The Los Angeles Lakers have been sold for a second time within a year, with businessmen Josh Kushner and Bob Iger acquiring the franchise for a record-breaking $12.5 billion USD. This deal was reported by an undisclosed source familiar with the terms on Wednesday, as neither party had disclosed specific details of the transaction. ESPN initially broke the news of Kushner and Iger’s acquisition of the NBA’s most valuable team, which had a previous valuation of $10 billion before Mark Walter purchased a controlling stake from the Buss family in the previous year, who had owned the team since 1979.
In a joint statement, Iger and Kushner expressed their deep honor at becoming the stewards of the iconic Los Angeles Lakers, emphasizing their commitment to building upon the team’s legacy, competing at the highest level, and serving the fans and the city of Los Angeles. Prior to this purchase, Kushner and Iger had been collaborating on potentially securing an NBA expansion team for Las Vegas.
The sale of the Lakers is pending approval from the NBA’s board of governors, with the process expected to take several weeks. The $12.5 billion price tag not only sets a new record for U.S. professional sports sales but also establishes a new peak in NBA franchise valuations. The sale marks a significant shift from the previous valuation milestones set by other NBA teams like the Charlotte Hornets and the Boston Celtics.
The decision of former owner Mark Walter to sell his controlling stake in the Lakers after a short tenure of 10 months has surprised and resonated with the team’s extensive fan base. The Lakers, a 17-time NBA champion, have recently seen success on the court and are currently led by star player Luka Doncic. The Slovenian athlete expressed his enthusiasm for the team’s future under the new ownership, highlighting his commitment to bringing another championship to Los Angeles.
Josh Kushner, a venture capitalist with prior ownership stakes in NBA teams, and Bob Iger, the former CEO of the Walt Disney Company, bring a wealth of experience and a shared passion for basketball to their ownership of the Lakers. With the sale of the franchise still pending final approval, the future direction of the team under the new ownership remains to be seen.
The Lakers, known for their storied history and global brand recognition, have experienced significant changes and investments in recent years to enhance both their on-court performance and business operations. The sale of the team to Kushner and Iger represents a new chapter in the franchise’s journey, with potential implications for its leadership structure and long-term strategy.