Mark Walter reportedly seeks $700 million for Los Angeles Sparks and practice facility
Los Angeles Sparks owner Mark Walter is reportedly looking to sell the franchise along with its yet-to-open practice facility for $700 million, according to Bloomberg. If completed at that price, the deal would far exceed the current WNBA record set earlier this year when Tilman Fertitta purchased the Connecticut Sun for $300 million. The Sparks, which Walter acquired for roughly $10 million in 2014, have missed the playoffs for six straight seasons and finished this year at 16-28. The reported sale comes amid Walter's broader asset liquidation, which has already included the Los Angeles Lakers and his stake in Chelsea FC, and against the backdrop of a federal investigation into his firm Guggenheim Partners over the disclosure of billions of dollars in loans tied to his insurance companies.
federal prosecutors in Manhattan began examining Guggenheim's $362 billion money management arm
Why it matters
For brands: Sponsors and partners of the Sparks may need to reassess agreements as the franchise changes hands.
For media: A record-breaking WNBA sale would signal rapidly rising valuations across women's professional sports, a developing story worth tracking.
For athletes: Current and prospective Sparks players face roster and coaching uncertainty during an ownership transition.
Read the full story at CBS Sports
Sources
- CBS Sports · Jack Maloney: Mark Walter reportedly looking to sell WNBA's Sparks next after Lakers, Chelsea FC sales