Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers for a record $12.5 billion, making it the most expensive sale of a professional sports franchise in history. The deal surpasses the previous record of $9.6 billion set for the NFL’s Seattle Seahawks in July. This transaction marks the second time the Lakers have changed hands within a year, following their acquisition by billionaire Mark Walter in a deal that valued the team at $10 billion last year. Mark Walter, who previously held a controlling stake in the Lakers, had acquired the team from the Buss family, which had owned the franchise since 1979. His purchase was itself a historic move, setting a new benchmark for pro sports team valuations. Now, the Lakers are once again changing hands, this time to Kushner and Iger, who are expected to bring fresh investment and strategic direction to the storied franchise. Kushner, a venture capitalist, and Iger, the former CEO of Walt Disney Company, have expressed their enthusiasm for the opportunity. In a joint statement, they said, “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.” They emphasized their respect for the Buss family’s legacy and their commitment to continuing the team’s success. The sale, however, comes amid ongoing legal challenges for Walter. Multiple media reports indicated that Walter’s business empire is under investigation by federal prosecutors and the Securities and Exchange Commission for alleged tax fraud. These developments add complexity to the transition, though the exact implications remain unclear. The Lakers, currently led by star player Luka Doncic, are poised for continued competitiveness. The team has won 17 NBA titles and recently secured their most recent championship in 2020. They have consistently made the playoffs in the past four seasons, with Doncic serving as a cornerstone of the roster. The Slovenian forward, who joined the team less than two years ago, has grown increasingly attached to Los Angeles and the Lakers. He expressed excitement about the new ownership, stating, “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA.” Doncic’s comments reflect the broader optimism surrounding the new ownership. The Lakers’ current roster includes key players such as LeBron James and Anthony Davis, who have helped maintain the team’s competitive edge. With the addition of Kushner and Iger, the franchise is expected to benefit from increased financial resources and strategic planning. Kushner, who already holds minority stakes in two other NBA teams, brings experience in managing large-scale operations. His partnership with Iger, a seasoned executive with a deep understanding of entertainment and media, positions them well to navigate the complexities of running a high-profile sports franchise. Their combined expertise could help elevate the Lakers further, particularly as they prepare for potential expansion opportunities in the future. The sale still requires approval from the NBA’s board of governors, a step that could take several weeks. The next scheduled meeting of the board is set for September in New York. Once approved, the new ownership structure will officially take effect, marking a new chapter for one of the most storied franchises in American sports.
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