RESOLVING THE LEDGER
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Los Angeles Dodgers owner Mark Walter continues to face questions over whether he'll sell the team after he shockingly sold the Los Angeles Lakers in August . With Walter the subject of a federal investigation into whether his businesses engaged in fraud, his company — TWG Global — released a statement Wednesday attempting to clear up both issues.
On the subject of a possible Dodgers' sale, TWG Global vehemently denied Walter was looking for buyers . It also noted that team president Stan Kasten has repeatedly made that point in on-the-record-interviews.
• Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated.
• Dodgers' president Stan Kasten, who is the public face of the franchise, has emphatically stated this position in on-the-record interviews in no uncertain terms.
Additionally, TWG Global said it was not looking to sell off shares in the Cadillac Formula 1 team or any part of TWG Motorsports.
TWG Global added that it, Walter and his partners do — and will — consider all serious offers for their various sports franchises. In the case of the Lakers, TWG Global noted the massive profit Walter made by selling the team. The company used that as an example to say it's not engaging in a "fire sale" due to concerns over a federal probe.
On that subject, TWG Global denied all allegations of fraud, and reiterated it is "working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries."
Walter and his companies are under investigation over allegations they invested money from policyholders and put that money into other companies owned by Walter without properly disclosing that fact to investors. Walter has faced accusations that he used those companies — and that money — to fund his purchase of the Dodgers.
TWG Global addressed that accusation as well, stating it complied with all MLB rules when buying the team and that a full investigation from an outside law firm "identified no irregularities" with the deal.
• The Dodgers transaction was subject to significant scrutiny and complied with all rules and regulations that govern the purchase of Major League Baseball teams.
• The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states, which identified no irregularities and resulted in no further action, effectively resolving the matter.
Shortly after news broke Walter was selling the Dodgers, reports emerged suggesting he was in the process of also selling his shares in Chelsea .
While that seemed to suggest Walter was looking to sell off assets, he's consistently messaged he wants to keep the Dodgers. TWG Global's statement Wednesday reinforced that sentiment.
After winning the last two World Series, the Dodgers are once again expected to be contenders to win it all this postseason. Entering play Wednesday, the team sits at 80-52 and has the second-best run differential in baseball.
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