The Los Angeles Lakers have been sold for a second time within a year, with entrepreneurs Josh Kushner and Bob Iger acquiring the team for a groundbreaking price. The sale agreement, valued at $12.5 billion US, was disclosed by an anonymous source to The Associated Press on Wednesday, as neither party had publicly revealed the specific terms. The acquisition of the NBA’s most valuable franchise by Kushner and Iger, as reported by ESPN, surpasses last year’s valuation of $10 billion when Mark Walter purchased a controlling stake from the long-time owners, the Buss family.
In a joint statement, Iger and Kushner expressed their profound honor in becoming stewards of the iconic Los Angeles Lakers, emphasizing their respect for the leadership of Jerry and Jeanie Buss. The two businessmen, known for their ventures in venture capitalism and entertainment, had previously collaborated on efforts to secure an NBA expansion team in Las Vegas. With the acquisition of the Lakers, they have expedited their entry into the league without waiting for potential expansion opportunities in the future.
The sale of the Lakers is subject to approval by the NBA’s board of governors, a process that may take several weeks and is scheduled to be reviewed in September in New York. The $12.5 billion price tag not only sets a new record in U.S. professional sports but also establishes a benchmark for soaring NBA franchise values. The sale surpasses notable transactions in recent years, such as Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics’ acquisition by private equity investor Bill Chisholm.
Walter’s decision to sell the Lakers after a brief tenure has resonated within the team’s extensive fan base. The 66-year-old had steered the Los Angeles Dodgers to considerable success in recent years, including multiple World Series victories. The Lakers, a renowned NBA franchise with a rich history of 17 championships, are currently led by star player Luka Doncic, who expressed enthusiasm for the team’s future under the new ownership.
Josh Kushner, a seasoned sports investor with stakes in other NBA teams, and Bob Iger, a prominent figure in the entertainment industry, bring diverse expertise to the Lakers. Iger, known for his tenure at Disney, has expanded his sports ownership portfolio with the acquisition of the Los Angeles Lakers. The sale marks a significant milestone in the evolution of the storied franchise, signaling a new era under the stewardship of Kushner and Iger.