A lot of attention has been focused on the WNBA Finals of late, and that's how it should be — the games being played between the Golden State Valkyries and the Atlanta Dream are the most important thing happening in the league right now. Both teams represent something new and exciting, and the games they've played so far in the 2-2 series have fans on the edge of their seats.
But there are still other dealings going on in the league. Last week, Los Angeles Sparks owner Mark Walter announced he hopes he sell the team for a massive $700 million. If that deal actually takes place, it would be the largest transaction in the history of the league. The deal would also include the team's practice facility (which is currently under construction).
Walter, who has owned a majority stake in the team since 2014, has also worked with co-owners Magic Johnson, Todd Boehly, Robert Patton, and Stan Kasten.
While a deal of that size would get attention no matter what, reporting indicates there's more going on behind the scenes than might be readily apparent. Walter put the Los Angeles Lakers up for sale in August in the face of an FBi investigation into his financial dealings. The investigation alone doesn't mean that Walter or his holding company TWG Global have actually committed any crimes.
Walter is accused of engaging in or brokering deals despite any conflict of interest that may be present. As explained by Yahoo! Sports, Walter has worked in quite a few roles. One is as co-founder and CEO of Guggenheim Partners, "a sprawling investment and financial services firm with total assets valued in the hundreds of billions."
He also founded TWG Global in 2024. Per Yahoo, "TWG Global owns both a stake in Guggenheim and the insurance companies Delaware Life Insurance Co. and its affiliate, Clear Spring Life and Annuity Co."
It's not "inherently illegal" to make a deal if there's a conflict of interest, Yahoo added, but "they do have to be disclosed to all involved, including regulators." Some of the companies that Walter's have done business with have raised questions about whether or not that's what's been happening.
That's a really short and less complicated way of breaking down what's a very involved and complicated issue. For the Sparks, it could mean a lot of things. Someone could buy the team from Walter and keep them in Los Angeles, which is pretty ideal for the roster and staff, and also makes the most sense if the practice facility is important to the new ownership group. But someone else could potentially buy the team and relocate them — and a whole bevy of questions would follow.
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