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Mark Walter sells Los Angeles Lakers and explores sale of Chelsea FC to address liquidity concerns amid federal investigation.

Mark Walter, the CEO of TWG Global, has agreed to sell the Los Angeles Lakers for $12.5 billion to Bob Iger and Josh Kushner. This move follows months of pressure from a federal investigation into the assets of insurance companies owned by TWG Global, specifically Delaware Life Insurance Company and Clear Spring Life and Annuity. Investigators from the U.S. Department of Justice and the Securities and Exchange Commission are examining whether more than $16 billion in investments were improperly reported as unaffiliated. The investigation has forced Walter to seek immediate liquidity, leading him to put his stake in Chelsea FC on the table for sale. While Walter has also attempted to negotiate a lump sum payout to exit local TV deals with Charter Communications for the Lakers and Dodgers, those talks did not result in a major agreement. Despite the sale of the Lakers, a spokesperson for TWG Global stated that the organization is not currently considering a sale of the Cadillac F1 team or any other part of TWG Motorsports, including Andretti Global.

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