Lakers Being Sold to Josh Kushner, Bob Iger for Record $12.5 Bil...

Lakers Being Sold to Josh Kushner, Bob Iger for Record $12.5 Billion

The Los Angeles Lakers are changing hands again, with businessmen Josh Kushner and Bob Iger agreeing to purchase the franchise from Mark Walter for $12.5 billion, according to multiple sources who spoke with ESPN. The price marks a new record for a professional sports franchise sale.

The deal comes less than a year after Walter, who also controls the Los Angeles Dodgers, purchased a controlling interest in the Lakers from the Buss family for a then-record valuation of roughly $10 billion. Kushner and Iger had been exploring an NBA expansion bid in Las Vegas but pivoted to make an aggressive run at the Lakers instead, giving them control of an established global brand rather than waiting on the league’s expansion process.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Kushner and Iger said in a joint statement. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”

Kushner, 41, is the founder of venture capital firm Thrive Capital and co-founder and vice chairman of Oscar Health. Iger, 75, recently ended his second stint as Disney’s CEO, having been succeeded by Josh D’Amaro earlier this year.

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The sale does not affect Walter’s ownership of the Dodgers or his other sports holdings, which include stakes in the Los Angeles Sparks, Chelsea FC and the PWHL. Walter has been under scrutiny in recent months, with Bloomberg reporting in July that federal prosecutors and the SEC are examining insurance entities tied to the billionaire.

The Lakers, who have won 17 NBA championships, were owned by the Buss family from 1979 until last year’s sale to Walter.

Lakers Being Sold to Josh Kushner, Bob Iger for Record $12.5 Billion was originally published on 1075thefan.com