Mark Walter Sells Lakers Stake for $12.5 Billion Amid Probes

Mark Walter has agreed to sell his controlling stake in the Los Angeles Lakers for a record $12.5 billion. Walter gained control of the Lakers last year, valuing the franchise at $10 billion.

The majority stake is being sold to former Disney chief executive Bob Iger and venture capitalist Joshua Kushner. This deal is significant as it coincides with federal investigations into two life insurers controlled by Walter in Delaware.

Recently, these insurers restated $21 billion in loans after self-audits revealed related-party transactions, which are now under scrutiny regarding corporate governance and financial accounting. Although neither Walter nor his firms have been accused of legal wrongdoing, his holding company, TWG Global, is cooperating with investigators and expects a favorable conclusion to the inquiry.

The capital from the Lakers sale is anticipated to help Walter address financial responsibilities linked to the insurers' transactions, though the sale's impact on ongoing investigations remains unclear.