Bob Iger and Joshua Kushner Buy Los Angeles Lakers for $12.5 Billion

Ownership Change for the Lakers

Bob Iger, Disney’s former chief executive, and Joshua Kushner, a venture capitalist and brother of Jared Kushner, have agreed to purchase the Los Angeles Lakers. The price tag stands at $12.5 billion. This marks the second ownership shift in under two years for the NBA franchise.

The Sale and Mark Walter’s Involvement

The news follows barely a year after Mark Walter acquired the Lakers for $10 billion. Walter, who also owns the Dodgers, has been the focus of a federal loan investigation. Despite selling the Lakers, Walter reportedly has no intention of parting with the Dodgers.

Kushner runs Thrive Capital, while Iger has longstanding ties with Disney. They expressed their honor and enthusiasm about owning the storied NBA team. Iger and Kushner were once contemplating an expansion franchise, but opted instead for overseeing the Lakers.

Record and Transition

With the latest deal, the Lakers are set for another ownership transition. Last year, Walter secured NBA approval to purchase a majority stake. This now places the Lakers back on the market, echoing the financial dynamics within professional sports.

Historical Context

The Lakers have been a centerpiece of Los Angeles sports since Dr. Jerry Buss acquired the team in 1979. After his passing in 2013, the Buss family maintained control. Through savvy management, the family built the Lakers into a globally recognized brand. Jeanie Buss, Jerry Buss’s daughter, remains the team’s governor for a stipulated period following the agreement completion.

Angel City FC Addition

In related sports news, Bob Iger and his wife Willow Bay recently joined the ownership group of Angel City FC. The couple committed to a $50 million investment, aiming to fortify the club’s financial standing.