The Los Angeles Lakers, one of the most storied franchises in NBA history, are reportedly being sold to former Disney CEO Bob Iger and investor Joshua Kushner. This monumental deal is valued at an unprecedented $12.5 billion, as reported by ESPN on Wednesday.
This sale, which would establish a new record for the valuation of a North American sports team, comes just a year after billionaire Mark Walter purchased a controlling interest in the franchise for a then-record $10 billion. Walter's acquisition last June marked the end of the Buss family's 46-year ownership of the Lakers, a team that has captured the hearts of basketball fans worldwide.
Kushner, who is the brother of Jared Kushner, former President Donald Trump's son-in-law, expressed excitement about the acquisition. In a joint statement with Iger, he said, "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 legacy established by the Buss family and competing at the highest level.
The Lakers have a rich history, boasting 17 NBA championships, which places them second only to the Boston Celtics. The franchise has been home to numerous basketball legends, including Kareem Abdul-Jabbar, Shaquille O'Neal, and the late Kobe Bryant. Recently, the team saw the departure of LeBron James, the NBA's all-time leading scorer, who left to join the Philadelphia 76ers after an eight-year tenure that included one championship win.
As the Lakers move forward, they are now looking to build a competitive roster led by Slovenian superstar Luka Doncic. The sale, however, is still pending approval from the NBA's board of governors, which will review the transaction before it is finalized.
Jeanie Buss, who has continued to serve as the Lakers' governor since Walter's purchase, remains a significant figure in the organization. Walter's TWG Global holding company, which expanded its sports portfolio with the Lakers acquisition, also owns the Los Angeles Dodgers of Major League Baseball and a stake in the English Premier League club Chelsea. Additionally, TWG has interests in the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.
Despite the excitement surrounding the sale, Walter is currently under federal investigation for potential tax fraud related to his insurance businesses. In a statement reflecting on his time as owner, Walter said, "Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family." He expressed gratitude to the Buss family, players, and staff for their support during his ownership.
Walter's acquisition of the Lakers marked a significant shift in the NBA landscape, particularly given the franchise's crucial role in the league's modern popularity, which can be traced back to its success in the 1980s. The Lakers were originally purchased in 1979 by the charismatic Jerry Buss, who transformed the team into a powerhouse both on and off the court, creating a globally recognized brand.
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