Business & Finance
Dodgers owner TWG Global denies 'fire sale' amid federal inquiries
Holding company TWG Global addressed government scrutiny and clarified that the Los Angeles Dodgers and other sports assets are not for sale following the $12.5 billion Lakers deal.
The short version
- TWG Global, the holding company for billionaire Mark Walter, publicly denied plans to sell the Los Angeles Dodgers or exit other sports investments.
- The company confirmed it is cooperating with the DOJ and SEC to resolve ongoing inquiries into insurance fraud claims related to Guggenheim Investments.
- TWG Global defended the recent $12.5 billion sale of the Los Angeles Lakers, denying it was a 'fire sale' and highlighting a 25% premium over its prior purchase price.
Key facts
- TWG Global confirmed it is addressing inquiries from the U.S. Department of Justice and the Securities and Exchange Commission concerning claims of insurance fraud tied to Guggenheim Investments.[The Hollywood Reporter]
- TWG Global stated that the Los Angeles Dodgers are not for sale and that no sales process has been started.[The Hollywood Reporter]
- The Los Angeles Lakers were agreed to be sold on August 12 for $12.5 billion to an investment group led by Jared Kushner and Bob Iger.[The Hollywood Reporter]
- TWG Global denied claims that the Dodgers were improperly acquired or funded, noting the team's revenues exceed its player obligations.[The Hollywood Reporter]
- TWG Global stated it is not planning to sell its stake in the Cadillac Formula 1 team or other motorsports assets.[The Hollywood Reporter]
What remains uncertain
- The potential resolution, timeline, and exact scope of the DOJ and SEC inquiries regarding insurance fraud remain unknown.[The Hollywood Reporter]
Sources
- After Lakers Move, Dodgers Owner Goes Into Damage Control, Says No “Fire Sale” Is HappeningThe Hollywood Reporter metered