Bob Iger, the former CEO of Disney, and venture capitalist Joshua Kushner have agreed to buy the Los Angeles Lakers for $12.5 billion. This purchase, which has the backing of Magic Johnson, marks the second sale of the Lakers in less than a year.

Details of the Sale

Mark Walter purchased the Lakers for $10 billion less than a year ago. Now, he has sold the team to Iger and Kushner for a $2.5 billion increase over his purchase price. Walter is facing a federal investigation regarding his financial dealings, which may have influenced his decision to sell the team.

Kushner and Iger expressed great respect for the Lakers’ history and their commitment to maintaining its legacy. In a statement, they emphasized their desire to build on the foundation set by Jerry and Jeanie Buss and to compete at the highest level.

Federal Investigation

Walter’s business dealings are under scrutiny by the U.S. Attorney’s Office and securities regulators. Reports suggest related-party transactions, which involve deals between entities with personal or business connections, are at the center of the investigation. These transactions are often scrutinized to prevent conflicts of interest.

Responses from Key Figures

Magic Johnson, still involved with the Lakers community, supports the new ownership. He highlights Bob Iger’s passion for basketball and believes both Iger and Kushner will drive the Lakers toward success. Lakers star Luka Doncic also expressed excitement about the new ownership, seeing it as a potential to enhance the team’s legacy.

About Joshua Kushner

Kushner, who holds a minority stake in the Miami Heat, will sell his interest in the team as part of the Lakers’ acquisition. He also has investments in other sports franchises through his firm, Thrive Capital, which focuses on long-term ownership of iconic institutions.

Conclusion

The sale of the Lakers is notable for the doubling of its valuation under Walter’s short tenure and reflects changes in ownership dynamics in the sporting world. As the handover to Iger and Kushner is finalized, the focus remains on their ability to manage and fulfill the expectations of the Lakers’ legacy.