The Los Angeles Lakers are set to be acquired by businessmen Josh Kushner and Bob Iger in a groundbreaking deal, marking the second change in ownership within a year. The purchase price is reported to be $12.5 billion US, as per a source who disclosed the information to The Associated Press on Wednesday under anonymity due to the confidential nature of the agreement.
ESPN initially broke the news that Kushner and Iger are purchasing the NBA’s most valuable team. Last year, the Lakers were appraised at $10 billion when Mark Walter acquired a controlling interest from the Buss family, who had owned the franchise since 1979, setting a record for a professional sports team.
In a joint statement, Iger and Kushner expressed their profound honor at the prospect of overseeing the iconic Los Angeles Lakers franchise. They emphasized their admiration for the Buss family’s leadership and outlined their commitment to building on the team’s legacy, striving for excellence, and serving the fans and the city of Los Angeles.
Kushner, a venture capitalist, and former CEO of the Walt Disney Company, Iger, had previously collaborated on efforts to secure an NBA expansion team for Las Vegas. By acquiring the Lakers, they bypass the need to wait for a potential expansion in the earliest season of 2028-29.
Legendary Lakers figure Magic Johnson, a co-owner of Walter’s ownership of the Los Angeles Dodgers, lauded the acquisition on social media, assuring fans that Kushner and Iger are ideal owners for the team.
The sale is subject to approval from the NBA’s board of governors, a process that could span several weeks and is scheduled for discussion at the upcoming board meeting in September in New York.
The $12.5 billion transaction not only sets a new record for professional sports in the U.S. but also establishes a pinnacle in the escalating values of NBA franchises. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for $3 billion, while the Boston Celtics were purchased last year for slightly over $6 billion.
Walter’s previous acquisition of a controlling stake in the Lakers at a $10 billion valuation shattered existing records, with Iger and Kushner now elevating the benchmark further. Walter’s abrupt decision to sell after a brief 10-month ownership tenure has left a significant impact on the team’s extensive fan base.
The Los Angeles Lakers, a 17-time NBA champion, last claimed the title in 2020 and have maintained a playoff streak over the past four seasons. The current roster is anchored by NBA scoring leader Luka Doncic, signed through the 2028-29 season, who expressed eagerness to contribute to the team’s success under the new ownership.
Kushner, aged 41, has previously held minority ownership in two NBA teams and gained prominence for his involvement in international sports investments. Iger, aged 75, renowned for his tenure at Disney, and his wife, Willow Bay, also own the NWSL team Angel City FC.
As the Lakers embark on this ownership transition, uncertainties loom over the future role of Jeanie Buss, who has been an integral part of the team’s governance. The franchise, synonymous with success and global recognition, is poised for a new chapter under the stewardship of Kushner and Iger.