What's at stake for Dodgers' owner Mark Walter as authorities probe his businesses

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Set us as preferred When Mark Walter, the Lakers controlling owner, flipped the storied team last week for $12.5 billion amid a federal probe of his businesses, it stunned the sports world but seemed to make financial and legal sense.The Dodgers majority owner, who had bought his stake in the basketball team last year at a $10-billion valuation, likely netted a big payday from the sale to former Disney Chief Executive Bob Iger and venture capitalist Joshua Kushner.And that’s money the billionaire can apply to pay down the debts of two troubled Delaware life insurers he owns that are under federal scrutiny.It’s not at all clear whether the sale of the Lakers will have any effect on the ongoing investigations.

Neither Walter nor his companies have been charged with any crimes.TWG Global, Walter’s holding company, did not respond to a request for comment Friday, but a spokesperson for the company has previously stated that they are cooperating with authorities and expect the matter to be resolved “favorably.”“Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward,” the statement said.

Lakers Joshua Kushner and Bob Iger were eyeing an NBA expansion team bid in Las Vegas but pivoted to buying the Lakers from Mark Walter, who bought a controlling interest in the team last year.After receiving federal grand jury subpoenas in February, Delaware Life and Clear Spring Life and Annuity conducted internal investigations.They found that $21 billion in loans they made should have been recorded as extended to “related parties.”Related parties have business or personal ties and transactions between them can have legitimate reasons, but they also pose potential conflicts of interest and require disclosure and typically extra regulatory scrutiny...