Bob Iger and Joshua Kushner Agree to Buy Lakers
Bob Iger, Disney’s former CEO, and Joshua Kushner, a venture capitalist, reached an agreement to purchase the Los Angeles Lakers for $12.5 billion. This acquisition indicates a significant change in ownership for the iconic NBA team.
Significance of the Sale
The sale comes after Mark Walter acquired the Lakers less than a year ago for $10 billion. Walter’s tenure as owner has been brief, but the sale is happening amidst a federal investigation into his financial dealings.
Kushner and Iger’s Perspective
Kushner, known for his venture capital firm Thrive Capital, and Iger both expressed their excitement for the opportunity. They emphasized their commitment to upholding the legacy of the Lakers and aimed to continue building on the Buss family’s successful tenure.
Mark Walter’s Position
Despite the sale, Walter has indicated he does not plan to sell his stake in the Dodgers. His decision to sell the Lakers is linked to an investigation into his business dealings, which involve loans from companies with ties to his financial interests.
Responses to the Ownership Change
Magic Johnson, a former Lakers player and current minority owner, supports the new ownership. He believes Iger and Kushner will bring renewed energy and a commitment to winning. Luka Doncic, a Lakers star, also views the change positively and looks forward to working with the new owners.
Background on Joshua Kushner
Kushner has investments in sports teams such as the Miami Heat, which he will need to sell. His venture firm Thrive Capital recently initiated Thrive Eternal, focusing on ownership in iconic franchises, and acquired a stake in the San Francisco Giants.
Ongoing Developments
This transaction marks the second change in Lakers ownership in less than a year. The Buss family, long associated with the Lakers, had initially sold the franchise to Walter. Jeanie Buss will continue as the team’s governor for five years post-sale.
Bob Iger and Angel City FC
Apart from the Lakers, Iger and his wife Willow Bay have invested in Angel City FC. Their investment includes $50 million to enhance the club’s financial strength. This move symbolizes a strengthening of financial ties to the Los Angeles sports landscape.
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