In an unexpected development, Bob Iger, former Disney CEO, and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers. The deal, valued at $12.5 billion, signifies a significant increase from the $10 billion spent by Mark Walter less than a year ago when he acquired the Lakers from the Buss family. This transaction sets a record for the sale of a sports franchise.
Background on the Sale
The news comes amidst legal scrutiny of Mark Walter’s business dealings involving $16 billion in potentially fraudulent loans. These loans, tied to companies connected to Walter, were not disclosed as related-party transactions. Despite this, sources confirm Walter has no intentions to sell the Dodgers, maintaining his role in the team.
The New Ownership Team
Kushner and Iger expressed their honor in taking ownership of the Lakers, one of the most iconic teams in sports. They aim to uphold and build upon the legacy established by the Buss family, focusing on competitive excellence and serving the team’s dedicated fanbase in Los Angeles.
Lakers minority owner Magic Johnson expressed support for Iger and Kushner, highlighting their commitment to winning and their long-term dedication to the team and its culture.
Jeanie Buss’ Role
Jeanie Buss, who has been part of the Lakers’ fabric for decades, will continue as the team’s governor for at least five years. Her ongoing involvement ensures that the Buss family’s legacy remains linked to the team.
Potential Changes and Future Prospects
Kushner’s previous investments in the sports industry suggest a strategic approach. He has owned stakes in the Miami Heat and Memphis Grizzlies and aims to enhance cultural and financial aspects of franchise ownership through Thrive Eternal, his firm focused on iconic assets.
Lakers star Luka Doncic expressed optimism about the change in ownership, citing the limitless potential of the franchise and his enthusiasm to work with Iger and Kushner for future successes.
NBA Cup and Future Games
The Lakers will kick off their NBA Cup play against the Golden State Warriors on October 30. This match marks the start of an in-season tournament that will culminate with a championship game at Hinkle Fieldhouse on December 11.
As the Lakers transition to new ownership, the team and fans look forward to continued success and a hopeful future under the new leadership of Iger and Kushner.
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