Bob Iger and Joshua Kushner to Buy Lakers for $12.5 Billion

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Bob Iger, former Disney CEO, and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers for $12.5 billion. This deal marks a significant transition in the ownership of one of the NBA’s most iconic franchises.

Details of the Sale

The sale comes just a year after Mark Walter, owner of the Dodgers, bought the Lakers for $10 billion. Walter’s decision to sell amid a federal investigation into his financial dealings has led to this rapid ownership change. Iger and Kushner, both lifelong NBA fans, expressed their honor in stepping into this role. They have been exploring the NBA market, looking for opportunities to expand their sports investments.

The Impact on Jeanie Buss

Jeanie Buss, whose family owned the Lakers for over 40 years, will remain as the team’s governor for at least the next five years. Although ownership changes, her influence and presence at games are expected to continue.

Magic Johnson’s Support

Magic Johnson, a former part-owner, has voiced strong support for the new owners. He lauded Iger’s passion for basketball and his desire to ensure the Lakers’ success. Johnson’s ties to Iger date back over 40 years.

Background of Joshua Kushner

Joshua Kushner, known for his venture capital firm Thrive Capital, holds stakes in various sports franchises. He will sell his stake in the Miami Heat to finalize the Lakers purchase. Kushner’s firm recently showed interest in acquiring World Cup tournament rights, indicating his ambition in the sports world.

Lakers’ Transition from the Buss Family

The Lakers were long controlled by the Buss family before the first transition of ownership to Mark Walter. This latest sale is the second shift in under two years. Despite these changes, the team remains one of the most valuable and recognized sports franchises.

Conclusion

The purchase by Iger and Kushner signifies a new chapter for the Lakers, with both bringing experience and passion to their roles as owners. As they prepare to take the helm, the Lakers’ future, underpinned by legacy and newfound energy, seems promising.