Bob Iger and Joshua Kushner Set to Acquire Los Angeles Lakers for $12.5 Billion

Bob Iger, the longtime chief executive of Disney, and Joshua Kushner, a venture capitalist, have agreed to purchase the Los Angeles Lakers for $12.5 billion. This deal marks the second ownership change for the storied NBA franchise in less than two years.

The current owner, Mark Walter, who acquired the team last year for a record-breaking $10 billion, is selling his stake. Despite this sale, Walter has no plans to sell his controlling interest in the Dodgers, another iconic Los Angeles sports team.

“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,” Iger and Kushner stated in a communiqué released through ESPN.

The agreement comes amid an ongoing federal investigation into Walter’s financial practices, particularly focusing on related-party transactions. These types of deals, which occur between entities with business or personal connections, often require additional scrutiny due to potential conflicts of interest.

Lakers’ Ownership Shifts

The Buss family, responsible for leading the Lakers to prominence in the sports world, first sold the majority stake to Walter last year. The family had controlled the team since 1979 when Dr. Jerry Buss bought the franchise. Control passed into a family trust after Buss’s death in 2013, with Jeanie Buss acting as the team’s governor.

Even with this upcoming change, Jeanie Buss will continue as the team’s governor for at least five years following the transaction, according to the league’s announcement. The NBA’s approval of Walter’s original purchase underscored the significance of the franchise, which had hit an extraordinary $10 billion valuation.

Angel City FC Investment

Separately, Bob Iger and Willow Bay have invested in Angel City Football Club, a women’s soccer team based in Los Angeles. This move involves the Iger couple becoming controlling owners and contributing $50 million to enhance the club’s finances, subject to the National Women’s Soccer League’s approval.

The funding from Iger and Bay aims to expand the club’s budget and address financial shortfalls. This partnership marks a significant cultural moment for the Iger family and Angel City FC.