In a surprising turn of events, Los Angeles Dodgers owner Mark Walter has decided to sell his stake in the Los Angeles Lakers, less than one year after becoming majority owner of the franchise.
Walter is selling the Lakers to former Disney CEO Bob Iger and Josh Kushner for a record $12.5 billion. Walter purchased the Lakers from Jeanie Buss for $10 billion, which set a record at the time.
“I was shocked, like I think everyone else was,” manager Dave Roberts said of the news. “I mean, it’s above all of our pay grades. I know that he was excited to take on the Lakers, so yeah, I was as surprised as everyone.”
It’s not yet clear what prompted Walter to move on from the Lakers, but he’s expected to remain as the majority owner of the Dodgers. Walter, CEO and chairman of holding company TWG Global, also holds ownership stakes in the Los Angeles Sparks, Chelsea soccer club of the Premier League, Professional Women’s Hockey League, Cadillac Formula 1 and more auto racing teams.
“I haven’t heard anything. So for me, it’s business as usual,” Roberts said of Walter potentially selling his stake in the Dodgers.
Team president and CEO Stan Kasten echoed a similar sentiment and confirmed that Walter’s ownership of the Dodgers isn’t changing.
“It was shocking, but not in a serious way because it doesn’t involve us. It’s a Laker story,” Kasten said. “We’re very close to all those people; I’ve known Jeanie (Buss) for most of my professional life and of course Lon (Rosen), couldn’t be closer to anyone.
“But it’s a Laker story, so there’s no shock on the Dodger side. Except for people asking inevitable questions, to which I can give the only assurance that I can that everything is the same here. No change at all.”
Why is Mark Walter selling the Lakers?
As for why Walter decided to sell the Lakers, some believe it could be due to him being under federal investigation for alleged tax fraud involving insurance companies tied to his TWG Global.
There was also some reported concern over Walter’s ability to remain in such a prominent leadership position after he suffered a stroke during the Dodgers’ World Series run in 2024.
Of course, Walter’s decision to sell the Lakers could simply be boiled down to making a $2.5 billion profit in less than a year’s time.
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