Mark Walter Sells LA Lakers to Kushner & Iger Amid Federal Probe
Mark Walter, the billionaire who founded Guggenheim Partners and owns the Los Angeles Dodgers, is selling a controlling share in the Los Angeles Lakers to Joshua Kushner and Bob Iger for $12.5 billion, which breaks records for sports team valuations. This comes just a year after Walter bought the Lakers for $10 billion and while he’s under investigation by federal authorities regarding his business practices. The U.S. Attorney's Office in Manhattan and the SEC are looking into how billions in loans related to Walter or his firm, TWG Global, were logged by his insurance companies after passing through intermediaries. The investigation began with a whistleblower's complaint about revenue reporting at Guggenheim Investments and has expanded to include private credit deals.
Key facts
- Mark Walter agreed to sell controlling stake in LA Lakers to Joshua Kushner and Bob Iger at $12.5 billion valuation.
- The deal is the highest price ever paid for a sports team.
- Walter bought the Lakers for $10 billion in October 2025.
- Federal investigation involves U.S. Attorney's Office in Manhattan and SEC.
- Investigation focuses on loans tied to Walter or TWG Global passing through a third entity to his insurance companies.
- FBI seized Walter's phone and computer in September 2025.
- Grand jury subpoenas issued to Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. in February 2026.
- Mubadala Capital was an early focus of the inquiry regarding a $10 billion investment in TWG.
Entities
Institutions
- Guggenheim Partners
- Los Angeles Dodgers
- Los Angeles Lakers
- TWG Global
- U.S. Attorney's Office in Manhattan
- Securities and Exchange Commission
- Federal Bureau of Investigation
- Delaware Life Insurance Co.
- Clear Spring Life and Annuity Co.
- Mubadala Capital
- Thrive Capital
- Disney
- Sportico
- Bloomberg Billionaires Index
- Wall Street Journal
- Fortune
- Sportscorp
- Premier League
- Chelsea FC
- Los Angeles Sparks
- Women's Professional Hockey League
- Major League Baseball
- New York Mets
- Apollo Global Management
- KKR
- WME Group
- TKO
- Ultimate Fighting Championship
- World Wrestling Entertainment
- Silver Lake
- Las Vegas Raiders
- Manchester City
- Melbourne City
- City Football Group
- Endeavor
- IMG
- William Morris Endeavor
- S&P Global
- The Patriarch Organization
- Reputation Management Consultants
- Gerber Kawasaki
- On Location Experiences
- Professional Bull Riders
- The New Yorker
- Front Office Sports
- The MMA Draw
- Latham & Watkins
- Biden DOJ
- Delaware Court of Chancery
- Oracle
- Paramount
- WBD
- American TikTok
Locations
- Los Angeles
- United States
- Chicago
- Manhattan
- New York
- Abu Dhabi
- United Arab Emirates
- Yas Island
- Delaware
- London
- United Kingdom
- Melbourne
- Australia