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Mark Walter, chairman and controlling owner of the Dodgers, acknowledges a fan before a game in Chicago on Aug. 4. (Melissa Tamez / Associated Press)
If Mark Walter is selling one of the crown jewels of Los Angeles sports, is he about to sell the other?
No, according to people familiar with the matter not authorized to discuss it publicly. Walter announced the sale of his controlling interest in the Lakers on Wednesday, but he is not looking to sell the Dodgers.
The decision to sell the Lakers is specific to the Lakers and is not a sign Walter is interested in dismantling a sports empire that includes the Dodgers, the Sparks, Chelsea of the English Premier League, the Professional Women’s Hockey League and various tennis and motor sports entities.
In 2012, Walter and his partners bought the Dodgers for $2.15 billion, then a record for a Major League Baseball team.
Read more:Bob Iger, Joshua Kushner to buy Lakers from Mark Walter's ownership group for $12.5 billion
Under his ownership, the Dodgers have won three of the past six World Series championships and invested record revenues in player contracts so generous that league owners are now pursuing a salary cap, in part to lift the value of all of its franchises.
Sportico now values the Dodgers at $9 billion.
Walter last year closed his purchase of the Lakers at a valuation of $10 billion and agreed to sell Tuesday at a valuation of $12.5 billion. The buyers: former Disney chief executive Bob Iger and Joshua Kushner, whose Thrive Eternal venture capital firm invests in sports and owns a share of the San Francisco Giants.
Kushner is the younger brother of Jared Kushner, President Trump’s son-in-law.
That Walter never put the Lakers up for bid echoes how he bought the Dodgers: An auction had been scheduled among three finalists for the Dodgers, including Walter and his partners. Walter put a take-it-or-leave-it bid on the table so high — hundreds of millions above where the other bidders had been in the process — that former Dodgers owner Frank McCourt called off the auction and congratulated Walter.
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This story originally appeared in Los Angeles Times.
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