Mark Walter’s Lakers Sale Raises Questions Over Trump Ties

Mark Walter’s decision to sell a controlling stake in the Los Angeles Lakers to billionaire Josh Kushner and former Disney CEO Bob Iger has fueled speculation over whether the deal was influenced by a federal fraud investigation involving Walter and his companies, as well as Kushner’s recent involvement in a failed FIFA investment plan tied to FIFA president Gianni Infantino.

Kushner, founder of Thrive Capital, and Iger, who joined Thrive earlier this year, agreed to acquire control of the Lakers from Walter at a valuation of $12.5 billion. Walter, whose financial services businesses are being investigated by federal prosecutors and the Securities and Exchange Commission, had purchased the team just 14 months earlier at a then-record $10 billion valuation. The latest transaction establishes a new record for the most expensive sale of a sports team.

The timing has drawn additional attention because Thrive’s proposed investment in FIFA’s commercial business collapsed less than two weeks before the Lakers transaction was announced. The FIFA plan, which involved private equity investment and was championed by Infantino, faced significant opposition from soccer organizations and officials.

Some observers in the sports business community questioned whether the overlapping circumstances were coincidental. A White House spokesperson told Front Office Sports that the Lakers transaction “has nothing to do with President Trump or his administration.”

Sports business analyst Joe Pompliano also questioned the timing, writing on X, “I wouldn’t say I’m a conspiracy theorist, but it does seem weird that a guy who owns multiple sports teams and was in the middle of rebuilding the Lakers entire business operation would sell the team for a 20% gain in 2 years at the same time he is being investigated for fraud.”

Former Fox Sports 1 and ESPN personality Skip Bayless described the transaction as “a shocker” and questioned whether investigations into two companies owned by Walter had any connection to the sale. Bayless noted that Walter was making about $2 billion in roughly 10 months while also pointing out the difficulty of acquiring major franchises such as the Dallas Cowboys, New York Yankees and Lakers.

Pablo Torre, host of the investigative podcast “Pablo Torre Finds Out,” similarly commented on the overlap, writing on X, “So……. the Mark Walter federal investigation colliding with Gianni Infantino’s preferred private-equity backers is………… a lot.”

The investigations involving Walter center on potential fraud associated with private-credit transactions. Manhattan federal prosecutors and the SEC are examining deals involving loans from insurance companies owned by Walter that were routed through a third party to businesses connected to Walter or his conglomerate, TWG Global, according to a Wall Street Journal report in July.

The insurers disclosed the investigations in June regulatory filings, stating that “errors were identified related to the identification and presentation of certain related-party investments.” Delaware Life, one of Walter’s insurers, subsequently reclassified approximately $16 billion in investments as affiliated, compared with $1 billion previously. It remains unclear whether the company initially knew that the investments were connected to Walter.

Fitch Ratings also told the Los Angeles Times that another Walter insurer, Clear Spring, had reclassified $4.6 billion in loans as affiliated. Delaware Life and Clear Spring have received subpoenas connected to the investigation, according to the Wall Street Journal. Bloomberg reported in July that the FBI seized Walter’s cellphone and computer in September of the previous year.

A spokesperson for TWG Global told the Wall Street Journal that “Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward. Nothing about these transactions was any different,” adding that the company was “confident these matters will be resolved favorably.”

Kushner’s FIFA deal faced its own set of challenges. UEFA said teams representing its 55 member associations would boycott FIFA competitions, including the World Cup, “so long as these proposals remain alive.” CONCACAF also said it would reject the proposal.

FIFA chief operating officer Kevin Lamour publicly criticized the process, accusing Infantino of having “deceived” executives and excluding them from negotiations. The proposed structure would have separated FIFA’s commercial operations, including the men’s and women’s World Cups, into a subsidiary that would be partly owned by private investors, with Thrive among the leading participants.

President Donald Trump also entered the controversy, warning FIFA against removing Infantino in a Truth Social post on Monday. It was Trump’s first public defense of Infantino after Trump had said the previous month that he had not discussed the proposed sale with him. FIFA apologized to its members the previous week over “errors” in handling the FIFA Forward Enterprise Plan while reaffirming its support for Infantino remaining president.

Walter co-founded Guggenheim Partners, while TWG Global serves as the holding company for his insurance businesses, his interest in Guggenheim and his sports investments. His portfolio includes the Los Angeles Dodgers and Chelsea Football Club, according to CNBC. Guggenheim also faced a separate SEC investigation last year concerning how it presented revenue to outside parties, according to Bloomberg, which cited people familiar with the matter. The status of that investigation remains unclear.

Despite selling the Lakers, Walter is not expected to sell the Dodgers, the Los Angeles Times reported Wednesday, citing people familiar with the matter. The Dodgers are valued at $7.8 billion, making them Major League Baseball’s second-most valuable franchise behind the New York Yankees.

Walter is estimated to have a net worth of $7.3 billion, while Kushner’s fortune is estimated at $5.2 billion.