Mark Walter Sells Los Angeles Lakers for $12.5 Billion Amidst Ongoing Federal Investigation
Mark Walter, the controlling owner of the Los Angeles Lakers, sold the storied basketball team for $12.5 billion to former Disney Chief Executive Bob Iger and venture capitalist Joshua Kushner. The sale comes as Walter's business empire faces a federal probe into his life insurance companies, Delaware Life and Clear Spring Life and Annuity. Investigators are examining whether $21 billion in loans were intentionally concealed as related-party transactions. While the insurers labeled these as 'corrections of errors,' federal prosecutors are determining if the restatements were inadvertent or intentional. The sale provides Walter with significant capital to address the debts of his troubled insurers, which are currently under scrutiny by the Securities and Exchange Commission and the Justice Department. Although no charges have been filed against Walter yet, the investigation remains complex. Experts suggest the probe could continue into 2028, as authorities work to find if the company's financial maneuvers were merely errors or deliberate acts of misleading conduct.