Los Angeles Lakers Reportedly Sold for Record-Breaking Price

The Los Angeles Lakers are allegedly being sold to Josh Kushner and Bob Iger for a staggering $12.5 billion, according to sources. Initially, the duo had their sights set on starting a new NBA expansion team in Las Vegas, but they opted to make a significant offer to acquire the Lakers instead.

Mark Walter, the CEO of Guggenheim Partners and current owner of the Los Angeles Dodgers, sold the franchise on Wednesday. This transaction marks a new record for the highest price ever paid for a North American sports team. Walter had taken majority ownership of the Lakers last October, purchasing them from the Bass family for around $10 billion with full approval from the NBA.

“Owning the Los Angeles Lakers has been an incredible honor and a significant investment in my life. What I cherish most is the community, fans, and city that hold this team dear. I am thankful to Jeanie Buss, the Buss family, players, and staff for welcoming me into this chapter. The Lakers belong in Los Angeles, and I believe the best is ahead,” Walter expressed in a statement.

Kushner is known for founding Thrive Capital, a venture capital firm, and co-founding Oscar Health. He also has a minority stake in the Miami Heat. Earlier, Thrive Capital had been in discussions to acquire a minority share in the FIFA World Cup, but the deal fell through due to intense backlash from soccer officials worldwide.

Interestingly, Kushner is the younger sibling of US peace envoy Jared Kushner, with both being sons of real estate mogul Charles Kushner.

Bob Iger, on the other hand, previously held the CEO position at the Walt Disney Company from 2005 to 2020, and again from 2022 to 2026. Besides his involvement in entertainment, he and his wife, Willow Bay, are set to become majority owners of Angel City Football Club, a women’s soccer team in Los Angeles, acquiring control for $250 million in 2024.

The new owners expressed their excitement in a statement released on Wednesday.

“As lifelong NBA fans, we are truly honored to take on the responsibility of being stewards of the Los Angeles Lakers, one of the most iconic sports franchises globally. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term dedication is to build on that foundation, compete at the highest level, and serve this remarkable team, its fans, and the city of Los Angeles,” said Kushner and Iger.

Following superstar LeBron James’ departure to the Philadelphia 76ers, the Lakers, now led by six-time NBA All-Star Luka Doncic, expressed their eagerness to meet their new owners through a post on social media.

“Being a Laker means everything to me, and I cannot wait to get back on the court and bring a championship to Los Angeles,” Doncic mentioned. “We’ve gone through many changes recently, but we believe that the possibilities for this legendary franchise are endless. I’m looking forward to meeting Josh and Bob and collaborating to create something special in LA.”

The deal is still pending approval from the NBA Board of Governors, a process that may take a few weeks. The next board meeting is anticipated to take place next month in New York.

However, it’s worth noting that Walter and Guggenheim Partners are currently under scrutiny from the U.S. Securities and Exchange Commission (SEC) and federal authorities in Manhattan related to potential insurance fraud.