Mark Walter, owner of the Dodgers, has sold his controlling stake in the Los Angeles Lakers to Bob Iger and Joshua Kushner for $12.5 billion. This sale, confirmed by sources for The Times, is $2.5 billion higher than the amount Walter paid to the Buss family in October of last year.
Financial Scrutiny on Walter
Walter’s business dealings are under investigation by federal authorities. The focus centers around related-party transactions involving $16 billion in loans from Delaware life insurers owned by Walter.
Joshua Kushner’s Sports Ventures
Kushner, a prominent venture capitalist and lifelong sports enthusiast, enters the Lakers ownership with a notable sports investment history. His investments span across various leagues, including the NBA, WNBA, MLB, and global soccer, with his firm Thrive Capital recently acquiring a stake in the San Francisco Giants.
Bob Iger’s Sports Ambitions
Iger, the former Disney CEO, has long pursued ownership in sports franchises. Alongside his wife Willow Bay, Iger already holds a controlling interest in Angel City FC, a women’s soccer club in Los Angeles.
Jeanie Buss Remains a Key Figure
Despite the Lakers’ sale, Jeanie Buss will continue to serve as the team’s governor for a minimum of five years, ensuring consistent leadership during this transition. Magic Johnson, a long-time associate, expressed his confidence in Iger and Kushner’s commitment to the team’s legacy and future success.
Luka Doncic and the New Ownership
Lakers star Luka Doncic acknowledged the ownership change, expressing his dedication to the team and his eagerness to collaborate with the new owners to continue building upon the Lakers’ storied success.
Background and Impact
The Lakers have experienced significant changes in ownership more than once in the past two years. Initially led by the Buss family, the franchise is now on the brink of another significant transition. The sale underscores the ever-evolving nature of ownership dynamics in major sports franchises and highlights the economic growth and appeal of the Lakers as one of the most valuable sports entities globally.
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