Lakers Franchise Changes Hands for Record Amount
The ownership of the Los Angeles Lakers is shifting again, this time at an unprecedented valuation.
Mark Walter is selling the team to entrepreneur Josh Kushner and former Disney executive Bob Iger, with the deal valued at a stunning $12.5 billion. This figure is, reportedly, the highest for any American sports franchise.
“As lifelong NBA fans, we are truly honored to serve as stewards of the Los Angeles Lakers, one of the most iconic sports franchises worldwide. We deeply respect Jerry and Jeanie Buss’s leadership and vision,” said Kushner and Iger in a statement.
They added, “Our commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
Walter, who is also the majority owner of the Dodgers, acquired control of the Lakers last year from the Bass family for around $10 billion, which was a record at that time.
The NBA Board of Governors approved the deal in October of last year. Jeanie Buss will continue as team governor for five years following this transition.
Interestingly, it seems Walter has no plans to give up control of the Dodgers as part of this transaction.
Board approval for the sale could take several weeks, with the next meeting anticipated in September.
This sale is taking place amid ongoing investigations into Walter’s Guggenheim investments by the U.S. attorney’s office and the Securities and Exchange Commission.
They are looking into how $16 billion in loans related to his TWG Global ended up in an insurance company he owns after passing through a third party, as noted by a recent Wall Street Journal article.
Walter expressed his gratitude, stating, “Owning the Los Angeles Lakers has been one of the greatest honors of my life and an extraordinary investment. I will cherish the connections I’ve made with the community, fans, and the city that embraces this team like family. I want to thank Jeannie Buss, the Buss family, players, and staff for inviting me into this chapter. The Lakers belong in Los Angeles, and I’m confident that the best is yet to come.”
Kushner and Iger had previously aimed to create an expansion team in Las Vegas, but instead, they opted to acquire one of the most recognized names in American sports, according to reports.
Mr. Kushner, at 41, is the founder of Thrive Capital, and he’s a member of a prominent family with connections to U.S. politics. Mr. Iger, 75, previously served as CEO of the Walt Disney Company, spanning two tenures from 2005 to 2020 and again from 2022 to 2026, before stepping down in March.
As they prepare to take ownership, they will inherit a Lakers team transitioning into a new chapter, especially with the departure of LeBron James to the 76ers after securing one title during his eight seasons with the team. The franchise is now focusing on re-signing key players like Walker Kessler and Austin Reaves.
