Earlier this summer, it was announced that Mark Walter, who agreed to buy majority control of the Los Angeles Lakers in June 2025, was under investigation for “allegedly using billions of dollars in policyholder funds from insurance companies he controls to buy sports teams without proper disclosure.” Shortly after that news came to light, Walter agreed to sell the Lakers to Josh Kushner and Bob Iger for $12.5 billion.
At the recent Board of Governors meeting, NBA commissioner Adam Silver told reporters
no issues came up when Walter, who already held a minority stake in the Lakers before the June 2025 sale, was vetted as he took over majority ownership of the franchise.
“We went through the full process we all do. We spoke to governmental agencies. We spoke to, in the case of Mark Walter, in the heavily regulated insurance industry,” Silver said. “We spoke to other leagues in which he has investments and we found no red flags. Again, even to this day, these are, call them allegations, there are issues that are now being looked into. But independent of Mark Walter choosing to sell his team right now, he was not being investigated by our league.”
Silver also addressed a question from Pablo Torre about whether billionaires are buying into NBA ownership stakes with an aim to raise their public credibility and standing, given the NBA’s increasingly global popularity. Silver used the inquiry as an opportunity to touch on the league’s vetting process, which he said is taken “very seriously,” and specifically touched on Walter’s case.
“A lot of what we do is intensive database searching,” Silver said. “We also take to as many people as we can find and who have knowledge about these people and we do interviews. But beyond that, I will say, we’re always reassessing to see if we can do more.”
Since news of the federal investigation broke, Walter remains an owner of the Los Angeles Dodgers. However, it was announced Wednesday that Clearlake Capital acquired his ownership interest in Chelsea, an English Premier League football club.
You can follow Jackson on Twitter at @jackfrank_jjf.
