Mark Walter still controls the Los Angeles Dodgers on Dec 31 2027

Walter's 2 life insurers carry roughly $19.8B of investments in his own affiliates, restated onto that line after February 2026 grand jury subpoenas, and Bloomberg reports the Delaware Department of Insurance wants nearly all of it unwound by 2026-12-31. There are 4 ways to move a concentration ratio and 3 are shut: no buyer will take subpoenaed related-party paper, growing the denominator to a 10% share needs $198B of invested assets against $48B today, and a reinsurance cede hands over the liquid assets while leaving the loans, so the ratio rises rather than falls. That leaves selling assets so the borrowers can repay in cash, which is what the Lakers sale was. The Lakers cover about a third of the requirement. The Dodgers are the largest asset left.