The Los Angeles Lakers are set to change ownership hands for the second time in a year, as businessmen Josh Kushner and Bob Iger have struck a landmark deal to acquire the team.
The sale, reportedly valued at $12.5 billion US, marks a significant shift in ownership for one of North America’s premiere sports franchises. Last year, the Lakers were appraised at $10 billion when Mark Walter acquired a majority stake from the long-standing Buss family ownership that dates back to 1979.
Expressing their gratitude for the opportunity to oversee the iconic Los Angeles Lakers, Iger and Kushner emphasized their commitment to upholding the team’s legacy and striving for excellence both on and off the court. The duo, who are avid NBA enthusiasts, have set their sights on elevating the Lakers’ performance and engaging with the vibrant city of Los Angeles.
Kushner, a seasoned venture capitalist, and former Walt Disney Company CEO Iger had previously collaborated on exploring the potential for an NBA expansion team in Las Vegas. By acquiring the Lakers, they have expedited their entry into the league without having to wait for potential expansion opportunities in the future.
Notable Lakers figure Magic Johnson, who was a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the acquisition on social media, expressing confidence in the new owners’ ability to bring championships back to Los Angeles.
The sale of the Lakers is pending approval from the NBA’s board of governors, a process that could take several weeks. If approved, the $12.5 billion transaction would not only set a new record in U.S. professional sports but also establish a new high watermark in the escalating values of NBA franchises.
Walter’s decision to sell the Lakers after a brief 10-month ownership tenure has resonated with the team’s expansive fan base, particularly given the recent success under his stewardship. The Dodgers, under Walter’s leadership, have achieved significant milestones in recent years, including three World Series championships.
The Lakers, a storied franchise with 17 NBA titles to their name, are currently in a phase of transition on and off the court. The team’s roster, headlined by NBA scoring champion Luka Doncic, reflects a commitment to sustained success and competitiveness in the league.
Kushner, known for his sports investments, has expanded his reach into the international sports arena, while Iger’s tenure at Disney solidified his reputation as a prominent industry figure. Their joint ownership of the Lakers is poised to usher in a new chapter for the franchise and its global fan base.
In addition to the Lakers, Walter and his associates maintain ownership interests in various sports entities, including the Los Angeles Sparks, English Premier League’s Chelsea FC, Professional Women’s Hockey League, and the new Cadillac Formula 1 racing team.