Hour 3 – Rich Guy Problems

Dodgers owner Mark Walter is reportedly being investigated by the Southern District of Manhattan and the SEC for fraud involving loans and the undervaluation of assets. In response, he has been selling off pieces of his empire at a frantic pace. Last week, he moved to sell the Lakers for $12.5 billion (he bought them for about $10 billion). This week, he is selling his roughly 13% stake in the Premier League soccer team Chelsea, which he acquired in 2022. The buyer is a firm called Clear Lake Capital.

Ben Maller describes the situation as a "five-alarm cluster fudge." Walter is running what he calls a "bucket brigade," frantically bailing water out of his sinking financial ship while federal investigators circle. The core strategy, as Maller sees it, is simple: sell everything else to keep the Dodgers. "Take the soccer team. Take the basketball team. Just keep your stupid hands off my baseball team," he imagines Walter saying. "That's my crown jewel."

The Genie Buss complication

The Lakers sale is not a done deal. Genie Buss, the Lakers' controlling owner and a member of the family that has run the franchise for decades, is reportedly trying to throw a monkey wrench into the sale. She is fighting to keep her share of the team, and her legal maneuvering could delay or derail the transaction entirely.