The NBA world is still coming to terms with the announcement that owner Mark Walter is selling the Lakers for $12.5 billion. However, there is reportedly a key reason behind this decision.
Mark Walter essentially flipped the Lakers for a $2.5 billion profit within less than two years. News that he’s selling the franchise to Bob Iger and Josh Kushner for $12.5 billion shocked fans on Wednesday.
Walter has led the Los Angeles Dodgers to dominance and success in the MLB, so fans were excited to see what he would do for the Lakers. And it looked like he had a long-term vision for the team, too.
That’s one of the reasons many found the sale so surprising. However, it’s not always about sports in these situations. And a report has now suggested the actual reason behind Walter’s move.
Photo by SAUL LOEB / AFP via Getty ImagesMark Walter is reportedly selling the Lakers to pay down loans he’s being federally investigated forThe finances of billionaires are hard for most people to wrap their heads around, in terms of scale. There is a lot of debt floating around, and it can sometimes become a serious issue.
It seems that something similar is at play when it comes to the Lakers deal. According to a report shared by Joe Pompliano, Walter’s ongoing federal investigation was the motivating factor that led to this.
“Bloomberg is reporting that Mark Walter has been in talks with investors to raise money to pay down the loans he is being investigated for,” Pompliano wrote in a post on X.
“That’s why he sold the Lakers for $12.5B — in a deal that came together in just 72 hours — less than two years after he purchased the team.”
A profit of over $2 billion in less than two years is nothing to sneeze at. If Walter’s hand was indeed forced by other business issues in his life, it would go a long way in helping fans understand the situation.
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