Bob Iger and Joshua Kushner Purchase Lakers for $12.5 Billion

Bob Iger and Joshua Kushner Acquire the Los Angeles Lakers

Bob Iger, known for his long tenure as Disney’s chief executive, and Joshua Kushner, a venture capitalist and Jared Kushner’s brother, have entered into an agreement to purchase the Los Angeles Lakers for $12.5 billion. This acquisition marks a significant shift in the ownership of the iconic NBA franchise.

Change in Ownership

Mark Walter, who purchased the Lakers less than a year ago for a then-record $10 billion, has decided to sell the team amidst a federal investigation into his financial dealings. The sale exceeds Walter’s purchase price by $2.5 billion and represents a new chapter for the Lakers under Iger and Kushner.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” stated Kushner and Iger.

Walter’s ownership was short-lived, but he has no plans to sell his stake in the Dodgers, another major Los Angeles sports franchise.

Federal Investigation into Walter’s Financial Affairs

Walter’s business dealings are under scrutiny by federal authorities. The investigation centers on “related-party transactions”, a complex financial maneuver often needing detailed transparency and scrutiny.

The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” Walter said in a statement.

Reactions to the Sale

Magic Johnson, an NBA legend and former part-owner of the Lakers, supports the change in ownership. He believes Iger’s deep connection to Los Angeles and his passion for basketball make him an ideal steward for the team. Similarly, current Lakers star Luka Doncic expressed enthusiasm for working with the new owners, highlighting the potential for success.

The Buss family, who transformed the Lakers into a global sports brand, handed over control last year. Despite the sale, Jeanie Buss will remain the team’s governor for an additional five years.

Willow Bay and Bob Iger’s Investment in Angel City FC

In a related development, Bob Iger and his wife, Willow Bay, have acquired controlling interest in Angel City FC, expanding the budget and financial backing for the women’s soccer team. Their investment aims to bolster the club’s position in the National Women’s Soccer League.