Dodgers owner Walter's charity shifts funding to firm in federal probe

October 4, 2026 at 09:00 PM2 min

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Academy Group, a charity founded by Los Angeles Dodgers owner Mark Walter, told staff in late July that Amistad Financial would become its primary funder. Amistad is one of four entities being examined in a federal probe into Walter's insurance empire. CEO Greg Jones resigned rather than implement further budget cuts after the funding change.

Key Facts

Academy Group told staff at the end of July that Amistad Financial would become its primary source of funds.
Amistad Financial is one of four entities being examined in a federal probe into Walter's insurance companies' failure to report $20 billion in loans tied to Walter.
CEO Greg Jones resigned rather than implement further budget cuts, according to a recording of a staff call reviewed by The Wall Street Journal.
Academy Group has a 90% college graduation rate among its participants.

Funding Shift

Academy Group, launched in 2017 by Mark Walter, Earvin "Magic" Johnson, and Don Thompson, announced the funding change to staff at the end of July. Amistad Financial, a Chicago-based holding company, had recently acquired an insurance company owned by Johnson and Walter. Proceeds from $20 billion in loans made by Walter's insurers passed through entities purportedly controlled by Amistad before funding other Walter-linked businesses, The Wall Street Journal reported. Walter's lawyer said the funding change had been the plan for the charity since its launch and denied that Walter was pulling back from Academy Group.

Charity Operations

Academy Group's mission is to get thousands of children into college and well-paid jobs through tutoring vouchers, academic stipends, and sponsored internships. The charity has so far achieved a 90% college graduation rate among participants. After the funding change, staff were left wondering about the budget for months, and the charity cut some temporary staff and reduced some programs. CEO Greg Jones resigned rather than implement further budget cuts, according to a recording of a call he held with staff.