Bob Iger and Joshua Kushner to Purchase Lakers for Record $12.5 Billion

Introduction

Bob Iger, former CEO of Disney, and venture capitalist Joshua Kushner have agreed to buy the Los Angeles Lakers. The transaction, valued at $12.5 billion, marks a new chapter for the iconic NBA franchise. The deal follows Mark Walter’s purchase of the team for $10 billion less than a year ago. Walter’s decision to sell comes amidst federal investigations into his financial dealings.

Background on Mark Walter’s Sale

Mark Walter, also the owner of the Dodgers, has sold his controlling interest in the Lakers for a record-setting amount. The sale is linked to a federal probe into related-party transactions involving loans from two Delaware life insurers owned by Walter. These transactions are scrutinized for potential conflicts of interest.

Key Statements

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Iger and Kushner stated.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter commented, despite his decision to sell.

Magic Johnson’s Support

Magic Johnson expressed his approval of the new ownership. He praised Iger’s passion for basketball and Kushner’s business acumen, both seen as positive for the Lakers’ future. Johnson has a long history with the team and has known Iger for over 40 years.

Response from Lakers’ Players and Associates

Lakers star Luka Doncic shared his enthusiasm about the new owners and their potential. He looks forward to working with Kushner and Iger, highlighting the team’s iconic nature and limitless potential.

Lakers minority owner and media executive Patrick Soon-Shiong simply remarked, “Go Lakers! Congrats Bob and Josh.”

Joshua Kushner’s Involvement in Sports

Joshua Kushner has prior sports ownership experience with a stake in the Miami Heat, which he must sell, and previously the Memphis Grizzlies. His firm, Thrive Capital, has launched initiatives focused on long-term ownership of iconic franchises, which aligns with the Lakers purchase.

The Future of the Lakers

The sale signifies a transformative period for the Lakers, with two ownership changes in under two years. The Lakers’ longstanding association with the Buss family, who turned the franchise into a global sports brand, ended with Walter’s initial acquisition. The latest deal promises new leadership and perhaps a shift in the team’s direction.