The Wall Street Journal recently reported that federal prosecutors and the Securities and Exchange Commission (SEC) are investigating Los Angeles Dodgers Mark Walter. That is over whether or not financial relationships were concealed when more than $20 billion was sent through insurance companies that Walter controls.
Now, The Athletic has added to that reporting, sharing that the Dodgers owner is shifting billions around his financial empire.
Delaware Life Insurance Company and its affiliate Clear Spring Life and Annuity, both of which are Walter’s companies, received grand jury subpoenas. Much of that has to do with whether or not billions being shifted were properly reported or not.
Andrew Granato, a legal economist, spoke to The Athletic. He explained that “insurers’ affiliated investments can create conflicts because the same person effectively controls both sides of a transaction. That would allow the company owner to set favorable loan terms to their affiliated business or, if the borrowing company were to default, the same owner could decide whether to aggressively fight for repayment.”
Filings show that Delaware Life revised disclosures for $17 billion more in investments tied to related businesses. That increased its share of the company’s portfolio from just 3% to 42%.
Why This Matters to the Los Angeles Dodgers
GettyLos Angeles Dodgers hat and glove
This investigation does not directly involve the Los Angeles Dodgers. Even though Mark Walter is the team’s owner, they’re not the key piece of the investigation at this point. However, that doesn’t mean there won’t be any impact on the team.
One thing the filings did show was that a loan tied to the Dodgers has almost been entirely paid off. The loan was worth $4.1 million. Only $1 was listed as the balance as of June.
The loan was with Dodgers Tickets LLC. That’s a subsidiary of the Dodgers themselves. In 2025, Delaware Life reported that Dodgers Tickets was unaffiliated, despite the fact that connection between both organizations and Walter. In March, Dodgers Tickets was reclassified to being an affiliated company.
Dodgers president and CEO Stan Kasten is also listed as the CEO of Dodgers Tickets. He would maintain that there are no upcoming changes for the team itself.
Mark Walter Already Sold One Los Angeles Team
GettyLos Angeles Dodgers’ owner Mark Walter
Part of what has caused a large amount of concern about the future of the Los Angeles Dodgers is how Mark Walter has already started handling his other sports assets. In particular, the Los Angeles Lakers.
Walter agreed to purchase the Lakers a year ago for a $10 billion valuation. Now, he’s agreed to sell the Lakers to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner, for $12.5 billion. That’s a $2.5 billion increase in valuation over just one year.
According to The Bloomberg Billionaires Index, Walter has a net worth of around $18.3 billion. Part of that comes down to a massive sports empire, headlined by the Dodgers. However, he also owns Chelsea FC, the WNBA’s Los Angeles Sparks, the Professional Women’s Hockey League, Cadillac F1, and the Billie Jean King Cup. Still, the sale of the Lakers has sparked concern about the future for all of his assets.
Perhaps no changes are coming for the Dodgers. Perhaps the investigations won’t turn up any further evidence of impropriety. For now, though, it’s an investigation to follow.
Dodgers Owner Mark Walter Reportedly Shifting Billions Amid Investigation