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Bob Iger and Josh Kushner agreed to buy the Los Angeles Lakers from Mark Walter for $12.5 billion — a record price for a U.S. professional sports franchise — according to an anonymous source with knowledge of the deal who spoke to the Associated Press on Wednesday.
"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Iger and Kushner said in a joint statement. "Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."
The sale requires approval from the NBA's board of governors, a process that can take several weeks. The next board meeting is scheduled for September in New York.
The $12.5 billion price tag surpasses the $10 billion valuation Walter paid when he purchased a controlling stake in the Lakers from the Buss family last year — itself a record at the time. For context on how fast NBA franchise values have climbed: Michael Jordan sold his majority stake in the Charlotte Hornets three years ago at a $3 billion valuation, and the Boston Celtics sold last year at just over $6 billion, according to the AP.
Walter officially controlled the franchise for only about ten months before agreeing to sell. The transaction announced Wednesday covers only his Lakers stake and does not include his interests in other sports properties, according to ESPN. Walter's other holdings include the Los Angeles Dodgers, English Premier League club Chelsea, the Los Angeles Sparks, the Professional Women's Hockey League, and a Cadillac Formula 1 team. Last month, Bloomberg reported that federal prosecutors and the Securities and Exchange Commission had opened investigations into potential financial improprieties tied to Walter's insurance companies and Guggenheim Partners, according to CNBC.
Kushner, 41, is the founder and chief of Thrive Capital and currently owns a piece of the Miami Heat — a stake ESPN says he must divest before the Lakers deal can close. Jared Kushner, who is married to President Donald Trump's daughter Ivanka, is Josh Kushner's brother. Iger, 75, wrapped up his second run leading Walt Disney Company earlier this year, with his combined tenure at the top of the entertainment giant stretching across roughly two decades. Together with his wife Willow Bay, a former sports journalist, he holds a controlling ownership stake in Angel City FC of the NWSL.
The two had previously been working together toward a possible NBA expansion team in Las Vegas. By acquiring the Lakers, they bypass that process entirely. The sale also leaves unresolved whether Jeanie Buss, who remained as the team's governor when Walter took control, will continue in that role under new ownership.
The Lakers have won 17 NBA championships and currently hold franchise player Luka Doncic under contract through the 2028-29 season.
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"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Iger and Kushner said in a joint statement. "Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."
The sale requires approval from the NBA's board of governors, a process that can take several weeks. The next board meeting is scheduled for September in New York.
The $12.5 billion price tag surpasses the $10 billion valuation Walter paid when he purchased a controlling stake in the Lakers from the Buss family last year — itself a record at the time. For context on how fast NBA franchise values have climbed: Michael Jordan sold his majority stake in the Charlotte Hornets three years ago at a $3 billion valuation, and the Boston Celtics sold last year at just over $6 billion, according to the AP.
Walter officially controlled the franchise for only about ten months before agreeing to sell. The transaction announced Wednesday covers only his Lakers stake and does not include his interests in other sports properties, according to ESPN. Walter's other holdings include the Los Angeles Dodgers, English Premier League club Chelsea, the Los Angeles Sparks, the Professional Women's Hockey League, and a Cadillac Formula 1 team. Last month, Bloomberg reported that federal prosecutors and the Securities and Exchange Commission had opened investigations into potential financial improprieties tied to Walter's insurance companies and Guggenheim Partners, according to CNBC.
Kushner, 41, is the founder and chief of Thrive Capital and currently owns a piece of the Miami Heat — a stake ESPN says he must divest before the Lakers deal can close. Jared Kushner, who is married to President Donald Trump's daughter Ivanka, is Josh Kushner's brother. Iger, 75, wrapped up his second run leading Walt Disney Company earlier this year, with his combined tenure at the top of the entertainment giant stretching across roughly two decades. Together with his wife Willow Bay, a former sports journalist, he holds a controlling ownership stake in Angel City FC of the NWSL.
The two had previously been working together toward a possible NBA expansion team in Las Vegas. By acquiring the Lakers, they bypass that process entirely. The sale also leaves unresolved whether Jeanie Buss, who remained as the team's governor when Walter took control, will continue in that role under new ownership.
The Lakers have won 17 NBA championships and currently hold franchise player Luka Doncic under contract through the 2028-29 season.
Continue reading...
