Kushner, Iger to Acquire LA Lakers for $12.5 Billion

Businessmen Josh Kushner and Bob Iger are poised to acquire the Los Angeles Lakers for a record-breaking valuation of $12.5 billion USD. This proposed transaction, reported by ESPN, would represent the highest sale price ever recorded for a professional sports franchise. The acquisition is currently awaiting official approval from the NBA Board of Governors, with a decision expected at their upcoming September meeting. Kushner and Iger, who had previously explored NBA expansion opportunities in Las Vegas, presented a substantial buyout offer to the current majority owner, Mark Walter. Walter, who also serves as CEO and chair of TWG Global, had acquired his controlling stake in the Lakers franchise from the Buss family less than a year prior for a then-record sum of $10 billion USD. The timing of this sale coincides with Walter's involvement in a federal investigation concerning alleged tax fraud related to affiliated insurance entities. However, Walter is reportedly selling only his stake in the Lakers and intends to retain his other sports investments, which include the Los Angeles Dodgers, the Los Angeles Sparks, Chelsea FC, and a stake in the Cadillac Formula 1 team. The incoming ownership group features Josh Kushner, the founder of Thrive Capital, who will need to divest his minority stake in the Miami Heat to proceed with the Lakers purchase. He will be joined by Bob Iger, the former CEO of Disney, who already holds a controlling ownership interest in the NWSL club Angel City FC. The Lakers franchise cornerstone, Luka Dončić, has reportedly expressed optimism regarding the prospect of a new ownership era, particularly following the departure of LeBron James. Dončić stated his eagerness to collaborate with Kushner and Iger in their efforts to build a championship-caliber team in Los Angeles. Kushner commented on the significance of the deal, 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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to..." The acquisition signifies a major shift in NBA franchise valuations and brings together prominent figures in business and media. The substantial increase in valuation from Walter's purchase to the current proposed sale highlights the perceived growth and potential of the Lakers brand and the broader sports market.