Report Alleges Dodgers Owner Improperly Repaid Magic Johnson for Help Buying Team
A report says Magic Johnson’s support helped Walter win the Dodgers bid, while federal and Major League Baseball investigators examine possible self-dealing.
- On Friday, journalist Pablo Torre reported that Mark Walter allegedly used a 2015 sale of EquiTrust life insurance firm to Magic Johnson to repay him for supporting the 2012 Los Angeles Dodgers bid, a transaction that reportedly made Johnson a billionaire.
- Records show a 2014 loan of $350 million from EquiTrust to American Media Productions, a Walter-controlled LLC, was not disclosed as a related-party transaction, coinciding with the Dodgers' $8.35 billion local television deal taking effect.
- Federal investigators are examining more than $21 billion in loans from Delaware insurance firms owned by the Guggenheim Partners CEO, reportedly not disclosed to state regulators, while Hunterbrook Media reported EquiTrust invested more than $100 million in the JLC Infrastructure Fund.
- TWG Global, Mark Walter's company, denied the allegations, asserting the Dodgers acquisition complied with all Major League Baseball rules; an independent law firm investigation found no irregularities in the deal.
- Amid broader financial scrutiny, Walter recently sold the Los Angeles Lakers NBA club for $12.5 billion and is reportedly exploring the sale of his stake in the English Premier League club Chelsea.
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Magic Johnson Billionaire Investigation: How His Deal With Mark Walter and EquiTrust Changed His Financial Future in Pablo Torre’s Latest Probe
A recent report alleged that NBA legend Magic Johnson was involved in improper business dealings with billionaire Mark Walter in the acquisition of MLB's LA Dodgers.
Pablo Torre breaks down financial questions surrounding Dodgers owner Mark Walter
A controversy is brewing involving the Los Angeles Dodgers, owner Mark Walter and NBA legend Magic Johnson. Federal investigators have been looking into whether Walter broke the law in how he raised the money and disclosed the source of those funds when he won the bidding war for ownership of the Dodgers. William Brangham discussed more with Pablo Torre, who has been uncovering details.
Reporter who investigated Clippers salary-cap circumvention turns attention towards Dodgers
Investigative journalist Pablo Torre, who spent the last year investigating the Los Angeles Clippers for alleged salary cap circumvention, hinted on social media that he’s turning his attention towards another L.A. team: the Dodgers. The announcement comes as Dodgers owner Mark Walter is at the center of a federal probe into the operations of his [...]
Pablo Torres alleges bombshell $350M shady dealing between Magic Johnson, Mark Walters
Pablo Torre broke the biggest story in sports when he delved into the Los Angeles Clippers and Kawhi Leonard investigation. Torre, a Pulitzer-winning journalist, has now taken an interest in investigating the situation surrounding the Los Angeles Dodgers and owner Mark Walter, who has been accused of committing fraud through his insurance companies. Los Angeles...
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