The Los Angeles Lakers are set to change ownership hands for the second time in a year, with businessmen Josh Kushner and Bob Iger acquiring the team for a groundbreaking sum. The sale agreement, valued at $12.5 billion US, marks a significant milestone in the sports industry. ESPN initially disclosed that Kushner and Iger are purchasing the NBA’s most prized franchise, which was appraised at $10 billion last year when Mark Walter obtained a controlling interest from the long-standing Buss family ownership.
In a joint statement, Iger and Kushner expressed their gratitude for the opportunity to oversee the iconic Los Angeles Lakers franchise, emphasizing their dedication to upholding its legacy, competing at the highest level, and serving the team, its supporters, and the city of Los Angeles. Prior to this acquisition, Kushner and former Walt Disney Company CEO Iger had been collaborating on securing an NBA expansion team for Las Vegas, making this purchase a strategic move to join the esteemed Lakers organization without awaiting potential expansion opportunities in the future.
The transaction is subject to approval by the NBA’s board of governors, with the process expected to span several weeks leading up to the next board meeting scheduled for September in New York. The $12.5 billion price tag not only sets a new record for U.S. professional sports but also establishes a pinnacle in the escalating values of NBA franchises. This sale surpasses notable transactions, including Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics’ acquisition by private equity tycoon Bill Chisholm.
Walter’s decision to part ways with the Lakers after less than a year of ownership has resonated within the team’s extensive fan base. The Lakers, a 17-time NBA championship-winning team, are currently led by star player Luka Doncic and have maintained a consistent presence in the playoffs over recent seasons. The Slovenian standout, expressing his allegiance to the Lakers, anticipates collaborating with the new owners to elevate the team’s success and pursue further championships in Los Angeles.
Kushner, known for his involvement in sports ownership, brings a wealth of experience to the Lakers deal, while Iger’s renowned tenure at Disney underscores his leadership capabilities. The acquisition of the Lakers aligns with their shared commitment to enhancing the team’s performance and cultural impact in the sports arena. With substantial expertise in their respective fields, Kushner and Iger are poised to lead the Lakers into a new era of growth and success.
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