Mark Walter is looking to sell the WNBA’s Sparks, taking another step in the dismantling of his sports-team empire, according to people familiar with the matter.
Walter, a co-founder of money management firm Guggenheim Partners, sold the Lakers earlier this year at a $12.5 billion valuation to Joshua Kushner and Bob Iger, but the WNBA team had remained under his ownership. Kushner and Iger later discussed acquiring the Sparks, but they are not among potential buyers, said the people, who asked to not be identified because the talks are private.
Sportico values the team at $400 million. Walter is looking to sell the franchise and a related practice facility for more than $700 million, said one of the people, who wasn’t authorized to speak discussing private dealings. The practice facility, which was constructed for $150 million, is scheduled to open before the start of the 2027 season. The franchise plays in the Crypto.com Arena.
Such a deal would be by far the largest WNBA franchise sale in history. The current record of $300 million is held by Tilman Fertitta, the owner of the Houston Rockets who bought the Connecticut Sun and is in the midst of moving the franchise to Houston.
A spokesperson for Iger and Kushner declined to comment. A spokesperson for TWG Global, Walter’s holding company, didn’t immediately respond to a request for comment.
Federal prosecutors have been probing dealings at Walter’s insurance firms, prompting him to reshape his holdings and stirring up deal talks on multiple fronts, including his sports franchises. After selling the Lakers, he sold his stake in Chelsea FC to Clearlake Capital. Walter’s other sports holdings include the Dodgers, the Cadillac Formula One team and the Professional Women’s Hockey League.
Dodgers President Stan Kasten told The Times in August that the team isn’t for sale. “There’s no process that has been started to sell it, period,” he said.
The Sparks finished 16-28 during the WNBA season and have missed the playoffs for six straight seasons. The Sparks were one of the original eight teams when the WNBA was founded in 1997.
Williams, Natarajan and Shaw write for Bloomberg.
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