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FinanceUS SEC, prosecutors probe Chelsea, Lakers, Dodgers owner Mark Walter over insurance transactions
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Billionaire Mark Walter, owner of the Los Angeles Lakers, Los Angeles Dodgers, and co-owner of Chelsea FC, is under investigation by the US Securities and Exchange Commission (SEC) and the US Attorney's Office for the Southern District of New York. The probe focuses on two insurance companies under Walter's control: Delaware Life Insurance Company and Clear Spring Life and Annuity Company. Authorities are examining whether these firms fully disclosed asset ownership related to other parts of Walter's business empire. Walter's holding company, TWG Global, confirmed it is aware of and cooperating with the investigation, and is implementing a remediation plan to restructure certain investments. Walter, CEO of Guggenheim Partners with an estimated net worth of $7.3 billion, has used insurance companies to fund major sports acquisitions, including the $2 billion purchase of the Dodgers in 2012 and his stake in Chelsea acquired in 2022.
Source report
Hupu Football News — July 21
The UK Financial Times reports that US prosecutors are investigating companies operated by billionaire Mark Walter, who is the owner of the Los Angeles Lakers (NBA) and Los Angeles Dodgers (MLB), and a co-owner of Chelsea Football Club (Premier League).
Walter serves as CEO of investment firm Guggenheim Partners, with an estimated net worth of $7.3 billion. After amassing a fortune on Wall Street, he has become one of the most influential figures in sports.
However, according to Bloomberg and the Financial Times, two insurance companies under Walter are facing subpoenas from the US Attorney's Office for the Southern District of New York and the Securities and Exchange Commission (SEC).
- Delaware Life Insurance Company and Clear Spring Life and Annuity Company are both under scrutiny regarding whether they fully disclosed asset ownership related to other parts of Walter's business empire.
Walter's holding company, TWG Global, told the Financial Times in a statement that it is "aware of and cooperating with the investigation."
According to the Financial Times, the billionaire is known for using insurance companies to fund acquisitions, including his $2 billion purchase of the Dodgers baseball team in 2012.
Walter owns the WNBA team LA Sparks and is a major investor in the Professional Women's Hockey League (PWHL). He has also invested in tennis's Billie Jean King Cup and the Cadillac Formula 1 team.
However, he is best known as one of the owners of Chelsea, the Dodgers, and the Lakers. The 66-year-old billionaire is a member of the consortium led by Todd Boehly that acquired Premier League giant Chelsea for £2.5 billion (approximately $3.36 billion) in 2022.
- A decade earlier, he led the acquisition of the Dodgers when they were in bankruptcy. Since then, thanks to the addition of superstars like Shohei Ohtani, the team has become a baseball powerhouse.
- Walter joined forces with Magic Johnson to acquire the Sparks in 2014.
- Last year, he became a major shareholder of the Lakers in a deal reportedly worth $10 billion.
Group 1001, a TWG entity that owns Delaware Life and Clear Spring, told the Financial Times that it is cooperating with prosecutors and the SEC investigation, adding that it is implementing a "remediation plan... to reduce and restructure certain investments involved."
The Daily Mail has contacted the Lakers, Dodgers, and Chelsea for comment.
Source: Financial Times
Posted in Shanghai | Reads: 1646
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虎扑 - 足球Western
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US SEC and Prosecutors Investigate Chelsea, Lakers, and Dodgers Owner Mark Walter Over Insurance Transactions