Bob Iger and Joshua Kushner to Acquire Lakers in $12.5 Billion Deal

Bob Iger, the longtime chief executive of Disney, and venture capitalist Joshua Kushner, have reached an agreement to purchase the Los Angeles Lakers for $12.5 billion. This acquisition marks the second ownership change for the Lakers in less than two years.

Sources confirm the sale from Mark Walter’s ownership group to Iger and Kushner. Walter, who had acquired the Lakers for $10 billion just last year, has confirmed that he will retain his ownership of the Dodgers despite selling the Lakers.

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 stated in a release to ESPN.

The move happens amidst a federal investigation into Walter’s financial dealings, with particular scrutiny on related-party transactions. These transactions usually involve business or personal connections, which necessitate thorough evaluation to understand any potential conflicts of interest.

The Lakers have long been a powerhouse in sports, originally under the control of the Buss family. Dr. Jerry Buss, who acquired the franchise in 1979, left it to a family trust after his passing in 2013. Jeanie Buss has been acting as the team’s governor and will continue in this role for five years post-sale, according to the NBA’s arrangements.

The deal from Walter represents a significant financial jump, with Iger and Kushner purchasing the iconic team for $2.5 billion more than Walter’s original acquisition price. The involvement of Bob Iger and his wife, Willow Bay, extends beyond basketball, as they recently acquired controlling interest in the Angel City Football Club, a women’s soccer team in Los Angeles, investing $50 million to enhance its financial stability.