The Los Angeles Lakers are set to change ownership hands for the second time within a year, as businessmen Josh Kushner and Bob Iger move forward with a historic purchase.
The confidential sale deal, valued at a staggering $12.5 billion in the U.S., was disclosed by an unnamed source to The Associated Press on Wednesday. ESPN initially broke the news that Kushner and Iger are acquiring the NBA’s most valuable team. Last year, the Lakers were assessed at $10 billion when Mark Walter acquired a majority stake from the long-standing Buss family ownership, dating back to 1979.
Expressing their gratitude for the opportunity, Iger and Kushner released a statement affirming their commitment to upholding the legacy of the iconic Los Angeles Lakers franchise. The duo, who are avid NBA enthusiasts, plan to elevate the team’s performance, cater to the loyal fan base, and contribute to the city of Los Angeles.
Kushner, a seasoned venture capitalist, and former CEO of Walt Disney Company, Iger, were initially collaborating on securing an NBA expansion team in Las Vegas. However, their acquisition of the Lakers has fast-tracked their entry into the league, bypassing the potential expansion slated for the 2028-29 season.
Legendary Lakers figure Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the purchase on social media, assuring fans of a promising future under the new ownership.
Despite the groundbreaking transaction, the sale is pending approval from the NBA’s board of governors, a process that could span several weeks. The upcoming board meeting in New York in September will address the ownership transition.
The $12.5 billion price tag not only sets a new record in U.S. professional sports but also marks a pinnacle in the escalating values of NBA franchises. This surpasses the $3 billion valuation when Michael Jordan relinquished his majority stake in the Charlotte Hornets and the $6 billion deal for the Boston Celtics sold to Bill Chisholm last year.
Walter’s swift decision to sell his controlling interest after a brief 10-month tenure has resonated widely among Lakers fans. The team, boasting 17 NBA championships, has been a consistent playoff contender, with a roster anchored by Luka Doncic, the current NBA scoring champion.
The incoming owners, Kushner and Iger, bring a wealth of experience and passion for sports. Kushner, known for his ventures in the NBA and international sports, and Iger, the seasoned entertainment executive, are poised to steer the Lakers into a new era of success.