Mark Walter shocked the sports world earlier this year when it was announced he would be selling his controlling ownership stake in the Los Angeles Lakers to Bob Iger and Josh Kushner.
Walter had just purchased his majority stake a year ago from the Buss family, and flipping a sports team that quickly was essentially unheard of. As Walter deals with a federal investigation for potential financial improprieties though, he has needed to come up with some cash quickly.
The Lakers’ sale was the first step he took, and now he and his business partner Todd Boehly have also sold their shares in Chelsea FC, the English Premier League club announced:
Chelsea Football Club today announced affiliates of Clearlake Capital Group, L.P. (“Clearlake”) will acquire the ownership interest of Todd Boehly. Hansjörg Wyss will remain an important stakeholder and partner in the ownership group. As part of the transition, Clearlake will also acquire Mark Walter’s ownership interest and therefore acquire full control of the Club.
Walter, Boehly and Hansjorg Wyss each owner 12.8% of Chelsea with Clearlake previously controlling 61.5%. Clearlake is now acquiring Walter and Boehly’s shares while Wyss will remain involved as a shareholder and partner within the ownership group.
Todd Boehly said, ‘It has been an honour to serve as Chairman of Chelsea Football Club. I would like to thank the many who helped secure a bright future for the Club, including the English Premier League, the coaches and players, the talented leadership and staff at Chelsea, and the legions of dedicated fans. I have valued my partnership with Clearlake and the wider ownership group, and the collective decisions and investment we have made to support the immediate and long-term success of the Club. I am confident that Chelsea is well positioned for continued success under Clearlake’s leadership.’
When Walter sold the Lakers, it was also reported that he was attempting to sell his Chelsea shares, so this doesn’t not come as much of a surprise. He has remained adamant that he won’t be selling the Los Angeles Dodgers, although things could always change in the future depending on how the federal investigation goes.
Adam Silver comments on Mark Walter selling Lakers
NBA commissioner Adam Silver recently commented on Mark Walter and his decision to sell the Lakers, making it clear that the league vetted him properly before accepting him a controlling owner last year.
“I will say at the time that we vetted Mark Walter to be the principal governor of the team; again, he was already a part owner, minority owner in the Los Angeles Lakers,” Silver said at his annual press conference. “We went through the full process we all do, we spoke to governmental agencies, we spoke to, in the case of Mark Walter, a heavily regulated insurance agency, we spoke to other leagues in which he has investments. We found no red flags.
“Again, even to this day, as you know, these are — call them allegations. There are issues that are now being looked into. Independent of Mark Walter choosing to sell his team right now, he was not being investigated by our league. I don’t know what’s happening in other leagues right now.”
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