Bob Iger and Joshua Kushner Agree to Purchase Lakers for $12.5 Billion

Bob Iger, the long-serving chief executive of Disney, and Joshua Kushner, a venture capitalist, have reached an agreement to buy the Los Angeles Lakers for $12.5 billion. This acquisition represents a major milestone, fulfilling Iger’s long-standing aspiration to own a significant sports franchise.

Mark Walter, the current owner, decided to sell the team less than a year after acquiring it for a record $10 billion. Walter remains the owner of the Los Angeles Dodgers, which he does not plan to sell. Sources close to the matter, not authorized to speak publicly, confirm that the Lakers’ sale is progressing.

Federal Investigation on Mark Walter

The sale surfaces amid a federal investigation into Walter’s financial activities. The investigation centers on related-party transactions involving loans made to businesses linked to Walter, with questions surrounding disclosure and potential conflicts of interest.

Lakers NBA Cup and Ownership Change

The Lakers will start their NBA Cup play against the Golden State Warriors on October 30. Meanwhile, Jeanie Buss will continue as the team’s governor for at least another five years, maintaining the Buss family’s influence.

Involvement of Magic Johnson

Magic Johnson has expressed support for the new ownership change. He lauds Iger and Kushner for their passion and commitment to the Lakers, emphasizing their understanding of the team’s legacy and the city’s enthusiasm for basketball.

Statements from Key Players

Iger and Kushner stated, “As lifelong NBA fans, we are honored to become stewards of the Lakers. We have immense respect for Jerry and Jeanie Buss’s leadership and commit to building on that foundation.”

Mark Walter expressed gratitude for his time owning the Lakers, emphasizing the team’s significance to the Los Angeles community.

Luka Doncic voiced excitement over the sale, acknowledging the franchise’s potential and looking forward to collaborating with the new owners.

Why Mark Walter is Selling the Lakers

The reasons behind Walter’s decision to sell the Lakers remain unclear. However, the sale occurs as his business empire is under federal scrutiny for alleged fraudulent loans involving entities linked to him.

Joshua Kushner’s Business Ventures

Joshua Kushner, set to sell his Miami Heat stake to complete the Lakers purchase, is known for his focus on iconic franchise investments. His firm, Thrive Capital, recently ventured into sports ownership with the San Francisco Giants.

As the Lakers transition to new ownership, the storied franchise anticipates entering a new era with Iger and Kushner at the helm, maintaining its status as a leading brand in sports.