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Mark Walter’s brief stewardship of the Lakers is ending beneath a cloud of federal scrutiny surrounding his sprawling financial empire.
Walter agreed on Wednesday to sell the Lakers franchise to Thrive Capital founder Josh Kushner and former Disney CEO Bob Iger in a deal valuing at $12.5 billion. The transaction arrived only 14 months after Walter purchased control from the Buss family at a then-record $10 billion valuation.
The sale has not been finalized and still requires approval from the NBA’s board of governors.
Hours after the agreement surfaced, Bloomberg reported that Walter’s holding company, TWG Global, was seeking fresh capital to reduce loans held by its insurance companies—transactions already drawing attention from federal authorities.
TWG approached multiple investment firms about potential deals to raise cash, including Mets owner Steve Cohen’s Point72 Asset Management. A Point72 spokesperson said the firm declined to pursue a transaction.
Proceeds from Walter’s record-setting Lakers sale are expected to help TWG reduce or restructure affiliated loans carried by its insurers, according to Bloomberg. The $12.5 billion figure represents the franchise’s valuation, however, and does not reveal how much Walter will receive from the transaction.
The scale of the exposure became clearer when Walter’s Delaware Life Insurance Co. restated its related-party investments from $1.4 billion, or 3% of its invested assets, to at least $17 billion, or 39%. S&P Global Ratings said the insurer is implementing a plan to reduce its exposure to affiliated investments and improve its financial controls.
Loans and investments involving related companies are not inherently improper, but insurers must disclose them. Regulators subject such transactions to additional scrutiny to ensure owners are not placing their interests ahead of policyholders.
The investigation reportedly began after an internal whistleblower questioned how Guggenheim Investments recorded revenue received through dealings with the insurers. Authorities are examining whether loans supporting other portions of Walter’s business empire were properly identified as related-party transactions.
Federal agents seized Walter’s cellphone and computer in September 2025 as part of the wide-ranging investigation, Bloomberg previously reported. TWG said in July that Walter and the company had acted in good faith, were cooperating with authorities and expected the matter to be resolved favorably.
Walter has not been charged with a crime, and investigations of this nature can conclude without enforcement action. The Lakers, Dodgers and Sparks have not been identified as targets.
The timing nevertheless complicates what might otherwise appear to be a remarkably profitable sports investment.
Follow the latest on the multibillion-dollar LA Lakers sale:
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Walter described owning the Lakers as “one of the great honors” of his life, while Iger and Kushner called the opportunity to oversee the franchise an extraordinary privilege. Iger said discussions accelerated quickly once the team became available.
Walter will retain control of the Dodgers. The Sparks are also excluded from the Lakers transaction, according to reports.
The Lakers are therefore changing hands for the second time in little more than a year. Their next ownership group inherits an iconic franchise built around Luka Dončić—and lingering questions about why Walter’s tenure ended almost as quickly as it began.
Source: New York Post
