world series

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.

It’s right there in the medical books, along with Belsey fundoplication, Heineke-Mikulicz pyloroplasty and Keller’s excision arthroplasty: Tommy John surgery.

Purists might refer to it as ulnar collateral ligament reconstruction, but the rest of the world knows it as the career-saving surgery named for a sore-armed left-handed Dodgers pitcher.

Tommy John was facing the bleak reality that his career was likely over when he ruptured a ligament in his left elbow on a summer night in 1974, an injury that had sent so many pitchers into an early retirement. But a then-radical surgery not only saved but revived his career, as well as the careers of hundreds of baseball players ranging from Tom Candiotti to John Smoltz to Shohei Ohtani in the 50 years since.

Always more famous for the surgical procedure than his career stats, John died Saturday, the Dodgers announced. He was 83.

“We are saddened to hear the news of Tommy John’s passing,” Dodgers president and CEO Stan Kasten said in a statement. “… Tommy was an exceptional pitcher throughout his career in Major League Baseball and his courageous role in becoming the first to have surgery that would go on to bear his name can’t be overstated. His impact both on and off the field has been felt by ballplayers of all ages and will be for generations to come.”

A good pitcher before the surgery with 124 wins in 12 seasons with three teams, he won 164 more afterward — only one fewer than Sandy Koufax during his entire career, he liked to point out — in 14 more seasons with four teams, finally retiring at 46 with a 288-231 record and a 3.34 earned-run average.

“Dr. Jobe made it so I could throw a baseball again,” John told The Times’ Sam Farmer in 2023 from his home in Sarasota, Fla. “After surgery, I never missed a start, and I even pitched out of the bullpen every once in a while.”

He pitched for the Dodgers and the Angels and had two successful stints with the New York Yankees but it was with the Dodgers that he had his greatest success, an 87-42 record and a 2.97 ERA, helping them to consecutive World Series appearances.

It was also as a Dodger that he had his history-making operation.

He came to the Dodgers in a trade from the Chicago White Sox in December 1971 with an 84-91 record, a good curveball and a less than intimidating fastball. Pitching coach Red Adams convinced him that precision location and ball movement were more effective than raw speed and John went 11-5 the following season. He also became well acquainted with orthopedist Frank Jobe, the team physician.

Late in the season, he jammed his left elbow sliding into home plate, jarring loose some bone chips. Jobe cleaned things up for John during the offseason.

Dodgers manager Tommy Lasorda congratulates Tommy John after John shut out the Phillies during 1978 National League Championship Series.

(Associated Press)

Then in July 1974, by which time John had become a mainstay in the pitching rotation, he threw a pitch to Hal Breeden of the Montreal Expos that changed his life, and ultimately the lives of many others.

“Right at the point where I put force on the pitch, the point where my arm is back and bent, something happened,” he told Sports Illustrated. “It felt as if I had left my arm somewhere else. It was as if my body continued to go forward and my left arm had just flown out to right field, independent of the rest of me.

“I heard this thudding sound in my elbow, then I felt a sharp pain.”

John had ruptured the medial ulnar collateral ligament in his left elbow, although he didn’t know that then. The pitch, of course, was nowhere near the strike zone and, despite the pain and in an effort to see if that was a fluke, he tried to throw another. It bounced off the plate, ending his outing and, for all anyone knew, his pitching career.

Jobe recommended total rest but after a month, with no sign of healing, he came up with an outside-the-box suggestion. Earlier, Jobe had grafted a tendon to a recovered polio patient’s ankle to provide stabilization. He thought maybe a tendon could be grafted to a pitcher’s elbow as well.

He gave John a grim choice: Do nothing and never pitch again, or try the surgery at 100-1 odds against success.

“I told Dr. [Frank] Jobe if you do your job I will do more than mine,” John told The Times last year. I just happened to be in the right place at the right time with the right doctor and team.”

So, on Sept. 25, 1974, Jobe took a tendon from John’s right arm, threaded it through holes he had drilled in John’s left elbow and hoped it all would work.

Nerve damage necessitated a second surgery several months later and the prospects were not promising. John’s left arm had atrophied, his hand now basically a claw, and two of his fingers were numb.

Even so, he began rehab, knowing he would miss the entire 1975 season. He taped the unfeeling fingers to the functioning ones so that he could grip a baseball, then, resembling “a little boy throwing against the steps of his back porch,” threw against a wall. He squeezed Silly Putty and strictly adhered to a physical therapy regimen.

By June 1975 he had regained the use of his entire hand and in late September pitched three innings in an exhibition game. He continued his routine through the offseason and into spring training, once joking, “When they operated on my arm, I asked them to put in a Koufax fastball. They did but it turned out to be Mrs. Koufax.”

Surprising many, who considered it at least a minor miracle, he was back in the rotation at the start of the 1976 season and went five innings in his first start, giving up five hits and three runs in a loss to the Braves in Atlanta. He finished the season at 10-10 with a 3.09 ERA, and if anyone was still wondering about his comeback, he put doubts to rest in 1977.

In one of his best seasons, he won 20 games, had a 2.78 ERA and finished second in National League Cy Young award voting for the pennant-winning Dodgers. In a 4-1 win over the Philadelphia Phillies in the clinching Game 4 of the NL Championship Series — then a best-of-five format — John pitched a complete game, striking out eight in a 130-pitch effort.

Dodgers pitcher Tommy John celebrates after the final out in a 4-1 victory over the Phillies in Game 4 of the 1977 NLCS that clinched the pennant for the Dodgers.

(Associated Press)

He came back with a 17-victory season in ’78 and the Dodgers won the pennant again but again lost to the Yankees in the World Series, with John winning a game in both the NLCS and World Series. After the season, he signed with New York as a free agent.

He was an immediate hit with the Yankees, winning 21 games in 1979 and finishing second in the American League Cy Young voting, then won 22 in ’80. In 1981, the Yankees reached the World Series, once again facing the Dodgers — and John was at the center of the most controversial decision in the series that ultimately sealed New York’s fate.

John was the starter in Game 6 at Yankee Stadium with the Dodgers leading the series, 3-2. The left-hander had won Game 2, giving up three hits over seven innings in a 3-0 victory, and had completed four innings of one-run ball when Yankees manager Bob Lemon elected to pinch-hit for John with two runners on in a 1-1 game. ABC, which broadcast the World Series that year, showed John looking visibly upset and surprised as he paced the dugout.

Bobby Murcer flied out to right to end the inning, and the Dodgers would score eight runs over the next four innings against an ineffective Yankees bullpen to secure a 9-2 victory and win the franchise’s first World Series since 1965.

“At the time my reaction was, ‘why is he doing this?’ I was pitching fine and you don’t pull someone out in the fourth inning just because you need a hit at the time,” John said last year. “I was not happy, but that was so long ago in retrospect could we have won? I think so. Does it matter now? No.”

In John’s two stints with the Yankees — he had four seasons with the Angels in between — he was 91-60 with a 3.59 ERA.

And it was with the Yankees that he made the record book, in a way no player would ever want. He committed three errors in an inning, all on the same play during a game July 27, 1988.

With the Yankees leading the Milwaukee Brewers 4-0 and Jim Gantner on first for the Brewers, John charged a slow roller by Jeffrey Leonard to the first-base side of the mound. First, he bobbled the ball. Then, he sailed it past first baseman Don Mattingly, bouncing it off the right-field ballboy. Dave Winfield made a nice play on the ball and fired a strong throw home. It was on line and probably would have nailed the hustling Gantner but John cut it off, then threw wildly past catcher Don Slaught and into the Brewers’ dugout as Gantner scored.

John’s summation, according to Newsday? “I must have had a metal cup on. It glitched the ions in the air.”

After his playing days, John did some broadcasting, some minor league managing and became a strong advocate for suicide prevention after one of his sons took his own life. And after seeing many young pitchers, some still in their teens, undergo the surgery named for him, he spoke out against arm overuse, recommending less than year-round pitching by young arms.

But regardless of the context, John is forever linked to the operation that continues to be performed by orthopedic surgeons such as Dr. Neal ElAttrache, who began learning how to perform the procedure when he was a fellow at the Kerlan-Jobe Orthopedic Clinic in 1990 from Jobe himself. The two would operate together twice a week throughout the 1990s and were close friends until Jobe’s death in 2014.

“It should have been called the Frank Jobe operation,” ElAttrache told The Times in 2023. “But with Frank being the man he was, it was all about the person he was treating. It wasn’t about him.”

By ElAttrache’s estimation, he has performed the operation between 50 and 75 times per year over his career — including the two he has done on Ohtani, one in 2018 and one in 2023. And although ElAttrache has put his own signatures on the surgery — including a second graft to further fortify Ohtani’s elbow — the operation has remained largely the same since Jobe first performed it in 1974.

John is survived by his wife, Cheryl, and his children, Tommy, Travis and Tamara. A private celebration of his life will be held in Florida.