Johnny Damon discusses the money culture in the MLB
The sports world was rocked this past week by accusations that Major League Baseball's richest team, the Los Angeles Dodgers, were funded primarily by fraud.
Those accusations were false, and based on a prolific misunderstanding of where the team gets most of its revenue, who owns the majority of the organization, as well as how much of their television income comes from cable company Spectrum.
It didn't matter though, because once accusations were made, baseball fan internet, already consumed by hatred and jealousy of the Dodgers money and success, ran wild. ESPN reporter Jeff Passan was the target of a days-long harassment campaign, demanding he speak out based on fans' complete and often purposeful misunderstanding.
PRIVATE EQUITY COMPANY APOLLO AGREES TO FINANCE DEAL WITH NEW YORK YANKEES ORGANIZATION FOR $2.6 BILLION
But for some quick backstory, Mark Walter, the Dodgers' largest single owner, is currently under investigation for allegedly improperly handling of insurance company investments. Several companies used investor funds to make loans to businesses also under his control. While this is allowed by federal regulators, it's reportedly alleged that these loans far exceed the typical scale in such cases. Those investments also weren't properly disclosed to investors, meaning that the fact both businesses were owned or controlled by Walter wasn't made clear.
FILE – Los Angeles Dodgers chairman and controlling owner Mark Walter watches during game five of the 2021 NLCS against the Atlanta Braves at Dodger Stadium on Oct. 21, 2021. The Dodgers defeated the Braves 11-2. (Kirby Lee-USA TODAY Sports)
Most reports have suggested that there were at least $16 billion in loans that are under investigation. That's obviously a significant amount of money, which helped lead to the reality-defying outrage.
NO, THE DODGERS DIDN'T SIGN SHOHEI OHTANI OR BUILD A SUPERTEAM BECAUSE OF MARK WALTER'S LOANS
This weekend though, Dodgers president and another member of the ownership group, Stan Kasten, addressed it, clearing up several misconceptions and pointing out that the story has little to do with the team.
While many have guessed or stated that Walter would have to sell the Dodgers or his stake in the team, Kasten told the media, and particularly the California Post in response to questions from Dylan Hernandez, that the team is not up for sale and will not be.
"I wanted to make sure everyone understood one thing very clearly: The Dodgers are not being sold," Kasten said. "They’re not gonna be sold. They’re not for sale. There’s no process that has been started to sell it, period," he continued. "We are planning only to win. That is what we are always doing. And we are still continuing to do that."
When questioned about Walter selling the Lakers after just a year in ownership, Kasten said it was a separate situation that has nothing to do with the Dodgers. An answer he said came directly from Walter.
"I just wanted this to be clear, because this question keeps coming up," Kasten said. "I understand the questions, I do. But as I said to you last time we met, the Lakers thing was what we lawyers call ‘sui generis.’ It was just one of those one-of-a-kind things that really has nothing to do with what’s happening with us."
"This comes from Mark," he added. "He’s gung-ho about continuing to try to win."
