PHOENIX – After becoming Major League Baseball’s financial juggernaut, a new investigation by Pablo Torre is raising questions about the money behind the Los Angeles Dodgers’ dominance. The investigation examines relationships involving Dodgers owner Mark Walter, Magic Johnson, EquiTrust, and American Media Productions, the Walter-controlled company connected to SportsNet LA.
May 2, 2012; Los Angeles, CA, USA; Members of the Guggenheim baseball management team pose at a press conference to announce the sale of the Los Angeles at Dodger Stadium. From left: Stan Kasten and Walter and Magic Johnson. Mandatory Credit: Kirby Lee/Image of Sport-USA TODAY Sports
According to the investigation, EquiTrust was sold from Mark Walter to Magic Johnson, who also loaned $350 million to American Media Productions, which Walter owns. That media company ended up paying the Los Angeles Dodgers $334 million a year through a record-setting TV deal that Walter gave himself. That creates a complicated financial relationship between businesses connected to the Dodgers’ ownership group.
Mar 27, 2026; Los Angeles, California, USA; Los Angeles Dodgers two-way player Shohei Ohtani (17) receives his World Series ring from team owner Mark Walter prior to the game against the Arizona Diamondbacks at Dodger Stadium. Mandatory Credit: Jayne Kamin-Oncea-Imagn Images
The significance goes beyond one transaction. The Dodgers have used enormous contracts and deferred payments to build a roster capable of competing for championships year after year. Their financial advantage has become one of baseball’s biggest competitive storylines. When asked if terms were approved by legal, a compliance attorney from Guggenheim said they were not asked to do a KYC review.
Oct 29, 2025; Los Angeles, California, USA; Los Angeles co owner Magic Johnson throws the ceremonial first pitch before game five of the 2025 MLB World Series between the Toronto Blue Jays and the Los Angeles at Dodger Stadium. Mandatory Credit: Kirby Lee-Imagn Images
Now, the question is whether MLB should take a closer look at how that financial machine operates. The investigation raises questions about whether transactions involving Walter’s businesses were properly reviewed, approved, and disclosed. Those questions are not proof of fraud or illegal activity, and no such conclusion should be reached without a formal investigation. But MLB cannot afford to ignore legitimate questions surrounding the financial structure of one of its most powerful franchises. If everything was conducted legally and appropriately, the Dodgers have little to fear from additional scrutiny. If regulators or MLB discover violations, however, the consequences could be enormous. It’s whether their financial structure provided advantages that other MLB teams could not realistically access.
INVESTIGATION: Before Mark Walter sold the Lakers, he bought the Dodgers. Then came $350M via Magic Johnson — and hidden deals with each other.
“Magic Johnson helped him out with the Dodgers deal,” insider reveals. “They’re trying to…put him on the map of being a billionaire.” pic.twitter.com/tlweIjiCHK
— Pablo Torre Finds Out (@pablofindsout) September 4, 2026
How will the Dodgers’ scandal affect the D-backs and NL West?
For the D-backs and the rest of the NL West, the stakes could be enormous if MLB ultimately finds that financial rules were violated. The D-backs have spent years trying to compete with a Dodgers organization operating with extraordinary financial firepower; a major penalty could dramatically change that equation. If any punishments were to come down, such as forcing a sale or imposing an unprecedented competitive punishment, it would be an extreme outcome and is far from certain, but the recent Los Angeles Clippers precedent shows that serious violations can bring major fines, suspensions, and draft-pick penalties.
Sep 23, 2025; Phoenix, Arizona, USA; Arizona D-backs base runner Tim Tawa (13) celebrates after scoring the winning run as Los Angeles pitcher Tanner Scott (66) and catcher Ben Rortvedt react in the ninth inning at Chase Field. Mandatory Credit: Mark J. Rebilas-Imagn Images
If the MLB found that improper financing materially benefited the Dodgers, the league could potentially pursue penalties that weaken Los Angeles’ ability to maintain its enormous competitive advantage. For the D-backs, that could mean something as simple as finally having a more level financial playing field, and potentially turning the NL West from a division dominated by one superpower into a race Arizona genuinely believes it can win.
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Reporter Benjamin Bliklen covers the Arizona Diamondbacks, Arizona Cardinals, and Phoenix Suns for Burn City Sports. You can follow him on his X account, @BenBliklenÂ
