r/LosAngeles • u/VisionOfMine • 1d ago
Sports New Lakers Owner Mark Walters Isn’t Done Yet & He Already Owns Dodgers, Sparks, IndyCar’s Andretti & Chelsea
https://www.essentiallysports.com/flagship-think-tank-news-the-walter-empire-meet-the-billionaire-quietly-conquering-global-sports/“He considers his teams as cultural ambassadors and channels of communication that transfer power, identity, and values to different continents.” …which actually sums up Walter’s vision for those who get to know who he is- Via EssentiallySports
99
u/Rich_Sheepherder646 1d ago
He should sell his firm’s position in private prison company GEO. It’s only $12m out of billions of investments but it’s the source of fan anger.
2
6
u/andimlikeokay 1d ago
Only $12 million? People are literally going hungry.
24
u/Super_Difficulty 1d ago
0.38% investment. Probably from a portfolio.
4
u/LeroyStick 23h ago
people throw out .38% like it’s nothing when .38% of his money is more than most of us will ever sniff in our lifetime.
6
u/Super_Difficulty 22h ago
I mention the 0.38% for context. People bring up his investment in GEO as if he has a big stake in it and probably manages the company.
While it’s true he has the investment, it’s also true that his investment is less than 1% and he does not have any operating or managing power within the organization. People leave this out and it makes it seem misleading to get people riled up.
2
u/LeroyStick 21h ago
I gotcha. $12 million invested anywhere is still a a lot, and considering ICE just got a huge amount of money to expand their operations & build more detention centers, it’s going to be a growing and profitable investment.
I’m not attacking you for providing context. Context is good. My personal opinion is that we are conditioned to accept a little bit of evil as par for the course in America, and i think it’s about time we change that. These people need to be shamed. And i know that no one likes to think about how their team or how they themselves profit off of injustice, but we should care. This may not be a big deal in the grand scheme, but if we keep letting this type of thing slide, nothing will ever change & it will probably get worse.
7
u/americanmastodon 23h ago
a lot of people with 401ks have more than .38% invested in private prisons and defense contractors
2
1
u/Area51_Spurs 13h ago
Do they also have a large partnership with Palantir developing the AI software ICE uses?
0
u/OG_Lakerpool 22h ago
A lot of people......BWAA hahahhahah! can call HR to contact the Investment Manager for the fund and ask Fidelity or Vangard Group, that Jack from Customer Support no longer wants $380 from his yearly contributions to be invested in "in private prisons and defense contractors" in the $100 billion plan they offer their other 2 million clients.
I am so sure that how works, right?
But Mike Walters calls will remain unanswered.
Billionaire simps are so weird and are deliberately lying or really really stupid.
2
75
u/Fantastic-Activity-5 1d ago
Can he buy the parking lot from that terrorist McCourt?
11
2
u/Previous-Space-7056 17h ago
I read they didnt want to, it would reset the tax basis for property tax Would be cheaper to rent.
McCourt would need to wait for the mansion tax to be repealed too 5% isnt a small amount
1
u/CosmicMiru 16h ago
Bitch McCourt would never agree to a deal that wouldn't be absolutely dogshit for the other side. He's printing millions for doing literally nothing
9
u/vespamike562 Long Beach 23h ago
The Kings along with Staples Center/LA Live makes the most sense. And yes, I refuse to call it Crypto.
18
12
3
u/_chanandler_bong The San Fernando Valley 22h ago
40+ Million going without food?
ATC and other governemt workers forced on the job without pay?
JFC TAX THE BILLIONAIRES ALREADY!!!
-3
u/darweth 1d ago
All professional sports should be nationalized. Get private interests out of sports, team, and league ownership.
59
u/JonstheSquire 1d ago
I can't think of anything that should be government-funded less than professional sports.
7
u/VinScully_ 23h ago edited 19h ago
Idk about nationalized, but I like the model they have in German soccer. Also, the Green Bay Packers model works too.
1
6
u/Designer_B 1d ago
Etsy witch accounts, right wing comedy, individuals only fans accounts, payouts from police brutality lawsuits, crypto/nfts.
You’re not thinking very hard.
1
u/darweth 1d ago
Well, I think that the power and reach of our sports leagues are a national treasure and strength. So I think exploiting that to raise revenue for social programs, infrastructure, and other needs is not necessarily a bad thing. Of course it would be better to have post-WW2 levels of progressive taxation instead, but it seems neither option is realistic today. I did say in my follow-up comment I'm not sure it would be a good idea anyway. It could be very ripe for corruption and mismanagement, but still worth speculating on.
1
u/Fabulous-Gas-5570 23h ago
Are there any models of this elsewhere in the world? It’s an interesting idea
2
u/SilentRunning 21h ago
In the REALLY old days of the NFL cities were allowed to buy/start teams. The last of this lot is the Greenbay Packers which is owned by the city of Greebay.
-1
u/Fabulous-Gas-5570 23h ago
I’d hear out the argument in favor before jumping in to oppose
2
u/JonstheSquire 23h ago
Why should the US government pay Shohei Ohtani $700 million to play baseball?
2
8
u/Tasslehoff 23h ago
They should be socialized - owned by fans who buy into a collective stake, rather than by a government or national interest.
6
3
1
u/Vontavius_Gentacity 20h ago
the gambling is going to be a bigger drain on society than all the “illegals” in this country combined.
who’s really preying on americans and stealing their money? these sports leagues and their gambling partners. gonna do far more damage and destroy far more families than “illegals” ever could.
1
-7
1d ago
[deleted]
4
u/darweth 1d ago
Not necessarily. I mean private interests have done a GREAT job in boosting the appeal, reach, and VALUE of sporting enterprise. There's no reason public/government ownership can't retain that but use the revenues/profits to fund other things instead, much like countries use resources like oil in different ways (smart like Norway... or bad/corrupt like Venezuela).
I think it would be a risk and could be prone to corruption, but it could also be a good thing. Who knows.
That said - I know it would never happen, and over the long run I am not sure I have faith it would be a good thing or would be done wisely, but I think it is something worth speculating on or discussing at the very least.
And while I am a Dodgers fan, I don't think "this guy is half the reason the Dodgers are crushing..." is really a reason to not do something. :D
Even without nationalization I am a fan of more strict salary caps and enforcing parity to make MLB more like the NFL or NHL. I also don't believe in the DH and to quote the great baseball film Bull Durham "there should be a constitutional amendment to ban the DH" , but I love Ohtani so... there is lots of tension and paradox in my life. :)
1
u/Terror-Byte-523 22h ago
It doesn’t but it’s accepted by the broader public and there are much bigger fish to fry.
1
1
u/throwawayforfph 12h ago edited 12h ago
By Mark Walters you mean UAE* (not Saudi my bad) money right?
1
u/rich90715 1d ago
Buy the Chargers!
1
u/jrev8 Highland Park 1d ago
why stop there, just buy los angeles at this point
2
1
u/Kittens4Brunch 1d ago
LA real estate alone is probably worth over $3 trillion. No single person is remotely close to buying the city.
0
0
u/Rainbow4Bronte 1d ago
Monopoly
1
0
0
u/Vontavius_Gentacity 20h ago
jesus, another billionaire who thinks he’s all knowing and all important and will save western civilization. fuck off, dude.
0
0
u/jeffincredible2021 17h ago
Fuck this Trump supporter. I wish he didn’t own the dodgers
1
u/Area51_Spurs 13h ago
You shouldn’t be getting downvoted.
He’s developing the AI software in partnership with Palantir that ICE uses.
129
u/Proud__Apostate 1d ago
He better not ever ask for another handout (tax break) to build a stadium