[Bloomberg] Mark Walter is looking to sell another sports franchise: the WNBA’s LA Sparks. He’s looking to sell the franchise and a related practice facility for more than \(700M. The current WNBA record sale is \)300M, paid by Fertitta this year to buy the Connecticut Sun and relocate them to Houston
Mark Walter is on the move again to sell one of his lucrative sports franchises in the wake of his ongoing massive financial scandal.
According to Bloomberg, the former Lakers owner is now exploring a potential sale of his Los Angeles Sparks franchise, seeking more than $700 million for the WNBA team.
“Mark Walter is looking to sell the WNBA’s Los Angeles Sparks, taking another step in the dismantling of his sports-team empire, according to people familiar with the matter,” the report indicated.
“Walter is looking to sell the franchise and a related practice facility for more than $700 million, said one of the people, who wasn’t authorized to speak discussing private dealings.”
Mark Walter is currently facing a massive financial scandal involving an ongoing federal criminal investigation and fraud lawsuits. The controversy centers around allegations that Walter improperly used his insurance empire to fund his other personal business ventures.
Out of his embattled situation, Walter has taken an aggressive stance to shed his sports franchise ownerships. In just a three-day process, he stunned everyone by selling the Los Angeles Lakers majority stake for \(12.5 billion to Josh Kushner and Bob Iger at a record-setting \)12.5 billion valuation, leaving the franchise after 14 months since he took over and replaced Jeanie Buss.
Furthermore, Walter officially finalized the sale of his minority ownership stake in the English Premier League club last month.
Mark Walter became the owner of the Los Angeles Sparks in February 2014. He led an investment group alongside NBA legend Magic Johnson to acquire the WNBA franchise.
Under Walter’s ownership, the Sparks won the 2016 WNBA championship.
The current record for the most expensive franchise sale in WNBA history is $300 million, paid by the Fertitta family earlier this year to purchase the Connecticut Sun. As part of that historic acquisition, the franchise is scheduled to relocate to Houston.