In a surprising move, Mark Walter sold the Los Angeles Lakers for $12.5 billion after owning them for less than two years. As per reports, other NBA owners are among the most shocked.
The NBA world was shaken up on Wednesday, when news broke saying the Los Angeles Lakers were being sold for $12.5 billion to former Disney CEO Bob Iger and VC executive, Josh Kushner.
Mark Walter bought the Lakers from the Buss family for $10 billion just over a year ago. He made changes to the front office, and looked like he was settling in for the long haul.
So when reports of the sale came out, fans were quick to express their shock. But it seems that even those who are usually in the know weren’t spared the shock this time.
Photo by Allen Berezovsky/Getty ImagesNBA owners are reportedly stunned by Mark Walter’s decision to sell directly and not hold an auctionThe Lakers are the NBA’s most valuable franchise. They remained with the Buss family for decades before Walter bought them for $10 billion. The team’s value has been growing exceptionally each decade.
There would likely have been widespread interest if the team were being shopped around. This is what has apparently stunned other owners in the league.
“’It’s one of the most bizarre things I’ve ever seen,’ said a source close to dozens of sports team owners. ‘My phone’s ringing off the hook with people saying they’re stunned,’” reads a report from Front Office Sports.
“’Why would you sell a team within a year, and especially without an auction?’ asked one former NBA governor. ‘Especially a premier asset like the Lakers.’”
All these questions are likely to be answered as more details on the deal continue to come to light. It’s safe to say, though, that seemingly absolutely no one in the sports world saw this coming.
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