Bob Iger and Joshua Kushner acquire Los Angeles Lakers for $12.5 billion
Media executive Bob Iger and investor Joshua Kushner completed a $12.5 billion purchase of the Los Angeles Lakers, marking the highest price ever paid for a sports franchise, while former owner Mark Walter faces federal investigations into his insurance businesses.
Bob Iger and Joshua Kushner finalized a $12.5 billion acquisition of the Los Angeles Lakers, the most expensive sale of a sports team to date. The transaction, which must be approved by the NBA Board of Governors, concluded within three days after Iger learned that Mark Walter might be willing to sell.
Walter, who owned the Lakers for 14 months and earned an estimated $2.5 billion profit, is also under federal scrutiny for alleged conflicts of interest involving $21 billion in loans made by two Delaware life insurers he controls. He has denied any wrongdoing and declined to comment on whether the investigation influenced the sale.
Kushner, founder of the venture-capital firm Thrive Capital, and Iger, former Disney chief executive, said the Lakers represent an “eternal asset” and expressed enthusiasm about owning the iconic franchise. > "Grateful, appreciative, excited to own something that’s as iconic as the L.A. Lakers," Iger told the California Post. > "We are fans. We respect the value that’s been created, both on the court and off. Our intention is to build this great franchise from a position of strength."
The deal follows Iger’s brief stint at Thrive Capital in 2022 and his return after a second term as Disney CEO. Kushner’s involvement in sports includes stakes in the Memphis Grizzlies, Miami Heat and San Francisco Giants through Thrive’s subsidiary Thrive Eternal. Both buyers declined interview requests until the sale is completed.
Walter, who also owns the Los Angeles Dodgers and holds stakes in several other sports properties, indicated he has no plans to sell the Dodgers. The NBA’s Board of Governors will review the transaction in the coming weeks.