Journalists Question Mark Walter Selling Lakers & Chelsea FC Amid FBI Investigation: “Multi-Billion-Dollar Fraud”

Mark Walter selling the Lakers 14 months after paying $10 billion to the Buss family has drawn a lot of questions.

Journalists Question Mark Walter Selling Lakers & Chelsea FC Amid FBI Investigation: “Multi-Billion-Dollar Fraud”

Mark Walter is selling off more assets (Image via NY Post/X)

Now that Josh Kushner and Bob Iger have become the new owners of the Los Angeles Lakers, the focus shifts to how they will take over from the previous owner, Mark Walter.

The latter was setting everything up to turn the most marketable basketball team in the world into a championship-winning juggernaut. For that, he brought in executives who had helped turn the Los Angeles Dodgers into the most dominant baseball team.

The groundwork began when those executives started working with Lakers President of Basketball Operations Rob Pelinka to rebuild the team after LeBron James decided he was better off elsewhere.

Armed with the cap space he left behind, the front office almost retooled the entire roster. Now, at least on paper, the team is expected not only to play better to superstar Luka Doncic’s strengths, but also to be competitive over the next few years.

Last month, a report dropped that federal authorities were investigating Mark Walter’s firms out of Chicago. However, the billionaire tagging along with his Dodgers to celebrate the World Series at the White House seemed to think everything was going to be fine.

Then, a bombshell dropped in the form of the $12.5 billion sale to Kushner and Iger. Instantly, rumors started that Walter was selling the team to raise enough money to pay off the loans.

Agreed. Even if the Clippers did circumvent the salary cap, it’s small potatoes compared to the historic, multi-billion-dollar fraud alleged against Mark Walter.

Kevin O’Connor wrote on X

The Yahoo Sports journalist believes the NBA’s investigation into the Los Angeles Clippers and Kawhi Leonard is nothing compared to what Mark Walter is facing.

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Mark Walter selling his Chelsea shares raises further doubts

Mark Walter may have to return $21 billion he loaned to businesses from his life insurance company. After pocketing $12.5 billion from the Lakers’ sale, he is still running short.

The CEO of Guggenheim Partners will not sell his stake in the Los Angeles Dodgers, and both the Los Angeles Sparks and PHWL will not bring in the $8.5 billion. Now, his focus has shifted to a more lucrative asset.

Multiple outlets are reporting that Mark Walter is trying to sell his stake in Chelsea FC as he tries to raise money to repay the loans that the federal government is currently investigating him for.

Joe Pompliano wrote on X

It has been rumored that Walter and partner Todd Boehly are looking to offload the rest of their shares to majority owner Clearlake Capital. Boehly has faced the brunt of Chelsea FC fans for the past few years, which means his departure will probably be met with applause.

But Mark Walter leaving the soccer club could bring up further questions as to how he has financed the purchases of all the sports teams he owns. If he still cannot cough up the required money, he may have to sell the Sparks, the PWHL, and maybe even a portion or all of the Dodgers.

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Mark Walter’s purchase of Lakers could become a bigger problem than Clippers’ allegations

The NBA is already grappling with the damage caused by the Clippers’ salary cap circumvention allegations. No matter what it tries, fans have started to question the league’s integrity.

Jeanie Buss and Mark Walter
Jeanie Buss and Mark Walter (Image via Sports Fan Daily/X)

Some have suggested that the NBA should banish the salary cap to avoid such problems. Even though that is easier said than done, the league now has a bigger problem in the form of the federal investigation into Mark Walter.

The Clippers story is 1/1000th as interesting as Mark Walter frantically selling his sports assets one by one right now…

Bill Simmons wrote on X

The longtime journalist believes Walter selling off assets this frantically indicates he is in deep trouble. Usually, billionaires pay the fine and move on.

But the 66-year-old trying to recover as much as he can suggests something may be wrong with his business model. It also begs the question of the NBA’s due diligence, considering that two and potentially three owners are involved in scandals now.

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