The Los Angeles Lakers are set to be acquired by businessmen Josh Kushner and Bob Iger in a landmark deal worth $12.5 billion US, marking the second change in ownership within a year. The acquisition of the NBA’s most valuable franchise was first reported by ESPN, surpassing last year’s valuation of $10 billion when Mark Walter purchased a controlling stake from the Buss family, the team’s long-standing owners.
In a joint statement, Iger and Kushner expressed their deep honor at becoming stewards of the iconic Los Angeles Lakers franchise, emphasizing their commitment to upholding its legacy, competing at the highest level, and serving the team, its fans, and the city of Los Angeles. Prior to this acquisition, Kushner and Iger had been collaborating on efforts to secure an NBA expansion team for Las Vegas.
The sale of the Lakers is subject to approval from the NBA’s board of governors, a process that could take several weeks, with the next board meeting scheduled for September in New York. The $12.5 billion price tag not only sets a new record for U.S. professional sports but also reflects the escalating values of NBA franchises in recent years.
The sale by Walter, who acquired the Lakers at a $10 billion valuation just last year, has generated significant buzz among fans, particularly given the team’s recent successes and star players like Luka Doncic. The Slovenian standout, expressing his excitement about the ownership change, reiterated his dedication to bringing championships to Los Angeles.
Kushner, known for his involvement in sports ownership and investments, currently holds a minority stake in the Miami Heat and has previously been linked to the Memphis Grizzlies. Meanwhile, Iger, a prominent figure in the entertainment industry, brings his wealth of experience as the former CEO of the Walt Disney Company to the Lakers’ ownership.
The acquisition of the Lakers marks a significant moment in the sports world, with the team’s storied history and global brand continuing to attract attention and investment. The sale comes amid other notable developments in the NBA, such as LeBron James’ departure from the Lakers and ongoing efforts to modernize the franchise under new ownership.