Bob Iger, the longstanding leader of Disney, and Joshua Kushner, known for his venture capital involvement, have made a significant purchase. They have agreed to buy the Los Angeles Lakers for an impressive $12.5 billion. This acquisition has gained the support of Magic Johnson, a legendary figure associated with the Lakers.
Details Behind the Sale
Mark Walter, who owned the Lakers for less than a year, sold the team for $2.5 billion more than he paid. His financial dealings, particularly related-party transactions, are under scrutiny by federal authorities. Although Walter is selling the Lakers, he plans to keep ownership of the Dodgers.
Promises from New Owners
Kushner and Iger expressed their excitement in taking stewardship of such an iconic sports franchise. They aim to build on the Lakers’ legacy and compete at top levels, respecting the foundation laid by Jerry and Jeanie Buss.
Magic Johnson’s Support
Magic Johnson sees Iger and Kushner as fitting leaders due to their love for basketball and their understanding of the Lakers’ legacy and the city of Los Angeles. Johnson has known Iger for over four decades and believes in their potential to lead the Lakers successfully.
Reactions from Key Figures
- Mark Walter: Expressed gratitude for his time as owner, emphasizing the community and fans as the true treasures.
- Luka Doncic: The Lakers player looks forward to working with the new owners, underscoring the endless potential of the team.
- Magic Johnson: Celebrated the new ownership and their ambitions to win championships.
Joshua Kushner’s Sports Ventures
Kushner holds a minority stake in the Miami Heat, which he will sell to complete the Lakers deal. His firm, Thrive Capital, recently launched Thrive Eternal, eyeing investments in iconic franchises, including a stake in the San Francisco Giants.
Historical Context of the Lakers’ Ownership
The Lakers have traditionally been controlled by the Buss family since Dr. Jerry Buss’s purchase in 1979. After years of family governance, the franchise transitioned to Walter and now to Iger and Kushner. Jeanie Buss remains the governor for the next five years, maintaining continuity amid changes.
Angel City FC and Bob Iger
Separate from the Lakers’ deal, Bob Iger and Willow Bay are increasing their involvement with Angel City FC, committing $50 million to boost the club’s financial efforts. This move highlights Iger’s continuous investment in sports and entertainment.