Mark Walter, the controlling owner of the Los Angeles Sparks, is in a heap of financial trouble.
The Wall Street Journal reported that the federal government is investigating him for fraud involving $16 billion in private credit deals with his insurance companies.
While that investigation is ongoing, it’s clear he’s feeling the heat. Walter sold the Los Angeles Lakers to Bob Iger and Josh Kusher after owning them for under a year. The Athletic reported this week that he is also looking to sell his minority
ownership share of Chelsea.
Given that Walter also owns the Sparks, could they be next on the chopping block?
So far, no. The Sparks weren’t at all connected to the sale of the Lakers, and there have been no indications that he’s shopping them.
However, this is a developing story. Until the dust has settled on Walter’s fire sale and the federal investigation, one can’t assume it will be business as usual in Los Angeles.
And with the WNBA growing at an unprecedented level, no new expansion bids on the horizon and Walter feeling financial pressure, that’s a scenario that could entice someone to make a call and try to purchase the Sparks.
So, what happens if Walter does sell them?
Well, it’d be messy, but this is a great time for a change in ownership.
The Sparks have already secured another losing season, making it six in a row. On Thursday, they lost their sixth game in a row, allowing the Atlanta Dream to score a franchise-record 124 points in the rout at crypto.com Arena.
They’ve all but officially been eliminated from the playoffs, making this the longest postseason drought in franchise history.
Things haven’t been working for a while, and this team that was built to win now instead continuing their recent stretch of losing seasons proved to be the final straw. LA began cleaning house due to these failures.
They parted ways with general manager Reagan Pebley back in July, and traded superstar Kelsey Plum right before the trade deadline.
Farhan Zaidi, a special advisor to Walter, spoke to Bill Plaschke of the Los Angeles Times about a need to change direction for the Sparks, admitting:
We pushed in a lot of chips this year, and we had good reason to do that, but the reality is it hasn’t gone as we’d hoped or expected. Now we have to be open for anything. Everything has to be on the table for us. We have to take a long-term perspective rather than focusing on the rest of the season.
More changes are guaranteed for next year as well.
Nneka Ogwumike announced her retirement earlier this week, leaving this franchise with no All-Stars heading into 2027 while also removing another veteran. They have two first-round picks in the upcoming draft, so the intention is to get younger and hit the reset button on the rebuild….once again.
If there were ever a time where a new ownership could come in and not negatively disrupt things for the Sparks, that’d be now.
Still, that doesn’t mean a change would be easy.
The Sparks to-do list this offseason is long. Walter or a new owner must hire a general manager, and that person will have to decide whether head coach Lynne Roberts should remain in her role. Typically, a new general manager means a new head coach. Roberts has been the coach in LA for two seasons and has gone 33-46 over that span.
Beyond front office decisions, coaching personnel and draft selections, the Sparks also need to finish the practice facility currently under development. Would a new owner commit to that project, or would they have different plans that could delay things?
Whoever owns the Sparks in 2027 has their work cut out for them.
This is an iconic franchise. One of the originals, dating back to when the WNBA was born. It deserves an owner who puts their focus and care into it and wants to bring it back into relevance.
Maybe that’s Walter. Or perhaps he sells, and someone else embraces the challenges. Either way, Sparks fans don’t care who the owner is. They care if they’ll get the job done and bring back winning basketball to Los Angeles.
When the Sparks last won a home playoff game in 2019, their arena was still called STAPLES Center. That’s an embarrassing fact—and one that needs to change expeditiously.
