TWG Global denies Dodgers, F1 team sales amid investigation
TWG Global said Wednesday that its stakes in both the Los Angeles Dodgers and its Cadillac Formula 1 team are not for sale, issuing a forceful statement that rejected allegations of fraud and criticized what it called "multipronged attacks" from unnamed sources.
The statement came amid reports that the Securities and Exchange Commission and the US Attorney's Office for the Southern District of New York are investigating the company, and specifically its founder and CEO Mark Walter.
"Regarding the Los Angeles Dodgers, to be clear, the team is not being sold, and no sale process has been initiated," the statement said. "Similarly, TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports."
The company also directly addressed the fraud allegations: "The allegation that the Los Angeles Dodgers were acquired or have been funded improperly is false and not supported by the facts. Despite what has been reported, there has been no fraud."
TWG attributed the speculation to "unnamed sources with self-serving interests" whose claims have been "reported in the media."
Lakers sale fuels speculation
The news release is the latest effort to quash rumors that TWG will sell off assets, speculation that intensified last week when Walter agreed to sell his stake in the Los Angeles Lakers for a reported 5 billion — barely a year after purchasing majority ownership for $10 billion.
Shortly after that sale, Dodgers president Stan Kasten told the media: "The Dodgers are not being sold."
Kasten also characterized the Lakers sale as a separate situation with no bearing on the Dodgers, and said that nothing involving the Dodgers is part of the investigation.
Investigation details
Reports have suggested the investigation centers on allegations that Walter improperly handled insurance company investments. Several companies are said to have used investor funds to make loans to businesses also under Walter's control, and those investments were not properly disclosed to investors. Most reports have suggested that at least $16 billion in loans are under investigation.
One reported example involves a loan from Delaware Life, a company Walter controls, to Dodgers Tickets LLC. That loan was listed as "unaffiliated" and was for 1 million, according to reports, and has already been paid off.
Dodgers finances under scrutiny
The investigation has also drawn attention to the Dodgers' aggressive payroll spending. Estimates in 2025 suggested that the Dodgers spent nearly 75% of their total revenue on payroll, one of the highest such percentages in baseball. The team reportedly has exceeded $1 billion in revenue.
Some of the scrutiny has focused on the structure of contracts, including the heavily deferred deal for Shohei Ohtani. Reports have indicated that Ohtani himself suggested the contract deferral structure, not the Dodgers. Had Ohtani signed with Toronto or San Francisco, they too would have $680 million in deferred compensation on the books, according to those reports.
TWG's ownership extends well beyond the Dodgers. Walter also owns the WNBA's Los Angeles Sparks, the Professional Women's Hockey League, and French top-flight soccer team RC Strasbourg, while holding stakes in the Andretti Global motorsports operation and Chelsea of the Premier League in England.
The Dodgers spent $4 million this year to buy out Chris Taylor's contract, a figure that has been cited in discussions of the team's spending.
The accusations that the Dodgers were funded primarily by fraud were false, TWG said, reiterating its stance that the team was acquired and operated legitimately.