Bob Iger and Joshua Kushner to Buy the Lakers

Bob Iger, Disney’s longstanding CEO, and Joshua Kushner, a venture capitalist, have agreed to purchase the Los Angeles Lakers for $12.5 billion. This acquisition marks a dream come true for Iger, who has long aspired to own a major sports franchise. Their purchase cements their involvement as stewards of one of the world’s most iconic sports franchises.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Kushner and Iger stated.

A Record-Breaking Sale

Less than a year ago, Dodgers owner Mark Walter bought the Lakers for $10 billion. Now, he has sold the team to Iger and Kushner for $2.5 billion more. Walter has been in the midst of a federal investigation concerning financial transactions, adding another layer to this sale.

What Lies Ahead for Mark Walter?

Walter maintains no plans to sell the Dodgers despite unloading the Lakers. The federal investigation he faces is probing related-party transactions involving his business empire, highlighting potential conflicts of interest.

Lakers’ NBA Cup Play

The Lakers will begin their NBA Cup play against the Golden State Warriors on October 30. Their tournament journey starts on the road, with fans eagerly anticipating the team’s performance.

A Dream Realized for Bob Iger

Throughout his career, Iger has pursued ownership in major sports franchises. His acquisition of the Lakers, alongside Kushner, fulfills this ambition. They were also exploring opportunities for a new NBA expansion team in Las Vegas.

Jeanie Buss’s Continued Role

Despite the ownership change, Jeanie Buss will remain the team’s governor for at least five years, ensuring the Buss family’s ongoing influence over the team.

Magic Johnson’s Endorsement

Magic Johnson, a prominent figure in Lakers history, supports the ownership change. He values the passion Iger and Kushner bring, noting their commitment to maintaining the Lakers’ legacy and driving the team to success.

“The great thing for Laker fans is Bob Iger loves basketball… I think that we couldn’t have a better person,” Johnson expressed.

Why Did Walter Sell?

The reasons for Walter’s decision to sell remain unclear. Acknowledging the honor of owning the Lakers, Walter highlighted the community and fans as central to his experience.

The sale aligns with ongoing investigations into Walter’s business dealings, specifically $16 billion in potentially fraudulent loans linked to related-party transactions.

Joshua Kushner’s Investing Journey

Kushner, owner of a stake in the Miami Heat, will sell it to complete the Lakers purchase. He has a history of investing in sports franchises, emphasizing long-term ownership goals through his venture firm, Thrive Capital.

Luka Doncic’s Response

Lakers star Luka Doncic expressed enthusiasm about the new owners. He emphasized the limitless potential of the franchise and the opportunity to build something special with Iger and Kushner.

Continuity Amid Change

The Lakers will experience a second ownership change in under two years, moving from the Buss family to Walter, and now to Iger and Kushner. While ownership shifts, Jeanie Buss remains a key figure in the team’s governance.