Mark Walter’s sports empire offers a glimpse of the money machine behind private credit—and the plumbing keeping it together

Mark Walter's sports empire is under scrutiny from the Securities and Exchange Commission regarding how its financial machinery handled billions of dollars in loans from insurance companies he controls. The SEC investigation questions whether these entities improperly lent money to connected businesses without adequate disclosure. In response to this scrutiny, Delaware Life Insurance Co., which Walter controls, agreed to reduce related-party investments by swapping up to $6.5 billion for independent assets.