The Los Angeles Lakers are set to change ownership for the second time in a year, as Josh Kushner and Bob Iger, both prominent businessmen, are buying the team at a staggering price of $12.5 billion US. This deal, reported by ESPN, marks a significant increase from the team’s previous valuation of $10 billion when Mark Walter acquired a controlling stake from the Buss family in 2021.
Expressing their excitement, Iger and Kushner stated their deep reverence for the Lakers as an iconic sports franchise. The duo, who are avid NBA fans, are committed to upholding the team’s legacy, striving for excellence, and catering to the fans and the city of Los Angeles.
The acquisition of the Lakers by Kushner, a venture capitalist, and former Disney CEO Iger, comes after their collaboration on a potential NBA expansion team for Las Vegas. This purchase eliminates the need to wait for possible expansion opportunities in the future.
Notably, the sale is subject to approval by the NBA’s board of governors, with the process expected to take several weeks. The unprecedented $12.5 billion price tag not only sets a new record for U.S. professional sports but also signifies a remarkable surge in NBA franchise valuations.
The decision by Walter to sell his stake in the Lakers after a brief ownership tenure has generated significant buzz among fans. The team, boasting a rich history with 17 NBA championships, is currently led by star player Luka Doncic, who expressed his enthusiasm for the future under the new ownership.
Kushner, known for his involvement in various sports ventures, including minority ownership in the Miami Heat, and Iger, a renowned figure in the entertainment industry, are poised to steer the Lakers into a new era of success. Despite the transition, uncertainties loom over the role of current Lakers governor, Jeanie Buss, in the team’s operations moving forward.
The sale of the Lakers at a record price underscores the team’s global stature and enduring appeal in the world of basketball. This development follows the departure of NBA icon LeBron James from the Lakers, signaling a pivotal moment in the team’s evolution under the new ownership.