The Los Angeles Lakers have entered into a purchase agreement with businessmen Josh Kushner and Bob Iger, marking the second change in ownership within a year. The sale, valued at a staggering $12.5 billion US, sets a new record for the NBA franchise. Last year, the Lakers were valued at $10 billion when Mark Walter acquired a controlling interest from the Buss family, who had owned the team since 1979.
Kushner and Iger expressed their excitement in a joint statement, emphasizing their commitment to upholding the Lakers’ legacy and competing at the highest level. The acquisition by the venture capitalist Kushner and former Walt Disney Company CEO Iger allows them to immediately become owners of the esteemed basketball team, bypassing the potential wait for NBA expansion.
The transaction, subject to approval by the NBA’s board of governors, signifies a significant milestone in sports business, with the $12.5 billion price tag setting a new benchmark in the escalating values of NBA franchises. The swift sale by Walter, who took over the Lakers just ten months ago, has generated a buzz among fans, especially given his success with the Los Angeles Dodgers.
The Lakers, a storied franchise with 17 NBA championships, have maintained a strong presence in the league. Their recent success, including a title in 2020 and consistent playoff appearances, has solidified their reputation as a powerhouse team. The team’s current roster, led by NBA scoring leader Luka Doncic, reflects the organization’s commitment to excellence.
The incoming owners, Kushner and Iger, bring a wealth of experience and passion for sports to the table. Kushner, known for his involvement in various sports ventures, is a minority owner of the Miami Heat and previously held a stake in the Memphis Grizzlies. Iger, a seasoned executive from his tenure at Disney, adds a unique perspective to the ownership group.
With the sale of the Lakers finalized, the team looks towards a new era under Kushner and Iger’s leadership. The transition marks a pivotal moment in the franchise’s history, signaling a fresh chapter filled with potential and opportunity.