The Los Angeles Lakers are set to change ownership hands once again, this time to entrepreneurs Josh Kushner and Bob Iger, in a landmark deal valued at $12.5 billion US. The transaction, disclosed by an anonymous source to The Associated Press on Wednesday, marks a significant development for one of North America’s premier sports franchises.
According to reports, Kushner and Iger, known for their business acumen, are purchasing the NBA’s most valuable team, the Lakers, which was previously valued at $10 billion when Mark Walter acquired a controlling stake from the Buss family last year, setting a record in pro sports team transactions.
In a joint statement, Kushner and Iger expressed their reverence for the Lakers’ legacy and their commitment to upholding it by striving for excellence on and off the court. The pair, both lifelong NBA enthusiasts, are enthusiastic about the opportunity to contribute to the esteemed organization and the city of Los Angeles.
Kushner, a seasoned venture capitalist, and Iger, the former CEO of the Walt Disney Company, had been exploring the possibility of securing an NBA expansion team for Las Vegas. However, with the acquisition of the Lakers, they bypass the wait for potential expansion opportunities in the upcoming seasons.
The impending sale of the Lakers is subject to approval from the NBA’s board of governors, a process that could take several weeks. The board’s next meeting is scheduled for September in New York, where the deal will be reviewed.
The $12.5 billion price tag not only sets a new record for U.S. professional sports transactions but also signifies a remarkable surge in NBA franchise valuations. This historic sale surpasses recent high-profile deals in the sports industry, such as Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics’ acquisition by Bill Chisholm.
The decision by Walter to sell his stake in the Lakers after a brief tenure as the team’s owner has sparked discussions among fans. Walter, who has overseen the Dodgers during a highly successful period, is now parting ways with the Lakers amid ongoing legal scrutiny of his business ventures.
The Los Angeles Lakers, a storied franchise with 17 NBA championships, are currently led by star player Luka Doncic, who has voiced his excitement about the team’s future under the new ownership. Doncic’s dedication to the Lakers and their pursuit of further success resonates with fans and stakeholders alike.
Kushner, a known figure in sports investments, has previously held ownership interests in NBA and other sports franchises, while Iger’s illustrious career in the entertainment industry has now intersected with the world of professional sports through the Lakers acquisition.
The sale of the Lakers represents a significant milestone in the sports business landscape and underscores the enduring appeal and value of iconic sports franchises like the Lakers, known for their rich history and global fan base.