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