Bob Iger, Disney’s longtime CEO, and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers. They are acquiring the team from Mark Walter’s ownership group for $12.5 billion. This deal comes shortly after Walter bought the Lakers for $10 billion.
Details of the Transaction
The news of this transfer follows a year after Dodgers owner Mark Walter acquired the Lakers for a record amount. Walter, who is also under a federal investigation regarding his financial affairs, is selling the franchise for $2.5 billion more than his initial purchase price.
Kushner, known for founding Thrive Capital and being the younger brother of Jared Kushner, has teamed up with Iger citing their long-standing admiration for the NBA. They expressed their honor in assuming stewardship over one of the world’s most iconic sports franchises.
Financial Scrutiny
The transaction occurs amidst a federal inquiry into Mark Walter’s financial dealings, particularly regarding related-party transactions. These transactions, while sometimes legitimate, can present conflicts of interest and generally require close examination.
Angel City Football Club Investment
In addition to the Lakers deal, Bob Iger and his wife Willow Bay have invested in Angel City Football Club. They are joining as controlling owners and plan to infuse $50 million into the club. This investment aims to expand the club’s budget and reduce its financial losses.
The venture emphasizes a significant cultural moment, as explained by Willow Bay, highlighting their commitment to supporting women’s soccer. The plan awaits approval from the National Women’s Soccer League.
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