Mark Walter is seeking to sell the Los Angeles Sparks as he restructures his sports holdings following the sale of the Los Angeles Lakers and his exit from Chelsea FC. Federal prosecutors are also investigating dealings at his insurance firms.
People familiar with the matter told Bloomberg that Walter wants more than $700 million for the Women’s National Basketball Association (WNBA) franchise and its related practice facility.
Walter, co-founder of investment firm Guggenheim Partners, sold the Lakers to Joshua Kushner and Bob Iger earlier this year at a $12.5 billion valuation. The pair later discussed buying the Sparks but are not among the potential buyers, the people said.
Sportico values the Sparks at $400 million. However, Walter hopes to secure more than $700 million for the team and its practice facility. The facility cost $150 million to build and should open before the 2027 season.
Federal probe prompts reshuffle
Federal prosecutors have been probing dealings at Walter’s insurance firms. The investigation has prompted him to reshape his holdings and sparked talks over the future of his sports assets.
After selling the Lakers, Walter sold his stake in Chelsea FC to Clearlake Capital. His other sports interests include the Los Angeles Dodgers, the Cadillac Formula One team and the Professional Women’s Hockey League.
However, Walter has not indicated that he plans to sell all his teams. Dodgers President Stan Kasten said in August that the baseball franchise was not for sale.
“There’s no process that has been started to sell it, period,” he said.
A spokesperson for Iger and Kushner declined to comment. A spokesperson for Walter’s holding company, TWG Global, did not immediately respond to a request for comment.
Potential record WNBA sale
A deal above $700 million would set a new record for a WNBA franchise sale. The current record stands at $300 million, paid by Houston Rockets owner Tilman Fertitta for the Connecticut Sun.
Fertitta is now moving the franchise to Houston.
The Sparks were among the WNBA’s original eight teams when the league launched in 1997. The team plays its home games at Crypto.com Arena in Los Angeles.
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