The Los Angeles Lakers, probably the most profitable groups in NBA historical past, are being bought to former Disney CEO Bob Iger and investor Joshua Kushner in a deal valued at a reported $12.5 billion.
The sale introduced on Wednesday would mark a record-breaking valuation for a North American sports activities franchise and comes solely a couple of yr after billionaire Mark Walter agreed to purchase a controlling curiosity within the group in a then-record $10 billion deal.
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Kushner is the brother of Jared Kushner, US President Donald Trump’s son-in-law.
“As lifelong NBA followers, we’re deeply honored for the chance to turn into stewards of the Los Angeles Lakers, probably the most iconic sports activities franchises on the earth,” Kushner and Iger mentioned in a press release.
“Now we have immense respect for the management and imaginative and prescient of Jerry and Jeanie Buss. Our long-term dedication is to construct on that basis, compete on the highest stage, and serve this extraordinary group, its followers and town of Los Angeles.”
Walter’s buy, reported in June final yr, ended the Buss household’s 46-year reign over the NBA giants.
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The Lakers have gained 17 NBA championships, second solely to the Boston Celtics.
The group has been residence to a few of the league’s greatest superstars together with Kareem Abdul-Jabbar, Shaquille O’Neal and the late Kobe Bryant.
– ‘Huge adjustments’ –
LeBron James, the NBA’s all-time scoring chief, simply left the squad for the Philadelphia 76ers after spending eight years and successful one title with the Lakers.
The group is now shifting ahead with a lineup spearheaded by 27-year-old Slovenian celebrity Luka Doncic, who posted on X that he was keen to fulfill the Lakers’ new homeowners.
“I’ve gotten used to massive adjustments over these previous couple of years, however I do know that it doesn’t matter what, there isn’t a restrict to the potential of this iconic franchise,” Doncic mentioned in his submit. “I look ahead to assembly Josh and Bob so we will get to work constructing one thing particular in LA collectively.”
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The sale nonetheless requires approval from the NBA’s board of governors.
Jeanie Buss had continued to function the Lakers’ governor after the membership was bought to Walter in a deal that additional expanded the sports activities portfolio of his TWG World holding firm.
Walter additionally owns Main League Baseball’s Los Angeles Dodgers and a stake in English Premier League membership Chelsea.
His acquisition of the Lakers had marked the top of an period within the NBA, whose fashionable recognition owes a lot to the franchise’s Nineteen Eighties heyday.
Nevertheless, Walter is at present underneath federal investigation for potential tax fraud involving his insurance coverage companies.
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“Proudly owning the Los Angeles Lakers has been one of many nice honors of my life — a rare funding, however what I’ll carry with me is the group, the followers, and a metropolis that treats this group as household,” Walter mentioned in a press release.
Kushner, founding father of the Thrive Capital funding agency, beforehand held a stake within the NBA’s Memphis Grizzlies and must divest his present possession stake within the league’s Miami Warmth.
He had additionally been touted as a major investor in FIFA President Gianni Infantino’s now-abandoned plan to open the World Cup to personal funding, which roiled world soccer in latest weeks.
Iger stepped down as CEO of Disney in March, greater than three years after starting his second stint on the head of the leisure large, having been introduced again to proper the ship after what was considered as a difficult few years for the corporate underneath Bob Chapek.
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The veteran businessman had initially helmed the parks-to-movies conglomerate between 2005 and 2020, overseeing an growth that introduced mega-franchises like “Star Wars” into the Disney secure, making himself considered one of Hollywood’s most indispensable executives.
The interval noticed an enormous money injection into theme parks, which stay a jewel within the firm’s crown, serving to to push up the share value fivefold.
He and his spouse, Willow Bay, bought a controlling curiosity within the Nationwide Ladies’s Soccer League’s Angel Metropolis FC in 2024.
Lakers legend Magic Johnson, a former part-owner of the group and previous president of basketball operations, welcomed the deal in an X submit.
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“I wish to congratulate my good good friend Bob Iger and Josh Kushner on their buy of the Los Angeles Lakers!” Johnson wrote.
“Laker followers, you could not have two higher homeowners. I’ve identified Bob personally for over 40 years — he has at all times beloved the Lakers and basketball and he’ll carry championships again to LA.”
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