RESOLVING THE LEDGER
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Mark Walter's TWG Global, in an extraordinary statement Wednesday morning, blasted what it called "multipronged attacks" against the holding company and its subsidiaries, and said "despite what has been reported, there has been no fraud" at those companies.
TWG also said it "is not looking to sell its sports assets at 'fire sale' prices to raise capital for its insurance operations."
The statement came amid a flurry of media reports about Walter's empire and federal criminal and civil investigations into the accounting for billions of dollars of financial transactions between two of his insurers and companies controlled by the Los Angeles Dodgers owner.
The comments are the most detailed and strongest by TWG since the probes into the insurers gained renewed attention after Walters said he would sell his majority stake in the Los Angeles Lakers earlier in August, less than a year after buying the team.
"TWG and the Group 1001 insurance companies have presented a plan to address any regulatory concerns," TWG Global said in the statement.
"Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media. It is important to set the record straight," the statement said.
"TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders."
"Despite what has been reported, there has been no fraud," the company said.
TWG said, "There is no victim here. No one has been harmed, and no one has claimed they were harmed."
"TWG is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries," the company said.
TWG said that Walter and his partners "continuously get interest from prospective buyers and co-investors in their sports assets and, as responsible owners and investors, they consider all legitimate offers when they are received."
In addition to the Dodgers and the Lakers, Walter's sports portfolio includes stakes in Chelsea Football Club, the Professional Women's Hockey League, and the Cadillac Formula 1 Team.
In its statement Wednesday, TWG addressed the sale of the Lakers, saying, " Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021)—hardly a 'fire sale.'"
"Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated," the statement said.
Correction: Mark Walter's TWG Global issued its statement Wednesday morning. An earlier version misstated the day.
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