TWG Global, Mark Walter’s holding company, firmly addressed speculation the Los Angeles Dodgers owner may sell the storied MLB franchise amid ongoing investigations by the U.S. Attorney’s Office and Securities and Exchange Commission over possible improprieties by his lending companies.
“Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media,” the holding company said in a statement disseminated Business Wire.
“It is important to set the record straight. TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.”
The statement went on to note, “Despite what has been reported, there has been no fraud,” and added, “There is no victim here. No one has been harmed, and no one has claimed they were harmed.”
The federal investigation is said to have stemmed from loans by two Delaware life insurers that are owned by Walter, being made to companies connected to him or TWG Global, but not disclosed as the required “related party” transactions. Related party transactions made by insurers are required to be reported in effort to limit conflicts of interest and protect policyholders.
“TWG is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries,” the statement read.
TWG statement on Dodgers ownership
Waler’s sprawling empire has come under further scrutiny and attention with his sudden sale of the Los Angeles Lakers. Walter purchased controlling ownership of the Lakers from the Buss family for $10 billion just last year.
He then sold the team to Josh Kushner and former Disney CEO Bob Iger for $12.5 billion. Walter’s decision not only came as a surprise but was viewed as a sign of how quickly he needed to liquidate assets.
“Regarding the proposed sale of the Los Angeles Lakers for $12.5 billion, Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021)—hardly a “fire sale,” the statement explained.
Echoing a sentiment shared by Dodgers president and CEO Stan Kasten, TWG further stated Walter does not have any plans to part with the franchise.
“Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated,” the company said. “Dodgers’ president Stan Kasten, who is the public face of the franchise, has emphatically stated this position in on-the-record interviews in no uncertain terms.”
TWG also ruled out the possibility of Walter selling his shares in the Cadillac Formula 1 team or “any other part of TWG Motorsports.”
Not mentioned in TWG’s statement were Walter and Todd Boehly reportedly exploring the sale of their stake in Chelsea Football Club, nor a report that the Dodgers owner approached Charter with a proposal to end Spectrum SportsNet and SportsNet LA regional TV contracts early in exchange for a lump sum.
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