Mark Walter’s holding company has rejected suggestions that the Los Angeles Lakers’ abrupt $12.5 billion sale was driven by financial pressure created by a federal investigation into other parts of his business empire.
In its most detailed public response since Walter agreed to sell the Lakers, TWG Global declared Wednesday that “there has been no fraud” and denied unloading sports holdings at distressed prices to support its insurance operations.
“TWG stands firmly behind the integrity of its business,” the company said in a statement released through Business Wire.
The forceful response arrives after weeks of scrutiny surrounding the timing of the Lakers deal. Walter agreed to sell the franchise to a group led by Thrive Capital founder Josh Kushner and former Disney chief executive Bob Iger, a self-confessed Clippers fan, less than a year after acquiring control at a $10 billion valuation.
The new agreement values the Lakers at $12.5 billion, another record for a professional sports franchise.
TWG Rejects Lakers ‘Fire Sale’ Narrative
GettyNBA Commissioner Adam Silver, prospective Lakers owner Josh Kushner and then-Disney CEO Bob Iger attend the 2025 U.S. Open in New York. Kushner and Iger agreed to purchase the Lakers for $12.5 billion in a deal that came together in 72 hours.
TWG said Kushner and his group approached Walter about purchasing the Lakers. The company argued that the valuation itself disproves speculation that Walter needed to generate cash quickly.
The proposed price represents a 25% premium over the $10 billion valuation attached to Walter’s acquisition and a far greater increase from the $5 billion valuation at which he initially bought a minority stake in 2021.
The transaction is “hardly a ‘fire sale,’” TWG said.
Walter and his partners regularly receive inquiries about their sports investments and consider legitimate offers, the company added. TWG also said the Los Angeles Dodgers are not for sale and that no process has begun to market the baseball franchise.
The Lakers transaction still requires approval from the NBA’s Board of Governors. Until the deal closes, Walter remains the franchise’s controlling owner.
The rapid agreement raised questions because it emerged while federal prosecutors and the Securities and Exchange Commission were examining financial dealings involving Walter-connected companies.
Federal Inquiries Remain Unresolved
The investigation reportedly centers on whether private-credit investments involving insurers controlled by Walter were properly classified and disclosed.
Delaware Life Insurance Co. restated financial filings in June, increasing its reported affiliated investments from less than 5% to approximately 42% of its invested assets at the end of 2025, according to Reuters.
TWG said the inquiries began with a whistleblower complaint but maintained that investigations involving Guggenheim demonstrated no wrongdoing. The company said Guggenheim’s auditor issued unqualified opinions for 2024 and 2025.
Group 1001, which controls Delaware Life and Clear Spring Life and Annuity Co., has submitted a plan to Delaware insurance regulators to eliminate affiliated exposure. TWG has proposed purchasing those assets from the insurers, including a potential exchange involving as much as $6.5 billion.
“There is no victim here,” TWG said. “No one has been harmed, and no one has claimed they were harmed.”
The Justice Department and SEC inquiries remain open. An investigation does not establish wrongdoing, and no criminal charges have been announced. TWG said it will continue cooperating with both agencies.
What TWG’s Statement Means for Lakers
Getty Jeanie Buss attends the Los Angeles Clippers & Comcast NBCUniversal’s NBA All-Star Legendary Tip-Off Celebration at Los Angeles County Museum of Art on February 13, 2026 in Los Angeles, California.
The statement does not change the Lakers’ immediate chain of command. Walter remains the controlling owner until the $12.5 billion sale receives approval from the NBA’s Board of Governors and formally closes.
The larger questions now shift toward Kushner and Iger: when they will assume control, whether Jeanie Buss will remain the team’s governor and what changes could follow within the basketball operation.
TWG’s denial explains why Walter believes the transaction should not be viewed as a distressed sale. It cannot accelerate the NBA’s approval process or settle the continuing federal inquiries.
Until both matters are resolved, the Lakers enter another season with Luka Doncic anchoring their future on the court and their long-term power structure still being determined above it.
Lakers Owner Breaks Silence on $12.5 Billion Sale Amid Federal Probe