Bob Iger, the longtime chief executive of Disney, and venture capitalist Joshua Kushner are set to buy the Los Angeles Lakers from Mark Walter’s ownership group for $12.5 billion. The agreement, confirmed by sources familiar with the matter, marks a significant moment in sports franchise ownership.
Historic Ownership Change
Iger and Kushner’s purchase comes less than a year after Walter acquired the Lakers for $10 billion. Walter, who also owns the Dodgers, is embroiled in a federal investigation of his financial affairs, potentially influencing his decision to sell.
The Lakers are a legendary NBA team with fans worldwide. Bob Iger expressed his excitement, emphasizing his long-standing ambition to own a major sports franchise.
Jeanie Buss’s Role
As the Lakers transition to new ownership, Jeanie Buss will remain the team’s governor for at least five years. She has been a pivotal figure in the organization, ensuring the Buss family’s continued influence over the franchise.
Support from Magic Johnson
Magic Johnson, a Lakers legend and part-owner of the Dodgers, has voiced his support for Iger and Kushner’s acquisition. According to Johnson, both bring a deep love for basketball and a commitment to the Lakers’ success.
“Bob Iger and Joshua Kushner’s love for the game and their drive to win make this a positive change for the Lakers and their dedicated fan base,” said Johnson.
Financial Investigations
The sale coincides with a federal probe into Walter’s business dealings, particularly related-party transactions that may involve over $16 billion in possibly fraudulent loans. While Walter’s spokesperson affirms cooperation with authorities, the investigation adds a layer of complexity to the recent sale.
Kusher’s Ventures
Joshua Kushner, who owns a minority stake in the Miami Heat, must sell his stake to complete the Lakers purchase. His firm, Thrive Capital, focuses on owning iconic franchises, recently acquiring a stake in the San Francisco Giants.
Kushner stated, “We are honored to steward the Lakers and aim to uphold the rich legacy established by the Buss family.”
Impact on Luka Doncic
Lakers star Luka Doncic is optimistic about the ownership change, expressing excitement about collaborating with Iger and Kushner. Doncic noted their potential to bolster the already prestigious Lakers brand.
Ownership Transition Dynamics
The Lakers, a storied NBA franchise, are undergoing their second ownership change within two years. The transition underscores the significant ways in which sports franchises can evolve in a short amount of time.
Angel City FC Expansion
Bob Iger and his wife, Willow Bay, have also acquired controlling interest in Angel City FC, a women’s soccer club. This move, requiring league approval, aligns with their goal of fostering sports growth and equity.
The couple committed $50 million to support the club’s development, highlighting Angel City FC’s contribution to boosting the profile of women’s sports.