Josh Kushner and Bob Iger reportedly buying Los Angeles Lakers for $12.5bn
Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers for more than $12.5bn in a record-breaking deal, ESPN reported on Wednesday, citing sources with knowledge of the deal.
Billionaire Mark Walter purchased a majority stake of the NBA team last year from the Buss family in a deal that valued the club at $10bn, with the deal only having been approved by the board of governors in October.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
Any deal to buy the Lakers would need to be approved by the NBA’s board of governors, whose next meeting is due to take place in September.
Walter thanked the Buss family as well as the team’s fans in a statement on Wednesday.
“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” he said.
Walter is the CEO of holding company TWG Global, which also has interests in MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, Premier League club Chelsea and the Professional Women’s Hockey League. Walter is currently under federal investigation over allegations of tax fraud. Walter denies any wrongdoing.
Kushner is the younger brother of Jared Kushner, the son-in-law of Donald Trump. Iger is the former CEO of Disney.
The Lakers are one of the most storied teams in North American sports. Their 17 NBA titles trail only the Boston Celtics. Their last championship came in 2020, and although they recently parted ways with LeBron James they are still one of the biggest draws in US sports and are led by Slovenian superstar Luka Dončić.
“I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise,” Dončić said on social media after news of the sale broke. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
The $12.5bn price tag is not only record-setting for US sports but it continues a trend of NBA franchise values rocketing. Three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for $3bn, and the Celtics were sold last year at a valuation of just over $6bn – which was then a record.
The announcement comes weeks after Kushner became a key figure in a controversial private equity proposal tied to Fifa, which last month said it would set up a subsidiary to run the World Cup. Fifa had planned to sell minority stakes at an equity valuation of $20 billion, with the Kushner-founded Thrive Eternal, a new investment strategy launched by venture capital firm Thrive Capital, set to lead the investor group. The plan triggered a backlash and threatened to become a test of Fifa president Gianni Infantino’s leadership before he abandoned it days later.
Reporting from The Guardian contributed to this story.
