Bob Iger and Joshua Kushner Purchase the Lakers

Bob Iger, longtime chief executive of Disney, and Joshua Kushner, a venture capitalist and brother of Jared Kushner, have agreed to buy the Los Angeles Lakers for $12.5 billion. This acquisition comes just under a year after Dodgers owner Mark Walter purchased the Lakers for $10 billion.

Iger and Kushner view the Lakers as one of the world’s most iconic sports franchises. They have expressed deep honor in having the opportunity to steward the team. While the sale of the Lakers is significant, Walter reportedly does not plan to sell the Dodgers.

In a joint statement, Iger and Kushner said, “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.”

Meanwhile, the Lakers are set to begin their NBA Cup tournament play against the Golden State Warriors on October 30.

Ownership Transition

The Buss family owned the Lakers for more than four decades before selling to Mark Walter. Jeanie Buss, who served as the team’s governor during Walter’s ownership, will remain in that role for at least five years following the latest sale.

Magic Johnson, a former player and a longtime Lakers figure, expressed support for the new ownership. He emphasized that both Iger and Kushner have a strong love for basketball and Los Angeles. Johnson believes this will translate into resources dedicated to winning championships.

Mark Walter expressed gratitude to the Buss family, the players, and the fans for the experience of owning the Lakers. He reassured that the franchise’s best days are still ahead.

Federal Investigation and Business Dynamics

There is a federal investigation into Mark Walter’s financial activities, focusing on financial maneuvers like related-party transactions. These transactions, although legitimate in some cases, can lead to potential conflicts and require scrutiny.

Joshua Kushner, who also owns a minority interest in the Miami Heat, will need to sell this stake due to his acquisition of the Lakers. Kushner’s firm, Thrive Capital, is also involved in sports investments.

The acquisition of the Lakers by Iger and Kushner has captured the attention of both the NBA and sports enthusiasts, highlighting their significant commitment to sustaining and building upon the Lakers’ storied legacy.