The Los Angeles Lakers have been acquired by businessmen Josh Kushner and Bob Iger in a historic deal, marking the second change in ownership within a year. The purchase price for the sale is reported to be $12.5 billion USD, breaking records in the sports industry. This latest development, which involves one of North America’s premier sports franchises, was confirmed by a reliable source speaking to The Associated Press on the condition of anonymity.
Initial reports by ESPN revealed that Kushner and Iger are set to take over ownership of the NBA’s most valuable team. The Lakers, valued at $10 billion last year when Mark Walter acquired a controlling stake from the long-standing Buss family, have now reached a new pinnacle in terms of financial worth.
Expressing their gratitude for the opportunity, Iger and Kushner stated, “As lifelong fans of the NBA, we are honored to become the custodians of the iconic Los Angeles Lakers franchise. We hold deep respect for the Buss family’s leadership and vision. Our commitment is to uphold and enhance the legacy of the team, compete at the highest level, and serve the fans and the city of Los Angeles.”
Kushner, known for his ventures in capital investment, and former CEO of the Walt Disney Company, Bob Iger, had been collaborating on a potential NBA expansion team in Las Vegas. With the acquisition of the Lakers, they bypass the wait for possible expansion in the 2028-29 season.
Following the news of the sale, Lakers legend Magic Johnson, who was a partner in Walter’s ownership of the Los Angeles Dodgers, commended the new owners, emphasizing their dedication to bringing championships back to Los Angeles.
The sale of the team is subject to approval from the NBA’s board of governors, with the process expected to take several weeks. The record-breaking $12.5 billion valuation not only sets a new benchmark in U.S. professional sports but also establishes a landmark in the escalating values of NBA franchises.
The decision by Walter to sell his controlling stake in the Lakers after a brief tenure has resonated with the team’s vast fan base. The Lakers, renowned for their 17 NBA championships, are currently led by star player Luka Doncic, who has expressed his excitement about the future under the new ownership.
Kushner, aged 41, has previously held minority ownership in NBA teams and gained international recognition for his involvement in sports investments. Iger, a prominent figure in Hollywood, has a decorated history with Disney and now ventures into ownership of the Los Angeles Lakers.
The acquisition of the Lakers by Kushner and Iger marks a significant chapter in the team’s storied history, promising a new era under fresh leadership.