The Los Angeles Lakers are set to be acquired for the second time within a year, with businessmen Josh Kushner and Bob Iger finalizing a deal for a groundbreaking price. The sale, reportedly valued at $12.5 billion US, marks a significant development for one of North America’s premier sports franchises. ESPN’s initial report revealed that Kushner and Iger are purchasing the NBA’s most valuable team, surpassing last year’s $10 billion valuation when Mark Walter acquired a controlling interest from the Buss family.
Expressing their gratitude, Iger and Kushner stated, “As lifelong NBA enthusiasts, we are honored to oversee the iconic Los Angeles Lakers franchise. We hold tremendous respect for the leadership of Jerry and Jeanie Buss and aim to uphold their legacy, compete at the highest level, and serve the team, its fans, and the city of Los Angeles.”
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger, who had previously collaborated on pursuing an NBA expansion team in Las Vegas, have now secured ownership of the Lakers, eliminating the need to wait for potential expansion in the 2028-29 season at the earliest.
Legendary Lakers figure Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the acquisition on social media, praising the new owners’ commitment to the team’s success.
To complete the transaction, NBA board of governors’ approval is required, a process that may span several weeks with the next board meeting scheduled for September in New York. The $12.5 billion price tag sets a new benchmark for U.S. professional sports franchises, reflecting the escalating value of NBA teams. This unprecedented sale follows a series of high-profile transactions in the sports industry, including Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics’ acquisition by Bill Chisholm.
Walter’s decision to sell his controlling stake in the Lakers after just 10 months has created a buzz among fans, especially after his successful tenure with the Dodgers. Reports of federal investigations into Walter’s business empire have added intrigue to the sale, yet the Lakers, a 17-time NBA champion, remain a coveted and globally recognized franchise.
Star player Luka Doncic, expressing his enthusiasm for the team, shared his excitement about the ownership change, underscoring his commitment to bringing further success to the Lakers. Kushner, known for his involvement in sports investments, holds a minority stake in the Miami Heat and previously owned a share in the Memphis Grizzlies. Iger, a prominent figure in the entertainment industry, brings vast experience from his tenure at Disney and his ownership of NWSL team Angel City FC.
With the Lakers’ rich history and global appeal, the new ownership’s vision for the team’s future remains a topic of interest among fans and analysts alike. The sale represents a pivotal moment for the franchise, signaling a new era under the stewardship of Kushner and Iger as they embark on building a championship-winning team in Los Angeles.