Dodgers, F1 stakes not for sale amid fraud probe, TWG Global says

TWG Global has forcefully denied rumors that it plans to sell its stakes in the Los Angeles Dodgers and its Formula 1 team, issuing a "biting news release" that also attacks the federal investigations into potential tax fraud.

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Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media. It is important to set the record straight. TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.

The company, along with its founder and CEO Mark Walter, is reportedly under scrutiny from the Securities and Exchange Commission and the US Attorney's Office for the Southern District of New York. TWG Global's statement asserted that "there has been no fraud" and that the "unnamed sources with self-serving interests" fueling the media reports are unfounded.

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Despite what has been reported, there has been no fraud.

Speculation about asset sales intensified last week following reports that Walter agreed to sell his stake in the Los Angeles Lakers for a reported $12.5 billion, a little over a year after acquiring majority ownership for $10 billion. However, TWG Global reiterated statements made by Dodgers president Stan Kasten, declaring, "Regarding the Los Angeles Dodgers, to be clear, the team is not being sold, and no sale process has been initiated."

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The Dodgers are not being sold.

The company also affirmed its commitment to its Formula 1 team, stating, "Similarly, TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports." TWG Global also refuted claims that the Dodgers were acquired or funded improperly, calling such allegations "false and not supported by the facts."

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Regarding the Los Angeles Dodgers, to be clear, the team is not being sold, and no sale process has been initiated.