Walter sells Lakers stake for $12.5bn amid federal probe
Mark Walter has agreed to sell his majority stake in the Los Angeles Lakers to Josh Kushner and Bob Iger for $12.5 billion, less than a year after acquiring the NBA franchise for $10 billion.
Mark Walter, the controlling owner of the Los Angeles Dodgers, has finalised an agreement to sell his stake in the Los Angeles Lakers to venture capitalist Josh Kushner and former Disney chief executive Bob Iger. The transaction, valued at $12.5 billion, was approved by the NBA board of governors and marks a rapid turnover for the franchise, which Walter purchased for $10 billion in October 2025.
Despite the high-profile exit from the NBA, reports indicate Walter will remain the controlling owner of the Dodgers. The Athletic reported that a sale of the baseball franchise is unlikely in the near future. Walter and Guggenheim Partners acquired the Dodgers in 2012 for a then-record $2.15 billion, overseeing an era that has seen the club win three World Series titles and establish itself as a model operation in Major League Baseball.
The value and stability of the Dodgers are closely tied to the contract of star player Shohei Ohtani. His $700 million deal includes a "key man" clause that permits him to opt out and become a free agent if Walter or president of baseball operations Andrew Friedman depart the organisation. Team president Stan Kasten confirmed there are no changes to the Dodgers' ownership structure, and reports suggest Ohtani is unlikely to exercise the opt-out clause even if a sale were to occur.
Walter’s corporate activities are currently under scrutiny by federal authorities. The Federal Bureau of Investigation and the Securities and Exchange Commission are conducting a joint investigation into alleged improper disclosure of billions of dollars in loans. The probe, initiated following an internal whistleblower complaint, centres on Walter’s conglomerate, TWG Global, and its insurance subsidiaries, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co.
Bloomberg reported that TWG Global has been raising cash to reduce affiliated loans on the balance sheets of its insurers. Meanwhile, the new Lakers owners include Josh Kushner, the younger brother of Jared Kushner, son-in-law of former President Donald Trump. The sale of the Lakers comes as the Dodgers aim for a third consecutive World Series title this autumn.
