Bob Iger, the former chief executive of Disney, and Joshua Kushner, a venture capitalist, have agreed to purchase the Los Angeles Lakers. The deal, valued at $12.5 billion, marks the second change in ownership for the Lakers in under two years.
Ownership Changes in a Short Span
The announcement comes after the Lakers were bought last year by Mark Walter for $10 billion. Walter is currently involved in a federal investigation concerning related-party transactions. Despite this sale, Walter has stated that he has no plans to sell his stake in the Los Angeles Dodgers.
Kushner, known for founding the venture capital firm Thrive Capital, and Iger have expressed their enthusiasm for owning the Lakers. In a statement to ESPN, they said, “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.”
Financial Details and Historical Context
The Lakers’ valuation has increased significantly with this new transaction. Walter’s purchase of the team from the Buss family was approved by the NBA just last year. The Buss family managed the team since 1979, making the franchise a well-recognized brand globally. After the sale, Jeanie Buss will continue to serve as the team’s governor for at least five years.
Additional Business Ventures
In other business ventures, Bob Iger and his wife, Willow Bay, have recently become involved with Angel City Football Club. They have agreed to a controlling stake and plan to invest $50 million into the club. This investment aims to expand the club’s budget and mitigate its financial losses, pending approval from the National Women’s Soccer League.
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