In a groundbreaking move for the NBA, American businessmen Josh Kushner and Bob Iger are reportedly finalizing a deal to purchase the Los Angeles Lakers for over $12 billion, according to multiple sources cited by ESPN. This transaction would set a new record for the highest price ever paid for a sports franchise.
Kushner and Iger, both prominent figures in the business world, had previously been engaged in the expansion efforts in Las Vegas. However, they have shifted their focus to acquiring the Lakers from Mark Walter, who acquired a controlling stake in the franchise just last year for an estimated valuation of $10 billion.
In a joint statement, Kushner and Iger expressed their excitement about the acquisition, saying, "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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles." This sentiment highlights their dedication to maintaining the legacy of the Lakers while striving for future success.
Mark Walter, who has been the majority owner of the Lakers since October 2022, described his ownership experience as one of the greatest honors of his life. He reflected on the community, the fans, and the city of Los Angeles, stating, "Owning the Los Angeles Lakers has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."
Walter's company, TWG Global, has interests in various professional sports teams, including the Los Angeles Dodgers, the Los Angeles Sparks, and Chelsea Football Club in the Premier League. Additionally, through TWG Motorsports, Walter owns several auto racing teams, including those competing in Formula 1.
This monumental acquisition not only underscores the Lakers' status as one of the premier franchises in sports but also reflects the increasing financial stakes involved in professional sports ownership. As the NBA continues to grow in popularity and revenue, the sale of the Lakers for such a staggering amount is indicative of the league's expanding market and the value placed on its franchises.
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