PWHL Owner Mark Walter Continues Rapid Sell Off Of Sporting Assets With WNBA's Los Angeles Sparks Next To Go

PWHL owner Mark Walter is continuing his rapid sell-off of sports assets. Less than a year after purchasing the NBA's Los Angeles Lakers, Walter sold the team earlier this year. He followed that by selling his stake in the Premier League's Chelsea FC. Next up, according to a report by Bloomberg, is the WNBA's Los Angeles Sparks.

It all comes after federal prosecutors, the SEC and FBI opened a fraud investigation into Mark Walter and a group of insurance companies in his empire. The investigations opened after Walter's insurance companies under reported their related party investments back into other Mark Walter controlled companies by as much as $20 billion.

Using a similar investment and loan strategy, Walter purchased MLB's Los Angeles Dodgers in 2012. He has funded the launch of the PWHL in 2023, which will grow to 12 teams, up from six in year one, this season.

While Sportico valued the Sparks at $400 million, Walter is looking for more than $700 million for not only the Sparks, but for their brand new $150 million practice facility which is still on track to be completed and ready for the Sparks ahead of the 2027 season.

Despite the sell-off of assets, which financial experts have stated is for liquidity and to pay down debt, the PWHL told The Hockey News back in August that there is "absolutely no expected change to ownership of PWHL."

The Hockey News reached out to league representatives following today's report that Walter would be selling the Los Angeles Sparks to see if that statement still holds true. A league spokesperson confirmed that this remains the PWHL’s stance.

The PWHL did accept their first round of outside investment this year in Toronto-based in Kilmer Sports Ventures and the Detroit based Ilitch Companies, parent company of Ilitch Sports + Entertainment. Reports have stated that the Kilmer Sports Ventures investment was for $100 million, while no value has been reported for the Ilitch investment.