The Lakers are being sold by Mark Walter

[ASFN Admin]

The Los Angeles Lakers are being sold -- again. Just months after Mark Walter, the owner of the Los Angeles Dodgers, purchased a majority share of the team, he sold his share in the franchise to Josh Kushner and Bob Iger. Per ESPN, both men will be paying $12.5 million to acquire Walter's share of the team.

Kushner is the founder of Thrive Capital, a venture capital firm and the co-founder and vice chairman of Oscar Health, a for-profit health insurance company. He owns a minority share of the Miami Heat and is the brother of Jared Kushner, President Donald Trump's son-in-law.

Bob Iger previously served two terms as the CEO of the Walt Disney Company, and during his time with Disney, its market capitalization jumped from $56 billion to $231 billion. Before that, in the 1990s, he was briefly the president of ABC.

"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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a 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."

Walter, the outgoing owner, also issued a statement of his own.

"Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said in a statement. "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."

Kushner and Iger were looking to become the owners of an expansion NBA franchise in Las Vegas, but instead, they will become owners of one of the league's most storied franchises, once the sale is approved by the board of governors, which is expected to take at least several weeks.

Walter and his ownership group are currently under investigation by the Securities and Exchange Commission, as well as the U.S. Attorney's Office, for alleged loan fraud. There is no indication that his legal issues have anything to do with him selling his stake in the Lakers.

This article originally appeared on LeBron Wire: The Lakers are being sold by Mark Walter

Continue reading...