Bob Iger, former chief executive of Disney, and Joshua Kushner, a venture capitalist, have announced their intention to purchase the Los Angeles Lakers. The two agreed to buy the franchise from Mark Walter’s ownership group for $12.5 billion. This move realizes Bob Iger’s aspiration of owning a major sports franchise. The deal was confirmed by sources familiar with the matter.
The Transaction Details
Mark Walter, who owned the Lakers for less than a year after purchasing them for $10 billion from the Buss family, agreed to sell the team to Iger and Kushner. The sale price marks a $2.5 billion increase from when Walter acquired the team.
Walter’s business activities have recently been under federal investigation for related-party transactions, requiring extensive scrutiny.
The Involvement of Jeanie Buss
Despite the ownership change, Jeanie Buss will continue as the team’s governor for at least five years, maintaining the Buss family’s influence on the team.
Magic Johnson’s Support
Magic Johnson, a minority owner of the Lakers, expressed his enthusiasm for the sale. He believes Iger’s knowledge of sports and love for the Lakers will significantly benefit the team.
Impact on Lakers’ Players and Fans
Lakers star Luka Doncic highlighted the team’s potential under the new ownership, expressing his eagerness to meet Iger and Kushner and to build a successful team in Los Angeles.
Mark Walter’s Sale Decision
While the sale’s motivations remain unclear, Walter noted that owning the Lakers was a significant honor. Despite selling the Lakers, he has no plans to sell the Dodgers, which he continues to control.
Joshua Kushner’s Sports Investments
Joshua Kushner owns a minority stake in the Miami Heat and previously held a stake in the Memphis Grizzlies. Following the acquisition, he will sell his Heat stake to cement his investment in the Lakers.
Bob Iger’s Broader Sports Ventures
Bob Iger, together with his wife Willow Bay, holds a controlling interest in Angel City FC, reflecting their broader engagement with professional sports.
The Lakers sale marks the second change in ownership in less than two years and highlights the team’s enduring value and potential under new leadership. The NBA and fans alike hold expectations of revitalized success and stability for this iconic franchise.