MIAMI — Dodgers owner Mark Walter and multiple insurance companies he owns have been sued, alleging they failed to disclose an ongoing federal probe to customers while directing policyholders’ money into Walter’s other companies.
The lawsuit lists Walter, Delaware Life Insurance Co., Clear Spring Life and Annuity, TWG Global Holdings and Walter’s Guggenheim Partners investment firm as defendants.
Ira Rosner, a 67-year-old Florida man, brought the class-action lawsuit in U.S. District Court in Miami on Wednesday. He purchased a policy from Delaware Life in April and he had until late May to withdraw his money without penalty. However, the company did not disclose the investigation to him until June,
Rosner is seeking a jury trial in the lawsuit that seeks damages for negligent misrepresentation, breach of contract and aiding and abetting fraud.
TWG Global didn’t immediately respond to a request for comment on the lawsuit.
Walter has been under investigation since last year by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission following a whistleblower complaint regarding alleged misrepresented loans made between companies within his business portfolio.
TWG Global Holdings is the holding company through which Walter controls Delaware Life, Clear Spring Life and Annuity Co. and his stake in Guggenheim Partners. TWG Global denied any wrongdoing involving the probe in a statement last month.
Walter and co-owner Todd Boehly sold their stakes in English Premier League club Chelsea this week. Last month, Walter agreed to sell the Lakers in a surprise move less than a year after buying the NBA franchise from the Buss family. The deal is under review by the league.
The Dodgers have been adamant that Walter has no plans to sell the baseball team.
LONDON — Todd Boehly and fellow co-owner Mark Walter have sold their stakes in Chelsea, handing full control to Clearlake Capital, the English Premier League club said on Wednesday.
“Chelsea Football Club today announced affiliates of Clearlake Capital Group will acquire the ownership interest of Todd Boehly,” it said in a statement.
“As part of the transition, Clearlake will also acquire Mark Walter’s ownership interest and therefore acquire full control of the club.”
Boehly, Walter and Swiss investor Hansjorg Wyss all purchased a 12.8% share alongside the private equity company Clearlake, which had owned 61.5% ahead of Wednesday’s announcement. The Financial Times reported that Walter and Boehly will receive £950 million ($1.3 billion) for their combined stake in a deal that values the club at £5 billion ($6.7 billion) including debt.
Walter’s companies are the subject of multiple investigations that center on how much life insurance companies he owns were invested in the Dodgers and Lakers and why the investments weren’t accurately disclosed. Walter sold his majority share of the Lakers last month for a record $12.5 billion valuation, but Walter’s TWG Global said the decision to sell was not forced by the investigation. People with knowledge of company operations but not authorized to speak publicly told The Times Walter was open to selling his Chelsea share for the right price, but he has no intention of selling the Dodgers and other sports investments.
Boehly has worked with Walter at Guggenheim Partners since 2001 and played a significant role in the purchase of the Dodgers and Lakers, among other Walter owned properties.
In 2022, Clearlake and Boehly combined to take over the club from Roman Abramovich when the Russian billionaire was forced to sell the club after being sanctioned by the U.K. for his connection to Russian President Vladimir Putin following Moscow’s full-scale invasion of Ukraine.
Boehly now stands down in his role as Chelsea chairman. Fans protested Boehly’s tenure as the club struggled to keep pace in the Premier League title chase amid erratic leadership, unusual player acquisitions and chaotic relationships with managers.
“It has been an honor to serve as chairman of Chelsea Football Club,” Boehly said. “I would like to thank the many who helped secure a bright future for the club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans.
“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
“Todd has been an important partner throughout our ownership of Chelsea, and we thank him for his time and contribution as chairman,” Eghbali and Feliciano said. “He will always be a part of the Chelsea story and family.
“Clearlake has served as Chelsea’s majority owner since 2022, and as we move to full control our focus is to continue investing in the club’s infrastructure, sporting performance, player development and delivering long-term success for Chelsea and the club’s supporters.”
The statement also said Wyss would “remain an important stakeholder and partner in the ownership group”, and that there would be “no changes to the day-to-day operations, leadership or strategy at the club.”
Chelsea, which is sixth in the Premier League standings, next faces London rival Brentford on Friday.
Chelsea chairman Todd Boehly and director Mark Walter have sold their stakes in the club to majority owner Clearlake Capital.
Swiss billionaire Hansjorg Wyss has also sold his stake, meaning Clearlake – led by co-founders Behdad Eghbali and Jose E. Feliciano – have now acquired full control of the club.
Boehly, Walter and Wyss each had a 12.8% stake, with Clearlake previously owning 61.5% of the Blues.
American Boehly will leave his role as chairman, a position he has held since 2022, when the consortium bought the club for £2.3bn from Roman Abramovich, who was sanctioned by the UK government in March 2022 over alleged links to Russian president Vladimir Putin – something he has denied.
Multiple sources said talks started within Chelsea‘s ownership group after a rift, first apparent in 2024, led both sides to explore buying each other out.
Boehly, who is a co-owner of baseball franchise the Los Angeles Dodgers, said it had been an “honour” to serve as Chelsea chairman.
“I would like to thank the many who helped secure a bright future for the club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans,” he added.
“I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.”
MARK Wright was caught red-handed by wife Michelle Keegan after telling porkies about his whereabouts while she was at work.
The TV star told his actress wife he would be at home looking after their daughter Palma, 1, – confident he wouldn’t be rumbled.
Michelle Keegan caught husband Mark Wright out after he lied about going golfingCredit: Instagram/thisisheartA flustered Mark admitted their daughter Palma was spending the day with his mumCredit: Instagram/thisisheart
But Mark, 39, was actually out playing golf and was spectacularly exposed when Michelle FaceTimed him live on air.
The hilarious incident unfolded on Heart Breakfast when Michelle appeared as a guest to promote her new drama The Blame.
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“Shock, he’s at golf,” Michelle, 39, remarked as the star popped up on the video call before demanding: “I’ve got a question – where’s the baby?”
A flustered Mark responded: “She’s with my mum. She’s seeing her nanny today.”
Mark joked that the radio presenters had landed him “in the doghouse”Credit: Instagram/thisisheartThe couple welcomed their first child, daughter Palma, in March 2025Credit: PA
Michelle then clapped back: “You told me you weren’t golfing today. You’re in trouble!”
Mark told the other presenters: “This is what I mean, guys. You’ve got me in the doghouse!”
The couple welcomed their first child, Palma, in March 2025 after nearly ten years of marriage.
Michelle is now gearing up for the release of six-part ITVcrime drama The Blame, adapted from Charlotte Langley’s debut novel of the same name.
Mark is a doting dad to 18-month-old daughter PalmaCredit: instagramMichelle recently pulled out of another ITV project to spend more time with PalmaCredit: Instagram
She plays DI Emma Crane, who investigates the murder of a young figure skater while confronting corruption and misogyny within the police force.
The series marks Michelle’s first acting role since giving birth to Palma.
She said earlier this year: “Coming back to work after having a baby is quite daunting.
“But the production were so supportive and I was so looked after. It was like working with family.”
However, the actress recently pulled out of another major ITV drama amid concerns its demanding filming schedule would keep her away from Palma for too long.
Michelle had been due to play a working-class barrister but withdrew several months before filming began, with former Doctor Who star Jodie Whittaker, 44, stepping into the role.
Although Michelle had committed to the project and filming dates had been agreed, she reportedly walked away before signing a contract.
Byron Sher, a Stanford law professor-turned California legislator who wrote some of the state’s most far-reaching environmental laws, died Saturday. He was 98.
Cerebral and soft-spoken, Sher was the antithesis of politicians nowadays. He rarely issued press releases, didn’t convene news conferences, and disliked raising campaign money.
But he left an indelible mark on the environment, authoring legislation offering incentives to recycle, limiting advertisers’ inflated claims about products’ environmental benefits and combating water and air pollution.
He helped lead the effort to preserve ancient redwoods in Headwaters Forest in Humboldt County in 1999, pushing the state and federal government to buy it from Texas financier Charles Hurwitz, who owned Pacific Lumber Co. and was preparing to log it.
A decade earlier, in 1988, Sher authored legislation requiring that California take stock of the sources of greenhouse gases. It was the first time the legislature in California — or any other state — embedded the term “global warming” into a state law, and became the foundation for bills in later decades to combat climate change.
“The heat is on,’’ Sher said presciently, as quoted by the Sacramento Bee on May 5, 1989. “The state can either ignore what science is telling us, or we can respond to this challenge in a responsible way.’’
Because of his legislation, manufacturers today sell more products in spray bottles rather than aerosol cans, people can more easily dispose of televisions and other electronic waste, and underground gasoline storage tanks rarely leak and foul groundwater.
“Byron Sher built the legal and research foundation for California’s climate change regime and by extension helped shape how the world has tried to handle climate change,” said Joe Mathews, a Berggruen Institute fellow who is working on a book about the state’s legislative efforts to confront global warming.
Today, Sher’s 1989 legislation creating state wild and scenic rivers is a barrier to President Trump’s proposal to raise Shasta Dam north of Redding to increase water storage, an idea backed by Central Valley farming interests. His legislation protects the McCloud River, which feeds Shasta Reservoir. Raising the dam would inundate habitat along the McCloud.
That Sher placed such ideas into law reflected his ability to persuade and compromise. Gov. George Deukmejian, a Republican, signed the wild rivers legislation, and Sher’s Clean Air Act, which helped shape federal clean air legislation signed in 1990 by President George H.W. Bush.
Their partisan differences aside, Deukmejian viewed Sher as having “great personal integrity,” said Steve Merksamer, who was Deukmejian’s chief of staff.
“When Byron Sher wanted to come into the office and had the bill, would he get in? Absolutely. Would the governor listen to him? Yes,” Merksamer said.
Sher did fall short of convincing Deukmejian to sign one of his bills — a whimsical measure inspired by a Camp Fire girls and boys troop to proclaim the banana slug to be the official state mollusk. Deukmejian vetoed the bill, though Gov. Gavin Newsom signed legislation in 2024 designating the slimy yellow creature as the official state slug.
Sher was born in St. Louis in 1928, graduated from Harvard Law School in 1952, and joined the Stanford Law School faculty in 1957. He served on the Palo Alto City Council in the 1960s, got recalled in 1967 over his opposition to development and won back his seat in the 1970s. Sher was Palo Alto mayor in 1980 when he won an Assembly seat. He remained in the Assembly until 1996 when he was elected to the state Senate, serving until 2004 when term limits forced him to step aside.
Among the students who passed through his Stanford classrooms was Newsom’s father, William Newsom, who became a state court of appeals justice.
Sher and his aide and friend Kip Lipper attended a 2010 banquet in San Francisco at which the California League of Conservation Voters honored Justice Newsom with the Byron Sher Lifetime Achievement Award. In his acceptance speech, Newsom recalled that Sher was the only Sanford professor who gave him a C. When Lipper asked whether the story was true, Sher deadpanned, “He deserved it.”
“There aren’t a lot of tales to tell about Byron Sher,” said Bill Lockyer, who was Senate leader when Sher won a state seat in 1996. “He went home at night and tended not to get into the Capitol gossip.”
In 1996, Lockyer entrusted Sher to serve on a joint Assembly-Senate conference committee that produced landmark legislation that sought to deregulate California’s electricity system.
Sher added provisions expanding requirements that the state use renewable sources of electricity and called the legislation “an extraordinary result” given the issue’s complexity. Lockyer said Sher’s additions, while important, were “the cherry on top of the toxic sundae.”
The legislation was blamed for California’s electricity crisis in 2000 and 2001 when swashbuckling energy traders manipulated the markets, causing prices to spike, resulting in rolling blackouts, and fueling the 2003 recall of Gov. Gray Davis.
Sher was notable for measures he refused to support. With a few other liberal Democrats, nicknamed the Grizzlies, Sher would pick through turgid language of legislation looking for provisions that reflected the undue influence of special interests.
Sher voted against 1986 legislation that purported to open the way for a shrimp processing facility in West Sacramento. The bill turned out to be part of an elaborate FBI sting that resulted in 14 legislators, lobbyists and others being sent to prison.
“He wasn’t a comfortable politician,” said San Mateo County Supervisor Jackie Speier, a former Democratic congresswoman who served in the Legislature with Sher. “He didn’t speak up a lot. So, when he did, people listened.”
He displayed partisan side in 1994 when Republicans took a 41-seat majority in the 80-seat Assembly, and Republican Assemblyman Jim Brulte was in line to be elected speaker. But Democratic Speaker Willie Brown had a Republican supporter, Paul Horcher, who voted to retain Brown as speaker, plunging the two parties into a yearlong fight for control.
To wrest control from Republicans, Brown asked the professorial Sher to challenge one Republican’s right to remain in the Assembly. That Republican, Richard Mountjoy of the San Gabriel Valley, won two elections that November — one to the Assembly and the other in a special state Senate election to fill the seat vacated when the incumbent, Frank Hill, was sentenced to prison in the corruption scandal.
Sher reasoned that Mountjoy had to make up his mind — stay in the Assembly or move to the Senate. Facing term limits in the Assembly, Mountjoy joined the Senate in January 1995. The partisan battle went on all that year.
Brulte, who never did become speaker, was elected to the Senate in 1996, as was Sher. On Sunday, he called Sher “a wonderful man.”
“Everything in politics today is personal. It wasn’t personal,” Brulte said of Sher’s role in the speakership battle. “Somebody may have taken it personally, but I certainly didn’t.”
Sher retired to a pear orchard in the Sierra Nevada foothills and served on Tahoe Regional Planning Agency and Sierra Nevada Conservancy.
His wife of 62 years, Linda Bowser Sher, died in 2014. He is survived by three children, five grandchildren and a great-granddaughter.
LAS VEGAS — After taking 10 years to win his first world championship, Ryan Garcia needed only 4 minutes and 25 seconds to finish off Conor Benn on Saturday night in the first defense of his WBC welterweight title.
“I kind of figured he would just come at me crazy,” Garcia said. “Second round, I said I’m tired of him coming forward; I’m gonna stand my ground a little bit … and then he got caught with a hellacious one.”
Garcia’s sharp right hand to the jaw put Benn on the canvas early in the second round. Moments later, with the Englishman on the ropes, Garcia (26-2, 21 KOs) served a flurry of punches that prompted referee Thomas Taylor to step in and end the contest at the 1:25 mark and send the announced sold-out crowd of 18,855 into a frenzy.
”He’s exactly what I thought he was; he went in and tried to fight me. I think he needs to be a little bit more patient,” Garcia said. “I don’t think he has enough experience. I think he will be back. I have a new level of respect for him.”
Garcia closed -300 at BetMGM, meaning bettors would have had to put down $300 to win $100.
WBC welterweight champion Ryan Garcia celebrates after defeating Conor Benn in the second round Saturday.
(Steve Marcus / Getty Images)
The bout was more than another high-profile main event, as it marked a career-defining crossroads for both fighters.
For Garcia, he solidified himself in the 147-pound weight class as a durable, legitimate titleholder rather than a gifted attraction whose career has often been defined by controversy, inconsistency and unrealized potential.
The convincing victory positioned Garcia for a lucrative welterweight fight against the division’s other leading names, including Teofimo Lopez, who was ringside, or another major showdown with Devin Haney, who was also in attendance.
For the 29-year-old Benn (25-2), it’s likely back to the middleweight division after failing in his first world-title opportunity and a chance to escape the considerable shadow of his father, former two-division champion Nigel Benn.
Benn was transported to a hospital after the fight for observation.
In the co-main event, Jai Opetaia (31-0, 24 KOs) patiently weathered several cagey rounds before stopping Noel Mikaelian in the ninth round of their scheduled 12-round lineal cruiserweight championship fight.
Opetaia stunned Mikaelian (28-4) with a multi-punch combination and two crushing hooks, then sent him backward into the ropes with a powerful right hand. Referee Harvey Dock administered a standing eight-count before determining Mikaelian could not continue, ending the competitive fight by TKO at 1:30.
Da’Mazion Vanhouter (13-0, 10 KOs) wasted no time in his scheduled eight-round heavyweight bout, delivering a crushing right hand at the 1:58 mark of the first round for a knockout of Raphael Akpejiori (19-4).
In the 10-round lightweight bout that opened the main card, Andres Cortes (26-0) retained his belt with a unanimous decision over Mark Magsayo (29-3), with all three judges scoring the fight 97-93.
But this time it was the world number seven who was denied as Welshman Williams claimed five straight frames to snatch a 6-5 win.
Murphy looked set to clinch victory in the 10th frame with a break of 51 but handed Williams a lifeline and the world number nine took full advantage.
The 51-year-old made 65 to level things up and again prevailed in the decider, with a break of 69 completing the three-time world champion’s remarkable comeback.
Williams and Carter will now battle it out for their first English Open title at the Brentwood Centre in Essex.
In the first semi-final, Carter reeled off five frames in a row to claim a 6-2 win over China’s Ding Junhui, producing a highest break of 119.
The 47-year-old from Essex started the week 25th in the world rankings and will return to the elite top 16 if he beats Williams.
“To get in the top 16 at my ripe old age of 47 wouldn’t be too bad,” said Carter.
“There is a lot to play for tomorrow, but I’m going to be in there fighting.
“I’m still competing with the best players in the world and it is a feather in my cap.”
World champion Wu Yize fell in the third round of the English Open as Liam Davies scored an eye-catching 4-1 victory in Brentwood.
Welsh prospect Davies, 20, opened up a 3-0 lead on his way to the first ranking event quarter-final of his career, helped by a break of 105 in the second frame, then completed his victory as China’s Wu struggled to find his dynamic best form.
Tantalisingly, Davies will face compatriot Mark Williams, the three-time world champion, in the last eight on Friday evening.
Williams, still a major force on the baize at the age of 51, had breaks of 76, 103 and 63 in a late-night 4-1 victory over England’s Barry Hawkins.
Mark Selby, who was runner-up at last week’s British Open and won the China Open in August, had his hopes of reaching another final ended by a 4-3 defeat against fellow former world champion Kyren Wilson.
Selby led 2-0 in the all-English tussle after an early break of 112 but then lost the next three frames. He dragged himself level, but Wilson trebled in the yellow to effectively make sure of victory in the decider.
England’s Judd Trump, newly deposed as world number one, edged a tense decider against Scot Anthony McGill to take a 4-3 victory.
Trump will face a quarter-final against Shaun Murphy who was taken the distance after midnight by Pang Junxu before racing through the deciding frame with a 103 break.
Ali Carter had a highest break of 75 as he completed a 4-2 win over Gong Chenzhi, Zhou Yuelong made a 141 in his 4-2 victory over Chinese compatriot Yuan Sijun, and Ding Junhui beat Joe O’Connor 4-1.
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.
Former USC and NFL quarterback Mark Sanchez plans to enter a guilty plea in connection with his physical altercation with a 69-year-old truck driver in Indianapolis last October, according to online court records.
Attorneys for both sides entered a joint motion Thursday requesting that the judge “set this matter for a guilty plea and sentencing hearing,” according to WTHR-TV in Indianapolis, which has viewed the filing.
A jury trial had been scheduled to start Tuesday. The filing asks instead for a sentencing trial to be scheduled for November.
“The parties have reached a resolution that will obviate the need for the jury trial,” the document reads.
Sanchez was in town during the first weekend of October to cover a Colts game for Fox Sports. According to a police affidavit, Sanchez accosted Perry Tole after the Indiana resident had backed his truck into the loading docks of a downtown Indianapolis hotel.
Sanchez was charged with a level five felony of battery involving serious bodily injury, as well as the misdemeanors of battery resulting in injury, unauthorized entry of a motor vehicle and public intoxication. It is not clear the charges to which Sanchez will be pleading guilty.
In a civil suit against Sanchez, Tole alleged that he suffered “severe permanent disfigurement, loss of function, other physical injuries, emotional distress, and other damages.” Sanchez was hospitalized with stab wounds to his upper right torso following the incident.
“This is a positive development. We are finalizing an agreement with the prosecutor’s office that provides a path toward resolving the state’s case,” Nick Sanchez Jr., the former quarterback’s brother and legal advisor, said Thursday in a statement obtained by multiple media outlets. “We’re also encouraged by the constructive conversations taking place regarding the related civil matter. There is real momentum toward bringing this entire chapter to a close.”
Tole’s attorney, Matt Golitko, said Thursday in a statement: “We are pleased with the constructive and professional conversations we’ve had with Mr. Sanchez’s team. Our discussions have been productive and we’re on a positive path toward an agreement that will allow the parties to move forward. Mr. Tole appreciates the progress we have achieved and looks forward to an amicable resolution.”
Sanchez played for the New York Jets, Philadelphia, Dallas and Washington during his eight-year NFL career. Fox Sports confirmed in November that Sanchez is no longer employed by the network.
The US dollar broke above 2.1 million Iranian rials on Tehran’s free market on Wednesday, setting a new record as the rial lost around 60% of its value against the dollar since the start of the Iranian calendar year in March — when the dollar traded at approximately 1.35 million rials.
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The rial’s slide has accelerated since the US reimposed a naval blockade on Iranian ports in July, following the collapse of a short-lived ceasefire.
The euro hit an unprecedented 2.55 million rials, and the UK pound reached 2,976,000 rials.
The UAE dirham, which serves as the benchmark for pricing the rial on regional markets, reached 600,000 rials for the first time.
One gram of 18-carat gold climbed above 225.7 million rials, and the Imami gold coin — a standard unit of value in Iran — changed hands at 2.26 billion rials.
Iran operates a dual exchange rate system. The official rate, set by the Central Bank and used for state transactions and subsidised imports of essential goods, is significantly stronger than the free market rate available to ordinary Iranians and businesses.
The gap between the two has widened sharply since the war began, with the free market rate now more than double the official rate.
The rial has been in freefall since the US-Israeli strikes against Iran on 28 February launched the ongoing war, now in its seventh month, and has accelerated as Washington has tightened its economic pressure campaign.
The US Treasury has cut off Iran’s access to regional banks, severing one of the Islamic Republic’s main channels for accessing foreign currency and clearing import payments.
The naval blockade of Iranian ports has compounded the pressure by restricting trade routes and reducing Iran’s oil export revenues.
Abdolnaser Hemmati, governor of the Central Bank of Iran, said the bank was ready to inject $2 billion into the foreign exchange market to stabilise the rial. He attributed the latest slide primarily to psychological factors rather than fundamental economic ones.
“The dust created in the foreign exchange market will settle, and the recent increase in exchange rates is driven more by psychological factors than by real economic factors,” he said.
Hemmati acknowledged that inflation had placed heavy pressure on households.
“Although inflation and rising prices have placed heavy pressure on people’s livelihoods and daily lives, and these difficulties are tangible, the Central Bank has been able to control the accelerating pace of inflation by using monetary, supervisory and prudential tools,” he said.
He rejected US claims that Tehran lacked access to financial reserves.
“These claims are completely baseless. The reserves have not been frozen, and the Central Bank has access to stable resources as well as multiple oil and non-oil revenues,” he said, claiming that more than $18 billion in foreign currency had been provided for imports of essential goods, medicines, animal feed and raw materials since March.
He provided no further details to support the figure.
The rial’s collapse is feeding directly into consumer prices. Iran was already experiencing high inflation before the war, while the currency’s further depreciation has raised the cost of all imported goods, raw materials and energy inputs.
Iranians who hold savings in rials have seen their purchasing power roughly halved in less than six months. Gold and hard currency have become the primary store of value for those who can access them.
Iran’s official currency is the rial, although most Iranians conduct everyday transactions in tomans — a colloquial unit equal to 10 rials that is so deeply embedded in daily use that shops, restaurants and property listings quote prices almost exclusively in tomans.
At Wednesday’s free-market rate, the US dollar traded at about 220,000 tomans. The government announced plans in 2020 to formally replace the rial with the toman and remove four zeros from the currency, a redenomination that has not yet been fully implemented.
Dozens of Jewish artists are defending Mark Ruffalo after Paramount Skydance branded the actor’s criticisms about software company Oracle Corp. as “antisemitic tropes.”
Ruffalo has long been an irritant to Paramount as he is a leading figure in a high-profile Hollywood campaign to block the merger. In an Instagram post late last month, Ruffalo blasted Larry Ellison’s Texas-based software company Oracle for assisting with technology to help Israeli military efforts, including in Gaza — a conflict that Ruffalo and other progressive activists have opposed because of the killing of Palestinians.
In an open letter, signed by more than 150 filmmakers, academics, writers and even a few rabbis, the group denounced “the outrageous smear campaign against our respected colleague Mark Ruffalo.”
“Enough with the false and dangerous weaponization of charges of antisemitism against those who are brave enough to point out the obvious: that the assault on the Palestinian people and the assault on our liberties at home are deeply interconnected, and there is nothing antisemitic about recognizing that fact,” the group wrote.
Tuesday’s letter was signed by several high-profile filmmakers, including Joel Coen, Hannah Einbinder, Tony Kushner, Lisa Cholodenko, Ilana Glazer, Frances Fisher, Todd Haynes and Sarah Kunstler.
The group tied David Ellison’s merger ambitions to his billionaire father’s expansive network of businesses, which now include TikTok. Larry Ellison is personally guaranteeing the equity needed for Paramount to buy Warner Bros. Discovery, and the family will become controlling owners of the merged entity.
However, the Hollywood merger is stalled because of an antitrust lawsuit brought by California Atty. Gen. Rob Bonta and 11 other Democratic state attorneys general, including from New York, New Mexico, Colorado, Nevada and Oregon. Paramount agreed to pause the transaction until the court case can be decided.
A trial is set for March 2 in Oakland, but Paramount has been agitating for industry leaders and politicians to pressure Bonta to force a settlement that would allow the deal to go through.
“The proposed merger of Paramount and Warner Brothers Discovery is no mere combination of two huge multinational companies,” the group wrote in the letter. “Yes, it will destroy thousands upon thousands of livelihoods. Yes, it will further consolidate the oligarchic control of our media (witness the gutting of CBS News). Yes, it will strangle competition and creativity in film and television production and distribution.”
The group painted the Paramount-Warner Bros. merger as “part of a larger project of tech-driven domination, a project Larry Ellison and his partners have never been shy about trumpeting — and one they themselves have explicitly linked to their support for the ongoing depredations being visited on the people of Palestine and their silencing of critics of those horrors,” the group wrote.
Paramount declined to comment.
The merger fight has grown increasingly ugly in recent weeks after Paramount threatened to leave California if Bonta continued his court fight to unravel the deal. Paramount suggested it would pull up stakes from its Melrose Avenue film studio as soon as this fall.
Then, on Aug. 21, the company accused Ruffalo of injecting “antisemitic tropes” into the opposition campaign to thwart the industry-reshaping merger that would bring HBO, CBS News, CNN, TBS and the Warner Bros. and Paramount film and TV studios under the same roof.
Leaders of prominent Jewish organizations, including the Simon Wiesenthal Center and the Anti-Defamation League, came to Paramount’s defense, blasting the Emmy-winning actor known for playing the Hulk and roles in productions for HBO.
Ruffalo defended himself, saying he was not being antisemitic. He said he was speaking out against Oracle’s use of technology to assist Israel’s military in the war in Gaza, “what we now have come to see as a genocide, which was built on an apartheid system of oppression powered by Oracle,” Ruffalo wrote in his post.
Paramount leaders have branded some of the opposition to the deal as “antisemitic.”
“Pointing out the crucial connections between what is happening in Gaza and what is happening in Hollywood is the exact opposite of antisemitism,” the group wrote in the open letter. “It is, for us, the very essence of Jewish ethical duty.”
The letter cited recent polls that reflect a majority of “American Jews now agree that Israel is committing war crimes in Gaza; and four in ten even agree that these crimes amount to genocide,” the group wrote. “Do those attacking Mark Ruffalo as an antisemite seriously believe that all these American Jews are antisemites too?”
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.
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.
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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.
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.
The week’s biggest stories
(Carolyn Cole/Carolyn Cole/Los Angeles Times)
Trump administration policies and pushback
Artist and concert news
A final tribute
Television, advertising entertainment news
More news
Editor’s pick
More picks
Things to do
(Melody Xu/Los Angeles Times)
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
Jack Dolan, investigative reporter Hugo Martín, assistant editor, fast break desk Kevinisha Walker, multiplatform editor Andrew J. Campa, weekend writer Karim Doumar, head of newsletters
U.S. first lady Melania Trump and U.S. President Donald Trump attend a remembrance ceremony at the Pentagon on September 11 to mark 24 years since the September 11, 2001, terrorist attacks in Arlington, Va. File Photo by Annabelle Gordon/UPI | License Photo
Aug. 28 (UPI) — President Donald Trump plans to observe the 25th anniversary of the Sept. 11, 2001, terror attacks at the Pentagon in Washington, D.C., instead of at Ground Zero in New York City, those familiar with the details told media outlets Friday.
People briefed on the details told CNN, The New York Times and The Hill that Trump plans to give remarks at the Pentagon, one of the sites of the terror attacks.
Those familiar with the plans said the president chose the Pentagon because he wants to deliver remarks on the anniversary, and politicians aren’t allowed to give remarks at the New York City site. The National September 11 Memorial and Museum has blocked politicians from speaking at the location since 2012 in an effort to be nonpartisan.
Officials said Vice President JD Vance plans to attend the New York City anniversary event.
“As a proud New Yorker, President Trump has spoken about his own experiences watching the horrific events of September 11, 2001,” White House spokeswoman Anna Kelly said in a statement.
“On the 25th anniversary of this tragic day, the president will remember those who were killed at the hands of evil terrorists, honor their loved ones, and pay tribute to the brave first responders who put their lives on the line to rescue their fellow Americans.”
Trump also marked the anniversary of the terror attacks at the Pentagon last year. He visited Ground Zero in 2024 and previously gave remarks at the Flight 93 National Memorial in Shanksville, Pa.
Retired Deputy Police Chief Sam Pulia from Willow Springs, Ill., places American flags at the 9/11 memorial south pool before the start of the 9/11 Commemoration Ceremony at the National September 11 Memorial & Museum in New York City on September 11, 2025. Photo by Peter Foley/UPI | License Photo
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.”
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.
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.”
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.
As political pressure builds to resolve the standoff between California Atty. Gen. Rob Bonta and Paramount Skydance Chief Executive David Ellison over his company’s proposed Warner Bros. merger, the two sides are set to face off in a court-ordered mediation session this week.
It’s not clear whether Monday’s meeting will lead to an immediate breakthrough because the parties remain far apart on business concessions that Bonta has said are necessary to settle the antitrust lawsuit that has stalled Ellison’s proposed $111-billion takeover.
In addition, the fight has grown increasingly ugly after Paramount threatened to leave California. Then, on Friday, the company accused actor Mark Ruffalo — a prominent deal critic — of injecting “antisemitic tropes” into the campaign to thwart the industry-reshaping deal.
Leaders of prominent Jewish organizations, including the Simon Wiesenthal Center and the Anti-Defamation League, quickly came to Paramount’s defense, scolding the Emmy-winning actor best known for playing the Hulk and in numerous productions for HBO, the premium channel that Paramount is hoping to buy. Ruffalo is also known for being an outspoken political progressive.
“We are, as always, troubled when antisemitic tropes are invoked,” Paramount said in a statement. “Words like ‘genocide’ and ‘apartheid,’ applied to a corporate transaction, aren’t just wrong — they’re a bridge too far.”
The fracas began last week when Ruffalo highlighted support for Israel by Ellison’s father, Larry Ellison, and his software company, Oracle Corp., which has worked with the Israeli military amid the Israel-Gaza war.
Ruffalo recirculated a two-year-old video clip of Safra Catz, Oracle’s former CEO and a current Paramount board member. During an Israeli-American Council National Summit conference, she said she couldn’t discuss Oracle’s work with Israel’s military, but “we have some profoundly scary technology at Oracle and we wanted to make sure that it was available” to Israel after the Oct. 7, 2023, terror attacks by Hamas.
Ruffalo, in his post, described the war in Gaza as a “genocide” that “was built on an apartheid system of oppression powered by Oracle.”
In a subsequent post, Ruffalo defended his right to speak out against Oracle and the war in Gaza.
Mark Ruffalo stars in HBO’s drama “Task.”
(Peter Kramer / HBO)
“The accusation that I am antisemitic is appalling and fundamentally dishonest,” Ruffalo wrote on X. “Criticizing the actions of the Israeli prime minister, a military technology contract, or the executives who supply it is not the same as criticizing Jewish people.”
The fight intensified Sunday when Mark Goldfeder, head of the National Jewish Advocacy Center, lashed out at Bonta and suggested California’s top law enforcement official was doing Ruffalo’s bidding by filing the antitrust lawsuit.
“Your friend @MarkRuffalo said the quiet part out loud. His campaign against the Jewish Ellisons is about Israel, ‘genocide’, and ‘apartheid’,” Goldfeder wrote in a message on X directed at Bonta.
“Did you hear that too before you sued?” Goldfeder asked — a reference to a Feb. 27 message by Bonta, who at the time was responding to Ruffalo’s dismay after Paramount won the bidding war for Warner Bros., which also owns CNN.
Bonta and 11 other state attorney generals, all Democrats, from states including Colorado, Washington, Nevada and New York, filed the antitrust suit last month.
Paramount declined to comment on the latest developments.
Ruffalo has long been an outspoken critic of Israel’s involvement in Gaza. He’s also been a major irritant to David Ellison and other top Paramount executives as the actor took a starring role, drumming up opposition in Hollywood to Paramount’s proposed takeover of Warner Bros.
Gov. Gavin Newsom has been privately advocating for a truce, in part, to avoid seeing another pillar of industry — the Paramount film studio — leave the state. Newsom reportedly said that he took Paramount’s threat “seriously.”
A Los Angeles County report estimated that 4,500 jobs would be lost in Los Angeles if the merger goes through.
In recent weeks, key movie theater owners have scaled back their opposition, calling for talks to find a truce.
Bonta, in several interviews, has stressed the deal is about competition and antitrust law — not politics.
Paramount would have to sell businesses, what he calls “robust structural remedies,” to make the deal work, Bonta said last week on CNBC. He views Ellison’s pledge to make 30 movies a year post-merger as insufficient and unenforceable once the transaction closes.
Paramount last week demanded that Bonta and the other states post a $1.88-billion bond if the case stretches to March, which is when the judge has scheduled the trial. Paramount must increase its payout to Warner shareholders through “ticking fees” every quarter until the deal is complete.
The mediation talks are part of the judicial process.
“We do prefer to resolve cases in the boardroom instead of the courtroom,” Bonta told CNBC, a response to Democratic nominee for governor Xavier Becerra, who earlier this month said he, too, would like to see a settlement.
“For now we’re bringing our case,” Bonta said. “I hope they can focus on the actual allegations we make in our complaint.”
Dodgers president Stan Kasten wants to make it clear that majority owner Mark Walter will not sell the team.
Following Walter’s decision to sell his majority stake in the Lakers, questions about his majority ownership of the Dodgers were raised amid his company’s financial difficulties, which include a federal probe of his businesses. But Kasten said it will have no effect on Walter’s majority ownership of the Dodgers.
“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. … I just wanted this to be clear because this question keeps coming up. I understand the questions; I do. The Lakers thing was what we call sui generis, one of those one-of-a-kind things. Really has nothing to do with what’s happening with [the Dodgers] or the other teams.
“I wanted you to hear it definitively: We are not selling the Dodgers. 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.”
Kasten added that he doesn’t expect the Dodgers’ operations to be interrupted, describing the franchise as “very stable, well-managed, and [with] very solid ownership.”
“I know nothing involving the Dodgers is part of the investigation,” Kasten said. “I’m promising you, when it’s over, you’re going to realize [things] are being mischaracterized. You don’t have to trust me, but I’m telling you.”
When Kasten was asked about reports Walter is trying to sell his stake in English Premier League team Chelsea FC and tried to cash out of lucrative TV deals with Charter Communications, he said they were mischaracterized.
“Those things don’t go together for a bunch of reasons I’m not going to get into today,” Kasten said.
Kasten took a similar tone when asked about reports of Walter having to repay insurance companies.
“I’m not in that part of the investigation,” Kasten said. “Things are going on behind the scenes, obviously, in connection with that. I’m not privy to all of them, don’t need to know, don’t want to know. But one thing we are all certain about: the sports portfolio is going to remain intact.”
Walter has additional ownership stakes in the Sparks, the Cadillac Formula One team, the Professional Women’s Hockey League and the Billie Jean King Cup tennis event.
“I can tell you from the guy running the team, knowing how the business runs and what it can support in terms of revenues and expenses — the Dodgers aren’t going anywhere,” Kasten said. “I feel that very strongly, and Mark feels even stronger than I do. I’m 74. I don’t know how long I’m going to be running it, but Mark, I think, is going to be running it a lot longer.
“I think Mark has done an extraordinary job as an owner, and all he’s ever cared about is providing the best experience in order to make us more money, to make this project successful,” Kasten added. “I think so far it has been; I expect that to continue far into the future.”
