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Walter Sheds More Sports Assets Amidst Probe
24 Oct
Summary
- Mark Walter is selling the WNBA's Sparks for $700 million.
- Walter's investments are shrinking amid federal investigations.
- Despite sales, Walter retains ownership of the Dodgers.
Mark Walter's extensive sports portfolio is undergoing significant reductions, with reports indicating the WNBA's Sparks and its associated practice facility are now up for sale at a $700 million price tag. This potential sale follows a series of high-profile divestitures, including his majority stake in the NBA's Lakers, valued at $12.5 billion, which he had acquired less than a year prior.
These financial maneuvers are occurring against the backdrop of federal investigations into Walter and his insurance companies, reportedly concerning the use of policyholders' funds for investments without adequate disclosure. Further shrinking his sports presence, Walter also sold his stakes in the Premier League's Chelsea and France's Ligue 1 side Strasbourg earlier this year.
Despite these significant sales, Walter maintains control of several other sports franchises. Notably, he remains the chairman and controlling owner of the Los Angeles Dodgers, a deal initially financed with insurance investments. Walter's holding company, TWG Global, has asserted that the Dodgers will not be sold and has denied claims of a fire sale, stating no wrongdoing occurred.
