In a major development, Bob Iger and Joshua Kushner have agreed to purchase the Los Angeles Lakers for $12.5 billion. This sale, confirmed by sources familiar with the transaction, marks a substantial increase from the $10 billion paid by Mark Walter when he acquired the team less than a year ago from the Buss family.
Background on the Sale
Bob Iger, Disney’s longtime CEO, and Joshua Kushner, founder of Thrive Capital, join forces in acquiring one of the NBA’s most storied franchises. Known for their interest in sports, Iger and Kushner were previously looking into an NBA expansion franchise.
Mark Walter’s Exit
Though Mark Walter is selling his interest in the Lakers, he maintains ownership of the Dodgers. Walter’s decision comes as his financial affairs are under investigation for related-party transactions. These involve dealings between entities with business or personal ties and require additional scrutiny.
Implications and Reactions
Magic Johnson and other notable figures expressed support for the new ownership. Johnson noted Iger’s deep-rooted understanding of L.A. sports, stemming from his ownership of Angel City FC, a women’s soccer team.
Jeanie Buss, the long-time figurehead of the Lakers, will continue as the team’s governor for at least five more years.
Perspectives from Key Figures
Kushner and Iger released a statement to ESPN, expressing their commitment to preserving and enhancing the legacy built by the Buss family. Their long-term goals include achieving excellence on and off the court and further serving Lakers fans in Los Angeles.
Walter also reflected on his time as a majority owner, praising the Lakers community and expressing confidence in the franchise’s future.
Luka Doncic and Team Outlook
Lakers star Luka Doncic reaffirmed his dedication to the team. He emphasized the limitless potential of the franchise under the new ownership.
Despite the change in ownership, the Lakers are preparing for the upcoming season, including participation in the NBA Cup starting October 30 against the Golden State Warriors.
The Road Ahead
The acquisition by Iger and Kushner represents a pivotal moment for the Lakers. As new owners, both bring substantial resources and a vision centered on winning championships and elevating the team’s global brand.