A charity founded by Los Angeles Dodgers owner Mark Walter to support urban youth has experienced a significant funding change, leading to the resignation of its CEO. The Academy Group, which aims to guide urban students towards college and lucrative job opportunities, announced that Amistad Financial will serve as its primary financial backer.
The shift was communicated to staff at the end of July. Amistad Financial, a relatively obscure financial holding company based in Chicago, recently acquired an insurance company previously owned by both Walter and Earvin “Magic” Johnson. This development comes amid reports linking Amistad to a federal investigation involving Walter’s insurance enterprise.
Founded in 2017 with the intention of empowering young people through educational opportunities, the Academy Group has attracted attention for its combination of sports and business leadership, including participation from Johnson and former McDonald’s CEO Don Thompson.
The impact of this funding change on the charity’s mission and operations remains uncertain. As Academy Group moves forward under the new financial arrangement, it aims to continue its efforts in providing resources and pathways for urban students despite the recent leadership upheaval.
As developments unfold, the broader implications of the relationship between Walter, Amistad Financial, and the ongoing federal investigation may come into sharper focus, particularly regarding the Academy Group’s future direction and operations.
