In a landmark deal that is set to reshape the landscape of professional basketball, venture capitalist Josh Kushner and former Disney CEO Bob Iger have announced their agreement to purchase the Los Angeles Lakers for an unprecedented $12.5 billion. This transaction, revealed on August 12, would mark the highest price ever paid for a North American sports franchise.
The Lakers, one of the most storied teams in NBA history, were previously acquired by majority owner Mark Walter from the Buss family in October 2022 for a then-record franchise valuation of $10 billion. Walter, who also leads a diversified holding company with interests in various sports teams including the Los Angeles Dodgers and Chelsea FC, has expressed gratitude for his time as owner, highlighting the deep connection between the team and the city of Los Angeles.
In a joint statement, Kushner and Iger expressed their excitement about becoming stewards of the Lakers, stating, "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." They emphasized their commitment to building on the foundation laid by Jerry and Jeanie Buss, aiming to compete at the highest level while serving the team, its dedicated fan base, and the city.
Before this acquisition, Bob Iger stepped down as CEO of the Walt Disney Company in March 2023, and has since taken on a role as an adviser at Kushner's Thrive Capital. Kushner, who is 41 years old, is known for his venture capital endeavors and is the younger brother of Jared Kushner, who served as a senior advisor to former President Donald Trump.
The sale is still subject to approval by the NBA's board of governors, which is a standard procedure for ownership changes in the league. Walter's tenure as owner has not been without controversy; his business empire is currently under federal investigation for alleged loan fraud involving two life insurance companies he owns. Despite these challenges, Walter has remained optimistic about the future of the Lakers, stating, "Owning the Los Angeles Lakers has been one of the great honors of my life... The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."
The Lakers are set to kick off their regular season on October 21, 2023, against the Golden State Warriors. Additionally, the team will face LeBron James and the Philadelphia 76ers on Christmas Day, further solidifying their status as one of the league's premier franchises. As the new ownership prepares to take the reins, fans and analysts alike will be watching closely to see how this monumental change impacts the team's future.
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