Dodgers and Lakers owner Mark Walter's business empire under federal loan fraud probe

Laurence Darmiento Tue, July 28, 2026 | 3:00 AM PDT | 4 min read

The business empire of Mark Walter—owner of the Los Angeles Dodgers and Los Angeles Lakers—is reportedly under investigation by the U.S. Attorney's Office and securities regulators concerning $16 billion in potentially fraudulent loans.

According to the Wall Street Journal, the loans were issued by two Delaware life insurers owned by Walter to companies tied to him or his holding company, TWG Global. These transactions were not disclosed as "related party" transactions, as required by law. Insurers must report such transactions to limit conflicts of interest and protect policyholders, who rely on the financial strength of their insurers.

Background on Mark Walter

Walter, 66, is the CEO of Chicago-based investment firm Guggenheim Partners. He led a group—including fellow Guggenheim executive Todd Boehly and Magic Johnson—that acquired the Dodgers for $2.15 billion in 2012, a record for a professional sports team at the time.

Last year, Walter and TWG acquired a controlling stake in the Lakers at a $10 billion valuation, setting another record. Walter also owns Chelsea Football Club in the English Premier League.

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Last week, Walter celebrated the Dodgers' World Series victory at the White House—the team's second consecutive championship.

Insurance and Financing Ties

The majority of the funds used to purchase the Dodgers—more than $1 billion—came from insurance companies managed by Guggenheim Partners and controlled by Walter, the Los Angeles Times has reported.

A number of state insurance regulators investigated the 2012 purchase in 2014 and found no irregularities, according to a 2020 Wall Street Journal report.

Guggenheim Partners entered the insurance business after the 2008 financial crisis, identifying investment opportunities. Walter believed he could increase returns on insurers' typical corporate bond purchases by connecting them to his deal pipeline. The Wall Street Journal reported that five insurers had provided more than $10 billion in deal funding over the years.

The Investigation

The current probe began after an internal whistleblower filed a complaint questioning how Walter's asset-management firm, Guggenheim Investments, booked revenue associated with insurers. FBI agents have seized at least one cellphone related to that investigation.

Read more: Lakers selling majority ownership of franchise to Dodgers owner

The investigation later expanded to examine the $16 billion in loans, which were routed through a third party before reaching companies tied to Walter or TWG, the Journal reported.

The insurers involved—Delaware Life Insurance and its affiliate Clear Spring Life and Annuity—disclosed the investigations in June regulatory filings. Delaware Life had previously stated that affiliated investments amounted to only about $1 billion, or 3% of its portfolio, but has since revised that figure to $16 billion.

Delaware Life executives told one credit rating firm they...