Mark Walter isn’t selling the Dodgers, right?
He is selling the Lakers. He is selling his share of Chelsea, the Premier League team. He is looking into selling the Sparks.
And now he is looking into selling his share of the Cadillac Formula 1 racing team, as Sportico first reported Monday.
But keeping the Dodgers, right? “No matter what,” Walter told the California Post last week.
Wait a second, though. In August, Walter’s TWG Global holding company issued a statement that was definitive in two specific aspects: the Dodgers were “not being sold” and his company was “not considering exiting its stake in the Cadillac Formula 1 team.”
So I reached out to Walter’s company and to his personal spokesman, asking how to reconcile the definitive statement denying interest in a Formula 1 sale with the news of a possible sale and, in light of that development, whether the denials of interest in a Dodgers sale should remain credible.
No one at the company emailed me back, and the spokesman declined to comment. Someone in contact with Walter, speaking on condition of anonymity because he is not authorized to comment, advised me to wait and see if a Formula 1 deal actually materializes and, if so, for what value.
Amid federal investigations into whether the insurance companies Walter controls might have violated laws designed to protect investors, and as he is a defendant in multiple civil lawsuits filed by investors that allege fraud and breach of contract, Walter is selling off assets from his sports empire.
He could generate a significant share of the more than $20 billion he might need to recapitalize the insurance companies and satisfy state regulators. It is uncertain how that might impact the federal investigations and civil lawsuits.
The Lakers sold for $12.5 billion — the valuation for the entire team, not for Walter’s controlling share.
Walter is seeking $3 billion for his interest in the Formula 1 team, according to Sportico, and $700 million for the Sparks, according to Bloomberg. The sale of the Chelsea stake, owned jointly by Walter and Dodgers co-owner Todd Boehly, generated about $1.27 billion, according to the Financial Times.
The sale of the Dodgers could generate $10 billion to $13 billion, The Times has reported.
None of this is to say Walter is not genuine in his proclamation that he is not selling the Dodgers. He said the Dodgers would win, and they have: three championships within six years, after three in the previous 56. The shine has been restored to an L.A. crown jewel.
But things can change. Potential Dodgers bidders, including Times owner Patrick Soon-Shiong, are considering offers should Walter decide to sell. Some have inquired discreetly and been told what everyone has been told: the team is not for sale. Commissioner Rob Manfred said the league is keeping an eye on developments surrounding Walter’s insurance empire.
“As always when we have an investigation — external, law enforcement, whatever — we monitor that,” Manfred said at the World Series. “That’s where we are right now. We’re just watching what’s going on right now.”
And that is indeed where we are right now: We don’t know what’s going to happen with the feds, and in the courts. For today, and for the immediate future, the Dodgers are not for sale. But plans can change, as Walter’s Formula 1 team just learned.
The post Mark Walter says he won’t sell the Dodgers, but his plans keep changing appeared first on Los Angeles Times.
