest and El Camino College to Academy USA in Glendale to Jump Beyond Sports in Torrance, from Windward School and Galen Center to JR286, the gym in Torrance where they practice now.

Starting next season, they’ll have a home.

A rendering of the Sparks’ new training facility in El Segundo.

(Ronaldo Bolanos / Los Angeles Times)

But it’s not because the Sparks’ ownership wanted to do what Mark Davis did with the Las Vegas Aces when he was the first owner to provide fancy new digs in 2023.

Not because they were resolute about giving the Sparks a first-class experience, like Joe Tsai did when he chartered flights for New York Liberty before the league said it was legal, getting himself fined $500,000.

But because the Sparks would fall further behind if they didn’t.

Because now “it’s the bare minimum,” said forward Dearica Hamby, whose input — dedicated spaces for family and naps — was incorporated into the building’s design.

It also will include two regulation basketball courts, a performance and training environment, hydrotherapy and recovery rooms and a player sanctuary.

“It represents a belief in our players,” said Stacy Johns, the team’s president. “It represents a belief in the future of the Sparks. And it represents a belief in where women’s basketball and women’s sports are going.”

Members of the media and guests gather with the Sparks’ front-office staff for the topping-out ceremony in El Segundo on Wednesday.

(Ronaldo Bolanos / Los Angeles Times)

Where’s that? Up.

Valuations are growing. In May, CNBC reported that the WNBA’s current teams were worth an average of $460 million — 84% more than the league’s most recent expansion fee of $250 million.

The Sparks — without taking the new facility, the largest investment to date in the history of women’s sports, into account — were valued at $415 million, seventh among the WNBA’s 15 teams.

The Golden State Valkyries, an expansion team in 2025, were valued at a record $1 billion, more than any women’s sports team in history.

That’s because the Valkyries — who are owned by the Golden State Warriors’ Joe Lacob and Peter Guber — have been innovative and imaginative, run more like the Dodgers than the Sparks, who are owned mostly by the same folks as the Dodgers.

The Dodgers instituted a private player-only plane and added Japanese-style toilets after then-recruit Roki Sasaki asked. The Valkyries established a 30-plus network of area bars for fans to gather to watch games and they helped a player with sleeping problems by offering everything from a different comforter to a sleep study.

Rendering of the inside the contrition of the Sparks’ new training facility, including a dining area.

(Ronaldo Bolanos / Los Angeles Times)

The Dodgers gave the keys to Andrew Friedman and Dave Roberts. The Valkyries’ GM is Ohemaa Nyanin, formerly an assistant GM with the WNBA champion New York Liberty, and their coach is former UCLA Bruin Natalie Nakase, before an assistant on Aces championship teams and an NBA assistant for years with the Clippers.

The Sparks have for the past several seasons cycled through unproven coaches and GMs, or fired experienced ones. Unable to pick a lane and drive it, they keep ricocheting between preaching patience and acting impatiently. And at the moment, they don’t even have a GM after firing Raegan Pebley in July.

Johns, who was brought on to oversee the team’s business in April, said things are changing. And change takes time.

The Sparks are 13-25, behind the expansion Portland Fire in the standings and having lost twice to the expansion Toronto Tempo. But they’ve tripled their sports staff this year, adding performance and mental health therapists and additional basketball data people — who apparently aided in the construction of an old, uncompetitive roster.

“I couldn’t tell you what happened or who woke up one day and decided,” said Johns, who worked for the MLS champion LAFC and Super Bowl champion Indianapolis Colts. “But when I was recruited … I was explicitly told like, ‘This is changing,’ and like, ‘We’re hiring you because we want to signal change.’”

The biggest change that could help the Sparks? At the top, with someone who wants to push the envelope instead of compensate and play catchup.

Rendering of the inside the contrition of the Sparks’ new training facility, including a basketball court.

(Ronaldo Bolanos/Los Angeles Times)

Jeanie Buss is taking her siblings to court. Again.

Attorneys representing the Lakers’ controlling governor filed a petition in Los Angeles Superior Court on Wednesday to block her five siblings from trying to sell the family’s remaining 17.82% of the NBA franchise the Buss family has owned since 1979.

Jeanie contends that her siblings should abide by a 2017 court order that mandated the family’s co-trustees to “take all actions reasonably available to ensure that Jeanie is appointed and remains as the NBA controlling owner of the Lakers.” The 2017 legal battle installed Jeanie’s younger siblings, Janie and Joey, as her fellow co-trustees, two roles that were previously held by her older brothers Jim and Johnny, who were ousted after a failed attempt to wrestle control away from Jeanie.

The 97-page petition accuses Janie, Joey and the other siblings Jim, Johnny and Jesse of “devious behavior” for not including Jeanie in discussions to sell the family’s last stakes in the team earlier this month. While the other siblings elected to sell soon after Bob Iger and Joshua Kushner agreed to a record-breaking transaction with Mark Walter and released a statement attributed to the Buss family, Jeanie “never agreed to any sale, was never consulted and was never even informed,” the petition states.

“Jeanie thought she had put all of her siblings’ scheming and manipulations behind her in 2017,” the petition reads. “Sadly, that was not the case — and Jeanie must respectfully request relief from this Court a second time.”

Among five points on the petition, Jeanie hopes to declare her siblings’ votes to sell the team void, remove Janie and Joey as co-trustees for “breach of fiduciary duty” and hold both in contempt of court and hold Jim, Johnny and Jesse in contempt and liable for “aiding and abetting.”

Jeanie, the third-oldest child of former Lakers owner Jerry Buss, was hand-picked by the family patriarch to oversee his prized investment that grew from a $67.5-million purchase into a $12.5-billion world-renowned brand. Iger, the former Disney chief executive, and Kushner, founder of a venture capital firm, bought a majority stake of the Lakers from Walter earlier this month at a record valuation, and reports of five of the Buss siblings’ plans to sell their ownership stake in the team came days later.

To remain on the NBA board of governors, Jeanie would need to own at least 15% of the team. She was to stay in the leadership role for at least the next four seasons after the Buss family relinquished control of the team to Walter in 2025.

That unique aspect of the 2025 sale “demonstrated the co-trustees could fulfill their duties under the trust — and honor Dr. Buss’s intent — while also delivering extraordinary financial returns to the beneficiaries,” the petition states.

Jeanie contends that not only is her latest fight to maintain her governor role a way to “enforce of her parents’ intent,” but the petition says Jeanie also believes remaining the governor can “protect the strategic decision by the trustees less than a year ago to sell a portion of the team and retain an interest sufficient to maintain control and to benefit from the continuously skyrocketing value.”

Since Jerry Buss built the Lakers into the NBA’s most glamorous franchise during four decades of stewardship, the team will now have a third controlling owner in as many years. Walter, who previously owned a minority stake in the team, took majority control in 2025 when the team was valued at $10 billion. His reign was short-lived; he shockingly sold his shares of the team to Iger and Kushner for a 25% profit 14 months after Walter’s purchase offer was accepted by the Buss family trust.

The sale from Walter to Iger and Kushner is not expected to be affected by the Buss family’s legal proceedings, according to a source close to the matter but not authorized to speak publicly.

The petition adds that Lakers minority owners Patrick Soon-Shiong, who owns the Los Angeles Times and said he plans to hold onto his 4% stake in the Lakers, and real estate developer Ed Roski Jr. believe Jeanie is “the right person to continue as controlling owner and NBA governor of the Lakers to help preserve and continue to grow the value of the Lakers stock investments.”

The Lakers functioned as a family-run business for decades under the Buss family. Each child held different roles, but Jeanie is now the only one left at the organization. Jim and Johnny were ousted in 2017. Janie, Joey and Jesse were all fired soon after Walter’s sale was approved in November. Joey was the chief executive of the G League affiliate South Bay Lakers and Jesse was the Lakers’ director of scouting. Janie led the organization’s charity efforts. ESPN reported that Jim and Johnny had returned to roles with the team and were among those fired in November.

After Jeanie and her legal team announced their intention to contest the siblings’ attempt to sell, the five other siblings released a statement saying they were “united” in their decision and intended to “move forward thoughtfully, respectfully and through appropriate process.”

“The Los Angeles Lakers have never been just a basketball team,” the statement released Aug. 18 continued. “They have been one of the greatest privileges of our lives. Our focus has always been on what we believe is best for the Lakers, the fans who have supported this franchise for generations and the greater Los Angeles community.”

A court hearing to review the request is scheduled for Nov. 5, according to the petition. The Lakers will be two weeks into their season at the time.

TWG Global — the holding company of Dodgers owner Mark Walter — rejected allegations of financial impropriety in the purchase and operation of the Dodgers and reiterated the team is not for sale.

At a time insurance regulators and federal investigators are looking into allegations that insurance companies under Walter’s umbrella did not properly disclose and conduct transactions between other companies he controls, and after Walter sold his controlling interest in the Lakers at a record $12.5 billion valuation, potential bidders have monitored whether the Dodgers might be sold as well.

In a statement Tuesday, TWG Global decried “multipronged attacks against TWG … by unnamed sources with self-serving interests” and said no insurance policyholder has been hurt as a result of the company’s financial transactions.

“There is no victim here,” the statement said. “No one has been harmed, and no one has claimed they were harmed.”

In 2012, when Walter and his partners bought the Dodgers for $2 billion, The Times reported the use of $1.2 million from Guggenheim Partners insurance funds into the deal. At the time, rival bidders expressed concern over the unusual financing, but state insurance regulators cleared the deal and Major League Baseball approved it.

“The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states,” the statement said, “which identified no irregularities and resulted in no further action.”

Even with the Dodgers issuing over a billion dollars in deferred contracts and amid whatever transactions might have been conducted between TWG-related insurance companies and the Dodgers’ affiliates — including ones that hold the team’s television rights and ticket revenues — the Dodgers’ ability to fund player contracts is not at risk, according to the statement.

“The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players,” the statement said.

The statement reiterated that, as Dodgers president Stan Kasten has said, “the team is not being sold and no sale process has been initiated.”

The Dodgers, if sold, could likely command a price in the range of $10 million to $13 million, industry analysts have told The Times.

The Lakers sold at a record price for a North American sports franchise, although industry analysts have said a competitive bidding process likely would have resulted in an even higher sale price.

Said the statement: “Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021) — hardly a ‘fire sale.’”

The statement added: “TWG is not looking to sell its sports assets at ‘fire sale’ prices to raise capital for its insurance operations.”

TWG said it is “working cooperatively and in partnership with the Delaware Department of Insurance” to resolve the regulatory issues and “is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries.”

“TWG stands firmly behind the integrity of its business,” the statement read. “Despite what has been reported, there has been no fraud.”

First inning, Shohei Ohtani walks, steals second, jogs to third on a single by Freddie Freeman, scores on a grounder by Mookie Betts.

That’s great, but is Mark Walter selling the Dodgers?

Second inning, Blake Snell gives up a one-out single to Spencer Horwitz, who advances to second on a passed ball, but Snell strands him with a strikeout of Billy Cook.

Lovely, but what happens if Mark Walter sells the Dodgers?

Third inning, Bryan Reynolds draws a two-out walk, but Snell strands him with a flyout to left by Brandon Lowe.

Walter, Lakers, feds, billions, sell?

On a blistering Sunday afternoon at Dodger Stadium, the Dodgers defeated the Pittsburgh Pirates 4-0 to complete a three-game sweep, but the rumblings beneath Chavez Ravine indicated there was much more at stake.

This is a solid franchise fighting for its footing. This is a powerful dynasty that could be undone by paper.

So, seriously, are the Dodgers getting sold?

Nobody knows, but a reasonable guess would be yes.

The Dodgers, of course, say no way, no how, no chance. Stan Kasten, the Dodgers’ president, even met with the media Friday specifically to say it’s not happening.

“The Dodgers are not being sold,” Kasten said. “They’re not going to be sold. They’re not for sale. There’s no process that has been started to sell [the franchise]. Period.”

Period? Kasten is a busy man, and there’s seemingly no way he holds even an impromptu meeting with reporters about a possible sale if that “period” wasn’t a “question mark.”

It is indeed a huge question mark, one that suddenly appeared less than two weeks ago when Walter stunningly sold the Lakers just 14 months after buying them.

A federal investigation into insurance companies Walter controls may have led to the Lakers sale, and there’s since been plenty of confusing talk about related-party transactions and holding companies and invested assets.

Translated for Dodgers fans?

The owner of your team also owns another business facing a big legal problem that requires billions to fix. And the only way he can raise those billions is to sell his assets. And the $2.5 billion he will receive from the Lakers flip is only a drop in the bucket.

Which means the Dodgers could be next.

There are reports that Walter is selling his shares in the Chelsea Football Club of the English Premier League, but that won’t cut it.

He could sell some of his smaller properties such as the WNBA’s Sparks, the Cadillac Formula 1 racing team, and the entire Professional Women’s Hockey League, but that might not cut it, either.

His richest, most lucrative, and perhaps most expensive property is the Dodgers. A source told The Times’ Bill Shaikin they could be worth between $10 billion and $13 billion, which would be a record price for a baseball team.

Though no charges have been filed against Walter or anyone associated with his businesses, one could imagine Walter pulling the trigger on the Dodgers sale simply to keep the feds at bay.

“I wanted you to hear it definitively: We are not selling the Dodgers,” Kasten repeated. “We are continuing with our plans going forward, like we always have had them. This comes from Mark. He’s gung ho about continuing to try to win, again, including next year, subject to whatever next year’s climate looks like.”

This full-speed-ahead attitude by Dodgers management is what makes it so hard to imagine the team being owned by someone other than Walter.

Without Walter, there is no dynasty. Without Walter, there is no richest team in baseball. Without Walter, there is no happiest fan base in baseball.

Dodgers owner Mark Walter helps Shohei Ohtani put on a jersey during a news conference on Dec. 14, 2023, after the two-way star signed a 10-year, $700-million deal with the team.

(Wally Skalij / Los Angeles Times)

Since Walter and his Guggenheim Baseball Management Group purchased the team in 2012, they have spared no expense in winning 12 of the last 13 National League West championships and three World Series titles.

Nobody in baseball spends like Walter, or will ever spend like Walter. From allowing the team to travel on two planes to adding baseball’s highest-paid player and relief pitcher last winter — Kyle Tucker and Edwin Díaz have been busts, but there’s time for redemption — nobody is willing to pay more for success than Walter.

Fans benefit from a Walter partnership on a daily basis. Witness Snell’s six shutout innings against the Pirates on Sunday. The Dodgers swept the three-game weekend series against the supposed contenders behind three starting pitchers who will lead off the playoffs yet who would not all be here if Walter didn’t own the joint.

Who else could pay to acquire superstars Yoshinobu Yamamoto and Snell while building up a farm system that could produce prospects who were used to acquire Tarik Skubal?

The three starters combined to allow the Pirates just five runs in 19 innings with 26 strikeouts and five walks, and how good is that going to look in October?

While Andrew Friedman supplies the talent and Kasten works the business, none of it is possible without the seemingly endless flood of money approved by Walter.

Well, the end might be near.

If Walter sells the team, they could possibly lose their two MVPs — Friedman and Ohtani. Unless the new owners give Friedman a piece of the team, he could set off to build another dynasty elsewhere. And Ohtani has a clause famously included in his contract that allows him to leave if either Friedman or Walter leaves. If Walter goes, Ohtani could demand a new contract with terms that a new cash-strapped owner cannot afford.

As of last week, there is so much at stake, so many reasons to worry, and even all the winning by baseball’s best-run team won’t offer much relief.

Now baseball’s best owner is suddenly its most embattled owner, and Dodgers fans should be afraid.

Very afraid.

Mark Walter is not selling the Dodgers, his people say. Stan Kasten, the Dodgers’ president, said it again Friday. The team, as a Los Angeles Times headline put it, is the “crown jewel” of Walter’s sporting empire.

Walter was not selling the Lakers, either, until he suddenly did last week. And, amid a cash crunch triggered by a federal investigation into insurance firms his companies control, potential bidders for the Dodgers are monitoring the situation closely.

If Walter were to sell the Dodgers, a long line of interested parties could include the runner-up when he bought the team in 2012: Patrick Soon-Shiong, the owner of the Los Angeles Times.

On Friday, Soon-Shiong said through a representative that he would be interested in leading an investment group should Walter decide to sell the team.

“We respect Mr. Walter, and we want to make it clear we have not spoken with him,” said Chuck Kenworthy, the family attorney for Soon-Shiong. “If at some point he would like to discuss the Dodgers, we would be very open to talking.”

Walter’s TWG Global did not immediately return a request for comment.

The Dodgers could command between $10 billion and $13 billion — at the higher end, three times as much as the record sale price for a major league team — a high-ranking industry source told The Times on the condition of anonymity.

In 2012, Soon-Shiong joined hedge-fund titan Steve Cohen in trying to buy the Dodgers, with Cohen as the controlling partner. Walter and his partners won the bidding at $2.15 billion, well above the $1.6 billion runner-up bid of Soon-Shiong and Cohen.

In 2020, Cohen bought the New York Mets for $2.4 billion. The record price tag for a major league team: $3.9 billion for the San Diego Padres, officially sold this week to an investment group led by a married couple: Jose E. Feliciano, the founder of Clearlake Capital in Santa Monica, and Kwanza Jones, an artist and enterpreneur.

The record price tag for any North American sports team: $12.5 billion, the valuation of the Lakers in the deal announced last week in which Walter agreed to sell to a group fronted by former Disney chief Bob Iger and venture capitalist Joshua Kushner.

Insurance regulators and federal investigators are looking into whether certain financial transactions between various entities controlled by Walter were properly disclosed to investors and compiled with regulations designed to protect them.

The cash — from the sale of the Lakers and other assets — can help pay off loans under scrutiny by regulators. It is uncertain whether that would satisfy the federal agencies probing potential wrongdoing. No charges have been filed and investigations often conclude without charges.

Soon-Shiong, a biotech billionaire, bought The Times in 2018. He bought Magic Johnson’s 4% stake in the Lakers in 2010. Kenworthy told The Times on Thursday Soon-Shiong does not intend to sell his stake in the team.

In 2012, Soon-Shiong explored buying AEG, the sports and entertainment company that owns the Kings, the Galaxy and Crypto.com Arena. AEG owner Phil Anschutz ultimately decided not to sell.

Soon-Shiong considered buying the Angels in 2022, in the window between owner Arte Moreno announcing he would explore selling the team and deciding the following year that he would not sell.

Soon-Shiong is bringing the Global Esports Games to Los Angeles in December. He also has bought a Major League Volleyball expansion franchise that is scheduled to start play in Los Angeles next year.

When the news broke last week that Mark Walter was selling the Lakers just one year after buying the storied basketball franchise, executives working for another crown jewel in his sports empire — the Dodgers — were quick to say the billionaire had no plans to sell the team.

The Dodgers have won three of the last six World Series and 12 division titles since an ownership group led by Walter bought the then-bankrupt team in 2012, and the Dodgers now are considered the most successful — and lucrative — franchise in Major League Baseball.

Yet, amid Walter’s financial difficulties, including a federal inquiry into his insurance empire regarding $16 billion to $21 billion in undisclosed loans to his own companies, questions remain over whether the blowback will hit the Dodgers.

Walter has denied wrongdoing, and sports business experts say it’s far too soon to know whether the Dodgers will be in play. No charges have been filed against Walter or anyone associated with his businesses.

“If you’re judging on that — winning and revenue created — he’s been at the helm of all of that. … He does truly look like a white knight as it relates to his ownership of the Dodgers,” said Patrick Rishe, executive director of the Sports Business Program at Washington University in St. Louis. Still, “we don’t know what the issues are, and we don’t know the severity and the magnitude.”

Aside from the Lakers, the Dodgers are, by far, the most valuable of Walter’s handful of sports franchises, and industry sources not authorized to speak publicly about any potential sale told The Times that the team could fetch $10 billion to $13 billion.

Walter’s sports portfolio includes the Los Angeles Sparks of the Women’s National Basketball Assn.; 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. The Bloomberg Billionaires Index estimates Walter has a net worth of $18.3 billion.

There have been reports that he is putting his shares of his most valuable professional soccer franchise, the Chelsea Football Club of the English Premier League, on the market.

But the Dodgers are the greatest show in baseball, playing before stadiums packed with fans willing to shell out top dollar to see a roster that includes international superstars Shohei Ohtani and Yoshinobu Yamamoto.

Last week, Dodgers president and part-owner Stan Kasten said the Lakers sale “really has nothing to do with the Dodgers” and that “there are no changes here or contemplated here.” And Dodgers manager Dave Roberts said at a news conference that he was “shocked” by news of the Lakers sale and had not heard of any potential changes to Dodgers ownership.

Andrew Granato, a law professor at the University of Texas at Austin who specializes in corporate finance and insurance, said that although it was not yet clear whether Walter would offload the Dodgers, it would not be impossible, given the speed and scale of the billionaire’s recent financial transactions and the mounting federal and public scrutiny.

“I imagine that no fan feels particularly comfortable if the owner of their favorite team is under … investigation. Certainly, it’s not an ideal situation,” he said.

Walter was riding high after the Dodgers’ success and his $10-billion purchase of the Lakers last year. But the last few months have been challenging.

The loans by two Delaware life insurers that Walter owns were made to companies tied to him or his TWG Global holding company but were not disclosed as “related party” transactions as required, the Wall Street Journal reported. Related-party transactions made by insurers are required to be reported to limit conflicts of interest and protect policyholders, who have an interest in the financial strength of their insurers.

Walter, the 66-year-old chief executive of Chicago investment firm Guggenheim Partners, led a group that included another Guggenheim executive and Magic Johnson in acquiring the Dodgers for $2.15 billion in 2012, then a record for an MLB team.

The Times has reported that he tapped the insurers he owned for financing, a deal that was later vetted by state insurance regulators.

However, the amount of related-party loans made by the two affiliated life insurers now under federal scrutiny is vastly more, amounting to 40% of the invested assets of Delaware Life as of Dec. 31, according to Fitch Ratings. The credit rating firm said that is the most of any North American life insurers it reviews.

It’s unclear where the money went, but the Wall Street Journal reported that billions were passed through a third party before being received by entities tied to Walter or his TWG Global holding company.

Last week, Walter stunned the sports world by selling a majority stake in the Lakers for $12.5 billion to former Disney Chief Executive Bob Iger and venture capitalist Joshua Kushner, who is the brother of President Trump’s son-in-law Jared Kushner.

Walter has declined to comment on whether the sale was tied to the federal investigation.

The framework for a deal was consummated in a matter of days, Iger told interviewers last week. It still must be approved by the NBA Board of Governors, which meets in September.

Projecting an exact value for the Dodgers is difficult because MLB and its players union are engaged in contentious collective bargaining negotiations that many experts believe could result in a lockout when the current agreement expires in December.

Should a salary cap be agreed upon for the first time in MLB history, the valuation could jump to the high end, the source said. And about $1 billion of any sale would be subtracted to cover the Dodgers’ future commitments on deferred contracts.

The Dodgers’ massive local television deal with SportsNet LA directly elevates the franchise’s overall valuation.

Listing potential buyers should the Dodgers be for sale is challenging because the estimated value of the franchise is so much greater than almost any other MLB team. The record price for a sports franchise was the $12.5 billion for the Lakers.

Besides Kushner and Iger, those who have bid for teams aren’t in the $10-billion-plus ballpark. The San Diego Padres were sold last week for $3.9 billion to José E. Feliciano and Kwanza Jones.

Another question that has arisen as Walter’s financial troubles have garnered headlines is whether MLB would conduct its own investigation into Dodgers ownership or pressure the billionaire and his partners to sell the team.

“Any time there is any kind of public question about owners, they look into it,” former Dodgers president Bob Graziano told The Times. “I would guess, because there is a federal investigation going on, they’re not launching their own investigation, but they are going to wait to see what comes out of the federal investigation.”

No investigation of any kind into the matter has been announced by MLB.

MLB has never formally stripped an owner of a franchise or forced an outright sale through a vote of franchise owners. But the league forced Frank McCourt to sell the Dodgers in 2012 by exerting pressure and threatening a financial takeover or disciplinary action that would have stripped operational control.

When McCourt sold the team to Walter’s Guggenheim group, the franchise was in Chapter 11 bankruptcy.

When Guggenheim purchased the team in 2012, it outbid billionaire hedge fund manager Steven Cohen, who now owns the New York Mets. A group headed by former Yankees and Dodgers manager Joe Torre and L.A. developer Rick Caruso dropped out of the bidding ahead of Cohen. Additional bidders included media executive Leo Hindery, billionaire Tom Barrack, then-St. Louis Rams owner Stan Kroenke and Jared Kushner.

Times staff writer Laurence Darmiento contributed to this report.

As the Buss siblings battle each other for the right to sell their minority stake in the Lakers, at least one of the other minority shareholder is sticking with the team.

Patrick Soon-Shiong, the owner of the Los Angeles Times, is not selling his stake in the Lakers.

Soon-Shiong bought a 4% stake in the team from Magic Johnson in 2010. His family attorney, Chuck Kenworthy, said that Soon-Shiong has no interest in selling his stake amid a high-stakes ownership transition.

“We love the Lakers,” Kenworthy told The Times. “We believe in the Lakers. We believe in the future of the Lakers and the championship years they are going to have. And we believe they are still undervalued.”

A group led by former Disney chief Bob Iger and venture capitalist Joshua Kushner agreed last week to buy controlling interest in the Lakers from Mark Walter at a $12.5-billion valuation — a record price for an American sports team. The sale is still pending approval by the NBA board of governors. Walter, who owns a majority stake in the Dodgers, is the subject of multiple federal investigations.

Jeanie Buss, whom Walter had agreed could remain as the Lakers’ governor for five years, is challenging her siblings’ decision to sell the family’s 17.8% stake in the team.

Real estate developer Edward P. Roski, one of the Lakers’ other known minority owners, has not disclosed whether he intends to sell his 3% stake in the team. He has owned a stake in the team since 1998. Todd Boehly purchased a minority stake in the Lakers in 2021, but it’s unclear whether all his shares folded into business partner Walter’s majority stake.

In 2012, on the day after Mark Walter and his partners bought the Dodgers, I sat next to Walter in a conference room. To the sports fan, Walter was virtually anonymous: a super rich guy who had made his money running investment and insurance companies.

Walter’s purchase valued the Dodgers and its related assets at a then-record $2.15 billion. That value stunned the sports world. Mark Cuban had bowed out of the bidding, believing the Dodgers were not worth even $1 billion.

I asked Walter why he believed it made business sense to pay three times as much as any major league team had sold for.

“I think you have a few moments in life where you have the opportunity to own an asset and really be a custodian of something that should be multigenerational and iconic,” he said then. “I understand it’s a lot of money. But it’s not as if you can go buy another one tomorrow. … We hope we never, ever are going to sell it.”

That was essentially the point that someone who travels within the inner circles of pro sports made to me Wednesday morning, as news broke that Walter had sold the Lakers to Bob Iger, the former Disney chief, and Joshua Kushner.

The Steinbrenner family has owned the New York Yankees for 53 years. Jerry Jones has owned the Dallas Cowboys for 37 years. The Buss family owned the Lakers for 46 years.

These trophy assets are few and far between. Walter had agreed to sell the Lakers after less than one year of ownership — and not through a comprehensive bidding process, but to an inquiring caller during the weekend?

“This has more red flags than a May Day parade,” an industry insider said, speaking on condition of anonymity so as not to jeopardize his professional relationships.

The deal, which valued the Lakers at $12.5 billion, was motivated by the spiraling price for an NBA expansion team in Las Vegas, according to ESPN’s Ramona Shelburne. After all, if Iger and Kushner might have to pay $10 billion for a startup team, why not call and see if Walter might accept a bit more for one of the marquee franchises in American sports?

Was this a blind call or was Walter looking to sell?

“It was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers,” Iger told the California Post.

What did Dodgers president Stan Kasten have to say about that?

“I never knew that. He never said that to me,” Kasten said. “I think he was surprised by it. That’s what he has expressed to me. Mark had no plan to do this. This just came up, and he thought about it and said yes.”

Why might Walter have been interested in selling?

Mark Walter acknowledges a fan before a game against the Cubs in Chicago this month.

(Melissa Tamez / Associated Press)

Only he can say for sure, but his companies are under federal investigation for failing to disclose and properly account for billions of dollars of loans among related entities. Bloomberg reported Wednesday that Walter’s holding company is trying to raise money that could help pay off or at least pay down those loans, and the Financial Times reported that company assets could be sold or restructured.

No charges have been filed, and investigations can conclude without charges. No allegations of wrongdoing have been made against Walter.

Is there a baseball angle to this?

Among the investment firms Walter’s holding company approached about “deals to raise cash,” according to Bloomberg: the asset management firm owned by New York Mets owner Steve Cohen.

Cohen’s firm passed, according to the Financial Times.

When Walter and his partners bought the Dodgers, the runners-up: the bid team of Cohen and Los Angeles Times owner Patrick Soon-Shiong.

“No, that never came up. And Mark and I discussed it,” Kasten said. “So, no, we don’t have any reason to think that. I certainly have no reason to think that.”

What does Walter’s sale of the Lakers mean for the Dodgers?

“It means nothing for the Dodgers,” someone who speaks regularly with Walter said, speaking on condition of anonymity. “He owned them long before the Lakers and will own them long after.”

If Walter should later sell the Dodgers, what might have the greatest impact on the team?

Shohei Ohtani has an out clause in his contract if Mark Walter sells the team.

(Eric Thayer / Los Angeles Times)

Shohei Ohtani’s 10-year, $700-million contract with the Dodgers includes an unusual escape clause: If Walter is no longer the controlling owner, or if Andrew Friedman is no longer running the Dodgers’ baseball operations department, Ohtani can opt out of the contract.

Would he?

Way too soon to tell. If major league owners get their way in collective bargaining, the proposed salary cap would mean Ohtani at $70 million could eat up just about one-third of any team’s payroll. And, in his third year with the Dodgers, he has yet to complete a full season as a pitcher, and a left knee in which manager Dave Roberts says Ohtani suffers from “wear and tear” could make him less of a two-way player as the contract winds down.

On the other hand, playing salary might be less of an issue for him than for any other player in baseball. Ohtani is making more than his annual salary from sponsorships and endorsements — an estimated $125 million this year — and he famously deferred $68 million of each year’s salary so the Dodgers could spend more freely on players that could help him and the team win. After six losing years with the Angels and two World Series championships in two years with the Dodgers, a losing team might not entice Ohtani, no matter how much room it might have under a proposed cap.

Iger used to run Disney. How did Disney’s experience owning the Angels and Mighty Ducks go?

Disney chairman Michael Eisner, left, NHL commissioner Gary Bettman, NHL chairman Bruce McNall and Mighty Ducks chairman Jack Lindquist blow duck calls announcing the name of the team in 1993.

(Doug Pizac / Associated Press)

Disney dressed the Angels in uniforms derided by one player as “pinstripe pajamas,” put cheerleaders on the dugout roof and installed a loud “countdown to first pitch.” This all seemed awful at the time but, given the plagues of in-game hosts and teams sporting jerseys in colors far beyond home white and road gray, perhaps Disney was just ahead of its time. And, for the first few years of the franchise, Mighty Ducks gear was some of the hottest merchandise in American sports.

Ultimately, Disney wanted the Angels and Mighty Ducks to launch an “ESPN West” regional sports channel. When that channel collapsed, Disney no longer needed the teams and eventually sold them. The Angels were such a minimal part of Disney’s portfolio that then-chief executive Michael Eisner showed up in the clubhouse and the players had no idea who he was.

Who owned the Angels when they won their only World Series championship?

Angels players wave to fans during the World Series title parade in Anaheim in 2002.

(Jean-Marc Bouju / Associated Press)

Disney. The company hired an investment banker to sell the team in the final month before the Angels won the 2002 World Series and agreed to sell to Arte Moreno in the first month of the following season.

One more try: Why did Walter really sell the Lakers?

“I think it was opportunistic and he found something that made sense to him,” Kasten said. “Mark’s a very sensible guy. But that’s really the only way I can explain it.

“You’ll have to talk to Mark about a more in-depth explanation, and good luck.”

Times staff writer Maddie Lee contributed to this report.

The Lakers are being sold … again?

The Lakers are being sold … by the Dodgers owner who was supposed to save them?

The Lakers are being sold … to one guy who owns an underachieving women’s professional soccer team and another guy who owns a piece of the hated San Francisco Giants?

What in the name of Luka is going on here?

Los Angeles sports fans awoke Wednesday to the news that one of their two crown jewels was being sold for the second time in a year, a transaction valued at $12.5 billion and accompanied by at least that many worries.

This doesn’t feel good. This doesn’t feel right. Something stinks here, and it might just be the future of a franchise that once seemed in such good hands.

On Wednesday it was stunningly and ingloriously fumbled, and for what?

There are two main unknowns here, and both should send shivers through a Laker fan base that could be watching their team become the Portland Trail Blazers.

First, why did Mark Walter sell just 10 months after buying? Yes, he made a $2.5 billion profit, but 10 months? Who owns a major sports franchise for just 10 months?

Second, what sort of owners will Bob Iger and Josh Kushner be? Iger is known for running Disney, and Kushner is known for running with President Trump’s son-in-law, who happens to be Kushner’s brother, Jared.

So crazy. So scary.

Does all this mean the Dodgers are also for sale? Will courtside seats be converted to spinning teacups? Is President Trump going to show up for a ceremonial opening tip?

Mark Walter, chairman and controlling owner of the Dodgers, acknowledges a fan before a game in Chicago on Aug. 4.

(Melissa Tamez / Associated Press)

Lots to dig in here, starting with Walter, who brought much hope to the struggling franchise after buying it from the Buss family last summer.

In his short tenure the Lakers racked up a bunch of off-court wins. They revamped their scouting department, increased a focus on analytics and rid themselves of LeBron James without the usual noise of an ugly breakup.

Under Walters, the Lakers didn’t fire Rob Pelinka, didn’t fire JJ Redick, brought back Austin Reaves, and actually set the team up for a pretty exciting playoff run next season.

Walter was clearly building the Lakers into the image of the Dodgers, which makes it so shocking that he would so easily cast them aside.

Could this be the result of outside forces? Walter is under federal investigation for tax fraud by companies controlled by the billionaire, and perhaps he sold the Lakers as a peace offering to the feds. The fact that he sold to somebody so close to President Trump could also help his federal case.

Remember last month when Walter embarrassingly groveled at Trump’s feet during the Dodgers visit to the White House, even giving the president a championship ring? It feels like the Lakers sale to a group co-led by Kushner is an outgrowth of that pandering.

Sources told The Times’ Bill Shaikin that the Dodgers are not for sale, but if Walter was troubled enough to sell arguably America’s most glamorous sports franchise after owning it for less time than it takes for Edwin Díaz to walk to the mound, who knows if the Dodgers are really safe?

In Walter, the Lakers had a proven champion who forged a partnership with the fans and rewarded them with sustained success.

In Iger and Kushner, the Lakers have two rich guys who have never been the majority owners of a team, never run a team and never done much more than cheer for a team.

Iger, 75, an entertainment genius who ran Disney for much of the last 20 years, has failed in his previous attempts to buy a sports team. A decade ago, he was in the finals to bring an NFL team to Los Angeles, but lacked the gravitas to pull it off.

In 2024, Iger and his wife, USC journalism dean Willow Bay, bought a controlling stake in the Angel City Football Club in the National Women’s Soccer League. But the team has yet to make any sort of local splash, missing the playoffs in each of the last two seasons.

Former Disney CEO Bob Iger, in white shirt, has been a longtime basketball fan. In 2025 he sat courtside for a Clippers game at Intuit Dome.

(Allen J. Schaben / Los Angeles Times)

Kushner, meanwhile, is a 41-year-old billionaire venture capitalist who is best known for his brother’s father-in-law and his super-model wife Karlie Kloss. He owns a minority stake in not only the Giants, but the Miami Heat, which he must sell.

There is no indication whether they will be good owners, and they will clearly have to hire a seasoned NBA executive to serve as president to run the show. The identity of this person will be the first sign of their seriousness in restoring a championship culture, but there will be other signs as well, and not all could be positive.

There should be fear that these new wonders will follow the path of the most recently minted NBA owner, Portland’s Tom Dundon, who unapologetically cheapened the organization by doing everything from firing 70 business employees to bucking NBA tradition by refusing to pass out free T-shirts to the fans during playoff games. He even showed the door to both the club’s radio and TV play-by-play announcers in a dramatic cost-cutting move that could be a blueprint for other struggling teams.

Which is to say, nobody has any idea how Kushner and Iger will run things. They have no history here. They have no experience. They have no credibility. This isn’t Disney. This isn’t some hedge fund.

These are the 17-time NBA champion Lakers. This is a national monument forged on the sweat of everyone from Jerry West to Magic Johnson to Kobe Bryant.

This is a community’s heartbeat. This is a region’s touchstone.

Handle with care.

A city will be watching.

So instead of the Dodgerfication of the Lakers, we’re getting the Disneyfication of the Lakers.

Hakuna Matata?

Yes, it’s weird and distressing, watching billionaires play catch with our ballclubs.

But this high-stakes game of hot potato that resulted in Bob Iger and Joshua Kushner acquiring the Lakers for $12.5 billion from Mark Walter less than a year after the Dodgers owner bought the NBA team?

For the Lakers, it really could end happily ever after.

Because we’re realizing you probably shouldn’t put all your proverbial eggs — or both of a city’s most beloved sports teams — in one guy’s basket. Especially if that one guy happens to be at the center of a federal loan investigation.

And if all it took, really, to get Walter to relinquish his ownership of the Lakers was $2.5 billion more than the reported figure he paid for them, then he wasn’t the right owner for the franchise anyway.

He wasn’t actually going to spin blue into purple and gold.

And Disney did give us some pretty great stories under Iger, didn’t it?

A native New Yorker, Iger, 75, grew up a Knicks fan. But he has also long been an L.A. basketball fan — though he has identified as a Clippers supporter. (Sorry, Clips, I think you’re down a fan.)

Lakers great Magic Johnson said he’s known Iger since the Showtime era, and gushed in an interview Wednesday with The Times’ Broderick Turner: “The great thing for Laker fans is Bob Iger loves basketball, loves the Lakers and I think that we couldn’t have a better person.

“Somebody that don’t know the Lakers, the tradition, that don’t know the city, that don’t know the passion that the fans have for the Lakers here in L.A.? Then I would have been like, ‘Oh man. They gotta learn all that.’

Bob Iger, then chief executive of Disney, addresses the media during the Star Wars: Galaxy’s Edge media event in 2019.

(Allen J. Schaben / Los Angeles Times)

“Well there’s no learning curve for Bob.”

And Angelenos know Iger. We don’t know Kushner except for his family ties. But Iger, we do.

Walter isn’t selling the Lakers to some rich guys without any L.A. cred. He’s selling to a basketball fan whom we’ve seen courtside at Lakers games. Someone who joined us in sharing our heartbreak on social media when Kobe Bryant died in 2020, calling him “a friend and a fan of ours, full of life and taken from us too soon.”

We recognize Iger; he’s the Disney guy. We know him for his successful tenures as chief executive of that beloved company, which were highlighted by innovative storytelling, savvy investment and expansion — including into sports. We know he helped turn ESPN into a TV juggernaut.

Before the sale to Walter, the Buss family, which owned and ran the Lakers for 46 years, was having trouble keeping up in a booming NBA. Player salaries are capped, but ownership’s resources matter much in terms of creating a competitive infrastructure of coaches, basketball operations, medical and scouting staffs.

So we were looking forward to seeing sweeping improvements when Walter took control and provided the organization with a much-needed financial infusion. After all, his Dodgers have won three World Series crowns and clinched the National League West in 12 of 13 seasons since 2012, when he and his partners bought the club for a then-MLB record $2.15 billion.

But as of Wednesday morning, we were still looking.

We thought the new Lakers’ regime would get to work without a second to spare. Yeah, they added a second row of seats courtside. And laid off more than a dozen employees.

We expected they’d beef up their scouting department. But they moved the G League team from the South Bay way out to the Coachella Valley, so even the most ardent fans in L.A. will have a hard time keeping an eye on the team’s prospects.

We expected, under Walter, that the Lakers would give their basketball brain trust an obvious boost.

But they’ve only flirted with filling the job of second assistant general manager. And they failed to poach anyone from the league’s most innovative front offices like the Dodgers did when they hired Andrew Friedman. Their big get was Rohan Ramadas, from the … New Orleans Pelicans, a team that made the playoffs only twice in the last eight seasons.

Iger and Kushner can do better. They better do better.

Joshua Kushner, founder and chief executive of Thrive Capital, speaks onstage during the Big Bets panel at the Fortune Global Forum 2024.

(Jemal Countess / Getty Images for Fortune Media)

I think they will.

This isn’t a fly-by-night proposition for Iger, who headed an effort by the Chargers and Raiders to build a stadium in Carson before Stan Kroenke built $5-billion SoFi Stadium in Inglewood.

In 2024, Iger and his wife, Willow Bay, who is dean of the USC Annenberg School for Communication and Journalism, acquired a controlling stake in the Angel City Football Club of the National Women’s Soccer League for $50 million, pushing its valuation to $250 million, a record for a women’s sports team.

Angel City hasn’t been winning, but they doubled the staff and wasted no time setting up a sizable new performance center at California Lutheran University in Thousand Oaks. The WNBA’s Sparks, which Walter has owned since 2014, are still waiting for their own practice facility, which is now finally under construction in El Segundo.

“As lifelong NBA fans,” Kushner and Iger said in a statement, “we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.”

Iger knows as much as anyone about successfully stewarding an iconic brand.

Now he could be the Imagineer to bring the 17-time champion Lakers back to the happiest place on earth — the NBA’s mountaintop.