The owner of the Los Angeles Dodgers is under federal investigation for allegedly concealing billions of dollars in loans his insurance companies made to his own businesses, raising questions about whether financial pressure could eventually force a sale of baseball's most valuable franchise.

Mark Walter, 66, the majority owner of the Dodgers and CEO of Guggenheim Partners, faces parallel criminal and SEC investigations into $16 billion to $21 billion in undisclosed related-party transactions at two Delaware life insurers he controls, the Los Angeles Times reported Thursday, Aug. 20. No charges have been filed.

The U.S. Attorney's Office for the Southern District of New York issued grand jury subpoenas to Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. in February. After internal reviews, the insurers found that $21 billion in loans should have been classified as related-party transactions. Delaware Life had previously reported only about 3% of its investments involved related parties; the restated figure is at least 39%, according to the Times' earlier reporting.

The probe was sparked by a whistleblower, according to the Wall Street Journal. FBI agents seized Walter's cellphone and laptop from his private plane at a Chicago airport in September 2025, according to Bloomberg.

Federal prosecutors are focused on four intermediary entities through which billions in loans allegedly passed before reaching Walter-linked ventures, the Journal reported.

What it means for the Dodgers

Dodgers president and part-owner Stan Kasten said the team is not for sale. "The Lakers sale really has nothing to do with the Dodgers. There are no changes here or contemplated here," Kasten told the Times on Thursday.

But Walter has been rapidly selling assets. He agreed to sell a majority stake in the Lakers for a record $12.5 billion to former Disney CEO Bob Iger and venture capitalist Joshua Kushner. The deal, which requires NBA Board of Governors approval in September, came just 14 months after Walter bought the team at a $10 billion valuation. He has also reportedly put his Chelsea Football Club shares on the market.

On Tuesday, Aug. 18, Walter's holding company TWG Global announced it would buy up to $6.5 billion in affiliated assets from Delaware Life, swapping them for unaffiliated investments, according to a Reuters report. The transaction requires approval from the Delaware Department of Insurance.

TWG Global said in a statement that Walter and the company have always acted in good faith and are cooperating with authorities.

Industry sources told the Times the Dodgers could fetch $10 billion to $13 billion in a sale, though approximately $1 billion in deferred contract commitments would reduce any price. The franchise has won three of the last six World Series and 12 division titles since Walter's ownership group bought the then-bankrupt team in 2012 for $2.15 billion.

MLB watching, not acting

Major League Baseball has not announced any investigation into Walter. Former Dodgers president Bob Graziano told the Times that the league is likely waiting on the federal probe's outcome before taking its own steps, noting that MLB typically looks into "any kind of public question about owners."

The league has never formally stripped an owner of a franchise. But it pressured Frank McCourt to sell the Dodgers in 2012 by threatening a financial takeover, a parallel that hangs over the current situation.

Former federal prosecutor Jacob Frenkel told the Times the investigation could still be ongoing in January 2028, and that if criminality is found, prosecutors would typically file mail or wire fraud charges carrying up to 20 years in prison.

The San Diego Padres sold the same week for $3.9 billion, illustrating how few buyers could afford the Dodgers at the prices experts project.