c/womenshockey · by CombatWombat@feddit.online · 15d

PWHL Owner Mark Walter Selling Lakers for $12.5B Amid Federal Probe

https://justwomenssports.com/reads/mark-walter-lakers-sale-pwhl-impact/

PWHL owner Mark Walter is selling the LA Lakers to Josh Kushner and Bob Iger, as the fire sale raises questions while a federal probe widens.

5 points · 1 comments · view on lemmy.world

1 Comments

CombatWombat@feddit.online · 3 pts · 15d

I’m having a little trouble reading the tea leaves for the p-dub on this deal. Is the implication that investigators are taking a closer look at Walter’s books as a result of the sale, or the sale is to cover improprieties found as a result of the probe, or some other, third thing?

Federal authorities are probing Walter’s business empire, and the fallout carries fresh implications for the PWHL, which he founded and continues to bankroll.

That probe has widened to include federal prosecutors, the SEC and the FBI. Reports say the investigation centers on roughly $16 billion in related-party transactions. Those deals moved money between Walter-controlled insurance companies and other Walter-affiliated ventures.