In its latest effort to quash rumors and concerns it will sell off more of its assets amid reports it is the subject of federal investigations into potential tax fraud, TWG Global said Wednesday that its stakes in both the Los Angeles Dodgers and its Cadillac Formula 1 team are not for sale. The comments were made in a biting news release attacking the investigations and allegations of fraud. The Securities and Exchange Commission and the U.S.
Attorney’s Office for the Southern District of New York are investigating the company, and more specifically founder and CEO Mark Walter. TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders. Shortly after the sale, Dodgers president Stan Kasten told the media, “The Dodgers are not being sold.” In its statement Wednesday, TWG echoed Kasten’s words.
Among Walter’s other sports endeavors, he 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.
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