TWG Global strongly denied any accusations that the Los Angeles Dodgers have been improperly funded amid the ongoing investigation by the U.S. Attorney’s Office and Securities and Exchange Commission over possible improprieties by Mark Walter’s lending companies.
TWG is Walter’s holding company, led by the Guggenheim partners, Thomas Tull and Walter himself, with interests across financial services, insurance, AI, technology, sports, media, entertainment, and energy.
“The allegation that the Los Angeles Dodgers were acquired or have been funded improperly is false and not supported by the facts,” TWG Global said in its statement.
“The Dodgers transaction was subject to significant scrutiny and complied with all rules and regulations that govern the purchase of Major League Baseball teams.
“The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states, which identified no irregularities and resulted in no further action, effectively resolving the matter.
“The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players.”
The statement comes as Walter’s financial empire has come under scrutiny following news of the investigation and his sudden sale of the Los Angeles Lakers.
According to various reports by financial journalists, the Dodgers are not currently under investigation, and no links have been found between the club’s finances and improper funding by Walter’s other businesses.
As of now, the investigation has no impact on the Dodgers and is fully unrelated to the team’s operations.
The investigation reportedly began with loans by two Delaware life insurers owned by Walter to companies connected to him or TWG Global, which were not disclosed as the required “related party” transactions. Related party transactions made by insurers must be reported to limit conflicts of interest and protect policyholders.
Walter reportedly has to pay back roughly $20 billion by the end of the year and has been looking for ways to liquidate his assets.
Along with his sale of the Lakers, Walter is said to be in talks to sell his shares of Chelsea Football Club, and reportedly approached Charter with a proposal to end Spectrum SportsNet and SportsNet LA regional TV contracts early in exchange for a lump sum.
TWG denies Dodgers are for sale
Despite that, TWG Global has said the Dodgers are not for sale. That message has also twice been relayed by Dodgers president and CEO Stan Kasten.
“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,” but did not mention Chelsea FC or the reported talks with Charter.
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