Bob Iger and Joshua Kushner Acquire Lakers in Historic Deal

In a major development, Bob Iger, Disney’s long-serving CEO, and Joshua Kushner, a well-known venture capitalist, are acquiring the Los Angeles Lakers. The transaction with Mark Walter’s ownership group is valued at $12.5 billion.

Less than a year ago, Dodgers owner Mark Walter had purchased the Lakers for the then-record sum of $10 billion. However, Walter’s tenure as an NBA team owner has been short-lived. The federal investigation into his financial dealings has been a significant backdrop to the ownership change.

Kushner, who founded the venture capital firm Thrive Capital, is the younger sibling of Jared Kushner. He and Iger share a long-standing passion for the NBA. “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the world’s most iconic sports franchises,” they stated to ESPN.

The federal probe into Walter’s financial management particularly centers on related-party transactions. These deals involve parties with existing business or personal relationships and include loans, sales, and other agreements. While they can be legitimate, such transactions pose potential conflicts of interest and usually need more rigorous review.

Beyond the Lakers, Bob Iger and Willow Bay have also expanded their influence in the sports world by buying into Angel City FC. Bay, the dean of USC’s Annenberg School, and Iger, have agreed to become controlling owners of the women’s soccer club, subject to league approval. They will contribute $50 million to help expand Angel City FC’s budget and reduce its losses.