Chelsea co-owners Mark Walter and Todd Boehly are trying to sell. But a federal investigation into Walter involves a company long tied to sporting icon Magic Johnson, who owns football teams of his own.
By Paul Brown
Earvin ‘Magic’ Johnson is basketball royalty. One of the greatest to ever play the game. His flashy skills, infectious enthusiasm and contagious smile made him the face of the NBA for years as his ‘Showtime’ LA Lakers dominated the sport in the 1980s. He later wowed the world in a leadership role alongside Michael Jordan and Larry Bird on the ‘Dream Team’ which swept the USA to a historic gold medal at the 1992 Olympics.
But since his retirement, Johnson has been on another team altogether. It’s here that his story becomes indelibly interwoven with two billionaires who pioneered a new way to fund the purchase of some of the world’s biggest sports teams - Mark Walter and Todd Boehly.
Earlier this week, Walter hit the headlines by agreeing to a sudden sale of the Lakers to Josh Kushner and Bob Iger for 12.5 billion USD amid a probe into his business affairs by US prosecutors. Then, along with his long-time business partner Boehly, he suddenly decided to explore the sale of his shares in Chelsea to the Premier League club’s majority owners, Clearlake Capital.
Josimar has already detailed Walter’s need for cash after he was forced to reclassify more than 20 billion USD in private credit investments held by his insurers. The investigation into the 66-year-old centres around whether he or his companies committed fraud by concealing financial connections whi...
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