Bob Iger and Joshua Kushner Acquire Lakers Franchise for $12.5 Billion

Disney’s long-serving CEO, Bob Iger, and Joshua Kushner, the founder of Thrive Capital, reached an agreement to purchase the Los Angeles Lakers for $12.5 billion from Mark Walter’s group. This acquisition comes less than a year after Walter bought the franchise from the Buss family for $10 billion.

The Sale and Its Context

The sale marks a significant shift in ownership for the Lakers, happening only 14 months after Walter acquired the team. This transaction makes Iger and Kushner the new stewards of one of the most iconic franchises in sports history.

Mark Walter’s financial dealings are currently under investigation by federal authorities, possibly influencing the sale. The probe focuses on related-party transactions involving Walter’s business holdings, which could pose potential conflicts of interest.

Bob Iger’s Sports Ownership Journey

Bob Iger’s acquisition of the Lakers is a milestone in his quest to own a major sports team. Previously, he acquired a controlling interest in Angel City FC, a women’s soccer club in Southern California.

The Iger family’s involvement with Angel City might offer a glimpse into their management approach for the Lakers. While the scale differs significantly, their commitment to the sports community remains evident.

Joshua Kushner’s Expanding Sports Portfolio

Kushner, who is also a minority owner of the Miami Heat and previously held stakes in the Memphis Grizzlies, brings deep sports industry experience to the new role. His firm Thrive Capital has recently been active in acquiring stakes in major sports franchises and other cultural institutions.

Reactions from Key Players

Lakers’ star Luka Doncic remarked, “Being a Laker means everything to me. I’m excited about meeting Josh and Bob and building something special in LA together.”

Magic Johnson expressed confidence in the new ownership, highlighting Iger’s deep connections to the city and basketball.

In a statement, Iger and Kushner underscored their commitment to maintaining the Lakers’ legacy and emphasized their high esteem for Jerry and Jeanie Buss.

Looking Ahead

Jeanie Buss will continue as the Lakers’ governor for five more years, ensuring some continuity amidst the ownership changes. The Lakers are set to open their NBA Cup play against the Golden State Warriors, marking the beginning of a new chapter under Iger and Kushner.

In the backdrop of these shifts, Walter reassured stakeholders and fans of his gratitude for being part of the Lakers’ lineage, as the team continues its legacy under new guidance.