Mark Walter sells Lakers to Kushner and Iger amid FBI probe into his businesses

Los Angeles billionaire Mark Walter has agreed to sell the Los Angeles Lakers to a partnership of venture investor Joshua Kushner and media executive Bob Iger for about $12.5 billion. The transaction, reported to have been negotiated within 72 hours, follows a federal investigation into Walter’s financial dealings.

Federal agents seized a phone and computer from Walter’s private plane last fall as part of a probe into alleged related-party transactions involving his holding company TWG Global and two insurance subsidiaries, Delaware Life and Clear Spring. A whistleblower alleged that the insurers had understated the size of loans transferred among Walter-controlled entities. While no charges have been filed, rating agencies have placed a negative outlook on Delaware Life, and Walter’s firms are reportedly seeking capital to address the loan exposure.

TWG Global has approached several investment firms, including Point72 Asset Management, to raise cash that could be used to repay the disputed loans. The proceeds from the Lakers sale are expected to support those efforts.

The deal also draws attention to political connections. Kushner is the brother of former White House senior adviser Jared Kushner, and Walter has previously met with President Donald Trump, who praised his ownership of the Dodgers. The White House has denied any involvement in the transaction.

"Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward," TWG Global said in a statement.

The sale marks Walter’s exit from the Lakers, a team he acquired a year ago after building a sports portfolio that includes stakes in the Dodgers, the Los Angeles Sparks, Chelsea FC and other ventures.