Lakers Sold for $12.5 Billion to Iger and Kushner

The Los Angeles Lakers have a new ownership group, with Bob Iger and Josh Kushner acquiring the franchise for a record-breaking $12.5 billion. The sale was announced on a Wednesday and represents the highest valuation for an NBA team to date. This transaction follows a previous record sale less than a year prior, when American businessman Mark Walter purchased the team for $10 billion from the Buss family. Walter, who will no longer hold a controlling stake, also maintains ownership interests in other professional sports teams, including the Los Angeles Dodgers in Major League Baseball, the Los Angeles Sparks in the Women's National Basketball Association, and Chelsea Football Club in the Premier League.

In a joint statement, Iger and Kushner expressed their honor in becoming stewards of the Lakers, acknowledging the leadership of Jerry and Jeanie Buss. They committed to building upon the team's existing foundation, striving for top-level competition, and serving the team, its fanbase, and the city of Los Angeles. According to ESPN, Iger, the former CEO of Disney, and Kushner, brother of President Trump's son-in-law, had reportedly been exploring a potential franchise expansion into Las Vegas. However, they pivoted to make their record-setting offer to purchase Walter's controlling stake in the Lakers.

The timing of the sale coincides with ongoing legal challenges for Mark Walter. His companies are currently under investigation by the Securities and Exchange Commission and U.S. prosecutors for alleged tax fraud. The finalized transfer of ownership is contingent upon approval from the NBA's board of governors. This acquisition marks Kushner's second significant attempt to invest in a major global sports entity this year. In the preceding month, Thrive Eternal, an investment fund associated with Kushner, reportedly made a $4.2 billion bid for a stake in FIFA World Cup tournaments. That proposal was ultimately withdrawn amidst opposition from fans and various federations, leading FIFA's president to reject the sale.

Both Iger and Kushner have established connections within the sports ownership landscape. Iger, along with his wife Willow Bay, holds controlling ownership of Angel City FC in the National Women's Soccer League. Kushner, meanwhile, possesses a minority stake in another unnamed sports franchise, indicating a continued interest in diversifying his sports portfolio. The substantial valuation of the Lakers underscores the growing financial power and appeal of the National Basketball Association on a global scale.