Bob Iger and Joshua Kushner Purchase the Los Angeles Lakers for $12.5 Billion

Bob Iger, former Disney CEO, and Joshua Kushner, founder of Thrive Capital, have agreed to purchase the Los Angeles Lakers for $12.5 billion. This marks a significant increase from the $10 billion that Dodgers owner Mark Walter paid to acquire the team from the Buss family just one year ago.

Background on the Sale

The transaction represents a major shift for one of the most iconic franchises in basketball. The Lakers, previously under the Buss family’s ownership for over four decades, have seen rapid changes in leadership recently. Last year, the team was sold to Mark Walter. Now, it is poised to change hands to Iger and Kushner.

Legal and Financial Context

The sale comes amidst a federal investigation into financial dealings involving Mark Walter’s business interests. The focus appears to be on related-party transactions, which are typically subject to heightened scrutiny due to their potential for conflicts of interest.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” said Walter in a statement to ESPN. “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

The Vision of New Owners

Joshua Kushner and Bob Iger bring a fresh perspective to the Lakers. Kushner’s experience spans various sports investments, including roles in NBA, WNBA, and MLB franchises. He has also invested in tech company OpenAI.

Iger has longstanding ties to sports in Southern California. He and his wife, Willow Bay, own a controlling stake in Angel City FC, a move that set a precedent for their involvement in professional sports ownership.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Kushner and Iger stated. “Our long-term commitment is to build on the foundation created by the Buss family.”

Reactions and Future Plans

Magic Johnson, former Lakers star and part-owner, supports the change, emphasizing the dedication and knowledge Iger and Kushner bring. “They’ll bring all the resources and make sure they bring a championship to Laker fans,” Johnson stated.

Jeanie Buss will continue as the Lakers’ governor for at least five years, ensuring continuity in the team’s leadership.

Upcoming Changes

Lakers star Luka Doncic has expressed optimism about the franchise’s future. He stated the importance of embracing change and working with the new owners to enhance the Lakers’ legacy.

The Lakers will soon engage in NBA Cup play, marking a fresh chapter under new ownership as the team aims to strengthen its position in the league.