Lakers, Mark Walter
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With the Department of Justice, the SEC and state insurance regulators probing Mark Walter's businesses, the Dodgers owner has a lot on the line.
The FBI seized the phones of billionaire Mark Walter and a top Guggenheim Investments executive last year as federal prosecutors investigated businesses in his sprawling financial empire — months before he struck a $12.
A little more than a year after agreeing to purchase a majority share of the Lakers, Mark Walter is selling the team.
The lightning-quick sale of the Lakers to Bob Iger and Joshua Kushner comes as Mark Walter faces federal probes into allegedly conflicted insurance loans.
Proceeds from loans made by Walter’s insurers passed through firms purportedly controlled by each of these four entities.
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.