Bob Iger and Joshua Kushner Acquire Los Angeles Lakers for $12.5 Billion
Bob Iger, the former CEO of Disney, and Joshua Kushner, a venture capitalist, are purchasing the Los Angeles Lakers. They are buying the team from Mark Walter’s ownership group for $12.5 billion. This transaction is a significant development for the iconic sports franchise.
The sale occurs less than a year after Mark Walter bought the Lakers for $10 billion. His acquisition set a record at the time, marking a notable increase in the team’s value. Walter, also known for owning the Los Angeles Dodgers, has been involved in a federal investigation related to his financial dealings.
Background on the Buyers
Joshua Kushner founded Thrive Capital, a venture capital firm. He is the younger brother of Jared Kushner. Bob Iger has a long-standing reputation as Disney’s chief executive officer. Both have expressed their enthusiasm for becoming part of the Lakers’ legacy, noting the significance of the franchise in the world of sports.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Kushner and Iger said in a statement reported by ESPN.
Details of the Purchase
The purchase price of $12.5 billion represents a $2.5 billion increase from the previous sale to Walter. This growth highlights the enduring value and appeal of the Lakers as a standout team in the NBA. The deal was confirmed by sources familiar with the situation, although these sources were not authorized to disclose details publicly.
Federal Investigation
The federal investigation involving Mark Walter’s financial affairs centers on related-party transactions. These transactions occur between entities sharing business or personal connections. While such deals can be justified, they often require careful examination due to potential conflicts of interest.
Other Ventures
Bob Iger is also expanding his footprint in sports through involvement with Angel City Football Club. He and his wife, Willow Bay, announced their agreement to join the club as controlling owners. They committed $50 million to bolster the team’s budget and address financial losses. This move aligns with the couple’s interest in evolving the women’s soccer landscape.