Mark Walter’s shocking sale of the Los Angeles Lakers—the NBA team he purchased less than a year ago—amid a federal probe into his other businesses has raised another multibillion-dollar sports question: What might happen with the Los Angeles Dodgers?

Walter is part of the group that owns the two-time defending World Series champions. Under their stewardship, the Dodgers have become baseball’s dominant franchise both on and off the field. Their tax payroll is by far the highest in the sport; last year they became the first MLB team to top $1 billion in annual revenue.

Under normal circumstances, an owner selling one of his or her franchises might not immediately cast questions about the rest of their sports assets, but Walter is an extraordinary case. He’s currently facing a federal probe and parallel SEC investigation for his multibillion-dollar business empire, including loans made by the insurance companies that he controls. FBI agents seized his phone and laptop last year, Crain’s recently reported, and according to Bloomberg, Walter’s TWG Group is currently in talks with investors to raise money to pay down those very same loans.

There’s no indication the Dodgers are for sale, or that Walter is considering it, and he does not currently face any criminal charges. A rep for TWG—whose sports portfolio includes the Lakers, Dodgers, Los Angeles Sparks, Chelsea FC and the PWHL—didn’t immediately respond to a request for comment.

That said, should the embattled billionaire choose to—or be forced to—unload his stake in the Dodgers, the team would likely join the Lakers as one of the most expensive sports franchises ever sold. Sportico valued the Dodgers earlier this year at $9.05 billion, up $5 billion in the past five years as the rest of MLB’s growth has largely stagnated.

To further complicate things, baseball is heading toward a labor fight in which owners are aiming to swap short-term financial pain for cost caps that would make every team more valuable. A salary cap, even a “soft” version like what exists in the NBA, would ultimately benefit the Dodgers from a business perspective.

A Walter-led group, Guggenheim Baseball Management, purchased the Dodgers out of bankruptcy court in 2012 for $2.15 billion. The team was in bankruptcy court in part because of legal issues with its prior owner, Frank McCourt, who was locked in contentious divorce proceedings. That bankruptcy process also created a unique TV arrangement that continues to pay off for the team.

While the specific ownership breakdown of the team is not public and not widely known, Walter is the control owner and has the largest stake, Sportico understands. Others include Todd Boehly, Boehly’s Eldridge Industries, Magic Johnson and a handful of other backers with much smaller stakes. (Eldridge Industries partners with Sportico parent Penske Media Corporation through a joint venture called Penske Media Eldridge).

The FBI and SEC probes are focused on potential irregularities in disclosures and representations of financial data tied to Guggenheim Partners, Delaware Life Insurance and Clear Spring Life and Annuity. The investigations, according to The Wall Street Journal, started with a whistleblower complaint about accounting, but have spread to focus on investment in private credit, a lending business that helped finance Guggenheim’s Dodgers purchase.

Last month, Bloomberg reported that Delaware Life and Clear Spring received grand jury subpoenas earlier in the year and that the FBI executed a search warrant last year to obtain a mobile phone connected to Guggenheim. Delaware Life also reportedly conducted internal reviews and revised financial figures in response to the subpoenas, with the company correcting a previous assertion that $1.4 billion of its investments involved entities connected to Walter’s other businesses to $17 billion.

Walter’s companies have said they’re cooperating with investigators. An investigation doesn’t mean that wrongdoing occurred or that criminal charges or civil complaints are forthcoming. Federal probes often begin and end without a legal action, and sometimes companies and their executives reach settlements to avoid protracted and high-profile litigation with the government.

Still, the prospect of a franchise owner having a legal battle with federal authorities is one that pro leagues want to avoid. An owner who becomes entangled in litigation could have to share materials, including financial ones connected to their sports assets, with the government as part of pretrial discovery.

The wealth of the owner, and the ability of the owner to meet expectations consistent with an owner, is also subject to uncertainty during a federal investigation. The result of that probe could lead the owner to paying the government a substantial amount of money.

The Dodgers’ luxury tax bill was $167 million last season, and it is projected to top $180 million this season, which is more than the total 2026 luxury tax payrolls of nearly half the league. On top of those fees, the team kicked in about $175 million last year toward revenue sharing, and it will be on the hook for more than $200 million in 2026, based on the formula that factors in the most recent three years of revenue.

The team generated gross revenue of $1.1 billion last year, a threshold previously only hit by the NFL’s Dallas Cowboys and LaLiga’s Real Madrid among sports teams. Shohei Ohtani, who has won NL MVP the last two years and led the team to back-to-back World Series wins, has boosted the club’s sponsorship revenue, which should top $200 million this year. Several of Ohtani’s personal sponsors, including Kowa and Kosé, are also team sponsors.

Attendance at Dodger Stadium was a team-record 4,012,470 fans last year, with 46 crowds of 50,000 or more. They were the first team to draw 4 million since the Mets and Yankees both did so in 2008, the final season in their old ballparks. The Colorado Rockies hold the record at 4.5 million from their inaugural season in 1993, when they played at Mile High Stadium.