The sports world was stunned this week when reports broke that the Los Angeles Lakers had been sold again less than a year after the franchise's most recent sale.
Not just because of the massive $12 billion price tag, and the speed with which the deal came together, nor that the new ownership group is being headed by former Disney company CEO Bob Iger. But because the now-former ownership group was headed by Mark Walter, one of the most successful sports owners in recent history.
Walter is the CEO of Guggenheim Partners, a massive, $350 billion global financial services company. And as such, is the lead owner of the Los Angeles Dodgers. The same Dodgers who have won back-to-back World Series titles, and become the convenient villain for fans and the other owners, desperate to make increase their profits.
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So one of the richest men in the country, who's already successfully revamped the Dodgers into a behemoth, was set to bring his financial wherewithal and acumen to one of the most iconic organizations in the NBA. Then, less than a year after the deal was officially approved, he sells the team.
It's odd, to say the least. Unless that same owner is currently under investigation by the federal government for alleged loan fraud. An investigation that might require significant cash, even for someone as wealthy as Walter, to resolve.
Speculation immediately ran rampant that the Lakers sale was a necessity to free up funds for Walter. And then immediately went even more rampant that an even more stunning transaction might also become a necessity: selling the Dodgers too.
Guggenheim purchased the Dodgers in 2012 for $2 billion, which seemed like an astronomical price at the time. In 2026 however, the San Diego Padres sold for $3.9 billion, the Yankees just brought in $2.6 billion in private equity financing, and it's been estimated that the Dodgers became the first MLB team to cross $1 billion in revenue. Most estimates put the franchise valuation at around $8 billion. But given the scarcity of brand names at their level, it might be even higher. Not too bad for just 14 years on the job.
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So will Walter sell the Dodgers too in order to raise money to pay off the loans in question?
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According to the Los Angeles Times, there are no plans for him to do so. Stan Kasten, the team's president, reiterated that this is a "Laker story" to the media Wednesday.
"This is a Laker story, not really a Dodger story," he said. "It really has nothing to do with the Dodgers. They’re completely separate. And so there are no changes here or contemplated here, and I think that pretty much is the whole story."
What throws an extra wrinkle into the discussion is that there's a "key man" clause in the contract of the Dodgers, and baseball's, biggest star: Shohei Ohtani. When Ohtani signed with the Dodgers in December 2023, it was reported that there was a clause in his contract that allowed him to opt out of his 10-year deal if one of two people left the organization: president of baseball operations Andrew Friedman...and Mark Walter.
The Athletic reported on Thursday that Ohtani would like not opt out, were Walter to sell the Dodgers, but it's a fascinating subplot to what would seem to be an ordinary ownership debate. Ohtani's already won two championships in LA after never reaching the postseason in Anaheim, and the Dodgers have consistently demonstrated their commitment to winning.
But that commitment has been, in large part, due to Walter's willingness to spend money and sacrifice profits. If ownership changes, would their financial advantages change too?
Guggenheim also has ownership control over Chelsea FC, along with the LA Sparks and an interest in the new Cadillac F1 team. Those could wind up being sold to raise funds, though none would command the same type of return as the Dodgers.
While everyone involved has maintained that the team is not for sale and will not be for sale, given how quickly the Lakers deal got done, that seems far from guaranteed.