Investor Ross Gerber said Los Angeles Lakers owner Mark Walter didn’t sell the team by choice, but because the federal investigation into his insurance-linked business empire left him no other option.

When an NBA franchise sells, it draws copious attention from both the media and fans. Questions abound about whether, or when, the culture and, more importantly, the roster and management set will change.

With Walter's abrupt sale of the Lakers for billions in profit, a federal investigation he's connected to has become of further interest.

Mark Walter sold the Los Angeles Lakers to Bob Iger at a historic valuation on Wednesday, but Walter is expected to remain the owner of the Los Angeles Dodgers.

The NBA world is still coming to terms with the announcement that owner Mark Walter is selling the Lakers for $12. 5 billion.

Facing a federal investigation and a liquidity crunch, Mark Walter needed only 72 hours to accept an out-of-the-blue offer to sell the Lakers to Joshua Kushner and Bob Iger.