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

Summary of the Transaction

Bob Iger, former Disney CEO, and Joshua Kushner, a venture capitalist, have agreed to purchase the Los Angeles Lakers for $12.5 billion. This purchase comes less than a year after Mark Walter acquired the team for $10 billion.

Background on the Sale

Mark Walter, who acquired the Lakers from the Buss family, is now selling the team amidst a federal loan investigation into his business dealings. The investigation focuses on related-party transactions, which require transparency to avoid conflicts of interest.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said in a statement.

Reactions to the Sale

NBA icon Magic Johnson expressed his support for the new owners. He highlighted the basketball passion of both Iger and Kushner, anticipating that their leadership will steer the team to success.

Lakers star Luka Doncic also showed enthusiasm for the change, noting the team’s unlimited potential and expressing his eagerness to meet the new owners.

Details on the New Owners

Joshua Kushner currently holds a minority stake in the Miami Heat, which he will sell to complete the Lakers’ acquisition. His firm, Thrive Capital, is involved in acquiring stakes in sports and cultural institutions.

Bob Iger, alongside his wife Willow Bay, has previously joined Angel City FC as controlling owners, enhancing the soccer club with financial support.

Future Prospects

The Lakers, long managed by the Buss family, have undergone significant ownership changes. Despite these changes, Jeanie Buss will remain as the team’s governor for at least five years following the transaction.

Iger and Kushner expressed their commitment to building on the foundation established by Jerry and Jeanie Buss, aiming to compete at the highest level and serve the team and its fans.