Bob Iger and Joshua Kushner Agree to Purchase Los Angeles Lakers for $12.5 Billion

Bob Iger, the longtime chief executive of Disney, and Joshua Kushner, a venture capitalist and brother of Jared Kushner, have agreed to buy the Los Angeles Lakers for $12.5 billion. Notably, the sale makes Iger’s dream of owning a major sports franchise come true. This transaction follows less than a year after Dodgers owner Mark Walter purchased the Lakers for $10 billion. Walter, who is currently at the center of a federal loan investigation, sold the team to Iger and Kushner.

Lakers Ownership and Transition

In a statement, Kushner and Iger expressed their excitement about becoming stewards of the iconic NBA franchise. Mark Walter, while selling the Lakers, has no plans to sell the Dodgers. The Lakers have seen rapid ownership changes, with the Buss family selling to Walter, who now sells to Kushner and Iger. This marks a significant transition for the historically family-run organization, as Jeanie Buss will remain as governor for at least five years.

Federal Investigation Surrounding Mark Walter

The federal probe into Walter’s business affairs focuses on related-party transactions, which involve entities with personal or business ties. These transactions can create conflicts of interest and typically require close scrutiny.

Magic Johnson’s Support for Iger and Kushner

Magic Johnson has voiced his support for the new owners, stating that Iger and Kushner’s passion for basketball and their ability to win for Los Angeles are important factors. Johnson, who is closely associated with the Lakers and the Dodgers, sees the new ownership as promising.

Luka Doncic on Ownership Change

Luka Doncic, a star player for the Lakers, expressed his enthusiasm for the team’s potential under the new ownership. Doncic acknowledged that being part of the Lakers means everything to him.

Background on Joshua Kushner

Joshua Kushner, before acquiring Lakers, owned stakes in other basketball teams, including the Miami Heat and the Memphis Grizzlies. His venture firm, Thrive Capital, aims at long-term ownership of iconic franchises.

The Angel City Football Club also benefits from Bob Iger’s leadership, as he joins as a controlling owner with Willow Bay. They plan to inject $50 million into the club to support its financial stability.