Bob Iger, the former CEO of Disney, and Joshua Kushner, a prominent venture capitalist, have reached an agreement to purchase the Los Angeles Lakers for $12.5 billion. This acquisition marks a significant change in ownership for the iconic NBA franchise, which was previously bought by Dodgers owner Mark Walter for $10 billion.
Ownership Transition
The transaction comes amid a federal investigation into Mark Walter’s business activities, specifically related-party transactions involving undisclosed financial maneuvers. These transactions, often involving loans or sales between connected entities, are under scrutiny to ensure there are no conflicts of interest.
Key Players’ Perspectives
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.
This statement from the new owners, Joshua Kushner and Bob Iger, reflects their excitement and long-term commitment to the team. Meanwhile, Magic Johnson, Lakers minority owner and legend, expressed strong support for the acquisition, citing Iger’s deep connection to Los Angeles and basketball.
Despite selling the Lakers, Mark Walter does not plan to sell the Dodgers. Walter described owning the Lakers as an extraordinary investment and expressed gratitude to Jeanie Buss and the Lakers community.
Current and Future Directions
Jeanie Buss will remain the Lakers’ governor for at least five years, maintaining the Buss family’s influence in the team’s operations. Luka Doncic, a standout player for the Lakers, voiced his optimism about the new ownership and the potential to achieve success together.
The ongoing NBA season also sees the Lakers kicking off their NBA Cup play against the Golden State Warriors on Oct. 30.
Background on Buyers
Joshua Kushner, also holding a minority stake in the Miami Heat, is known for his venture capital endeavors through Thrive Capital, which focuses on securing long-term investments in iconic franchises. Bob Iger, alongside his wife, Willow Bay, took ownership of Angel City FC, showcasing their commitment to sports franchise management.
The transaction signifies a second swift ownership change for the Lakers in two years, following decades of control by the Buss family, who built the franchise’s renowned legacy.