Bob Iger was still absorbing the news on Wednesday morning that he and Josh Kushner had acquired majority ownership of the Lakers from Mark Walter for an impressive $12.5 billion.
Initially focused on a potential NBA expansion in Las Vegas, they learned over the weekend that Walter might be interested in selling the Lakers stake he had bought just over a year prior.
Seizing the moment, Iger and Kushner finalized the agreement in a mere three business days.
“We were working on promoting a new team in Las Vegas,” Iger explained in a phone call. “While that conversation was ongoing, we heard that Mark Walter might sell his Lakers stake. Given the franchise’s value and its legendary status, we decided to pursue it. The deal came together in three days.”
“It’s really that straightforward.”
Previously, Walter had purchased majority ownership from the Bass family at a then-record valuation of $10 billion, while the league confirmed that former majority owner Jeanie Buss would stay on as the team’s governor for a minimum of five years.
Iger confirmed that he plans to honor the agreements made among Kushner, Walter, and Buss.
“We hold deep respect for Jeannie and her father and their legacy with this team,” Iger remarked. “We intend to uphold the agreement between Mark and Jeannie. Of course, circumstances may evolve, but we will always regard her contributions and what she symbolizes for us.”
Though Iger hasn’t yet contacted Lakers star Luka Doncic, he has discussed matters with Buss and coach JJ Redick—who he knows from their time during Redick’s tenure with the Clippers, when Iger was a season ticket holder.
Now, Iger finds himself leading the Lakers.
“I’m genuinely grateful and thrilled to own something as iconic as the LA Lakers,” he shared. “Josh and I are big NBA fans, and owning not just any team but the Lakers is a remarkable experience—both personally and professionally. It hasn’t completely sunk in yet, but we’re incredibly excited.”
The swift nature of the deal raises questions about Iger and Kushner’s vision for the franchise.
What shifts might occur under their guidance?
Iger emphasized that it’s premature to discuss future actions.
“We’re fans first,” he acknowledged. “We appreciate the value created on and off the court. Our aim is to enhance this prestigious franchise from a position of strength. We understand what we know, and just as importantly, what we don’t. To be candid, we haven’t made any plans yet, so it’s simply too early to speculate on our direction. We’re entering this with a clear understanding of the Lakers’ identity, and we aim to build value starting today.”
“This is definitely a new chapter,” Iger added.
