3 weeks ago
Iger, Kushner to Buy Lakers for Record $12.5 Billion
The Los Angeles Lakers are one of the most famous basketball teams in the world, and they are about to get new owners.
Two businessmen named Bob Iger and Josh Kushner have agreed to buy the team for about $12.5 billion, which is more money than anyone has ever paid for a sports team.
The person selling the team is Mark Walter, who has owned the Lakers for about a year.
Before him, the Buss family owned the team for 46 years.
The Lakers have won 17 championships, which is tied for the most in NBA history.
The new owners say they are very excited and want to take care of the team, its fans, and the city of Los Angeles.
The deal is not finished yet because the NBA, the league where the Lakers play, has to say yes first.
The NBA will likely vote on it at a meeting in September.
If they approve it, the new owners will take over and the sale will be a new record.
Bob Iger and Josh Kushner have agreed to buy the Los Angeles Lakers for a reported $12.5 billion, a record price for a professional sports franchise, according to ESPN.
The deal would value the team $2.5 billion higher than the approximately $10 billion at which Mark Walter acquired a controlling stake from the Buss family last year.
The transaction still requires approval from the NBA's Board of Governors, with the next board meeting scheduled for September in New York; the process can reportedly take weeks.
Kushner, founder of Thrive Capital, must sell his minority stake in the Miami Heat to comply with NBA ownership rules, and must sell his minority stake in the Miami Heat before the deal is completed.
Walter will sell only his Lakers stake and retain his other sports interests, including the Los Angeles Dodgers and Chelsea, while reportedly being under federal investigation for possible tax fraud involving his insurance businesses.
- Who
- Bob Iger and Josh Kushner agreed to buy the Los Angeles Lakers from Mark Walter and his group, who acquired a controlling stake from the Buss family last year; Jeanie Buss has continued to serve as the team's governor.
- What
- A record-breaking sale of the Los Angeles Lakers for a reported $12.5 billion, pending approval from the NBA's Board of Governors.
- Where
- Los Angeles, home of the NBA's Los Angeles Lakers franchise.
- When
- Reported by ESPN on Wednesday, roughly a year after Mark Walter's controlling-stake purchase was reported in June and approved last October.
- Why
- Driven by the franchise's global appeal and the soaring value of elite sports teams in major markets; the buyers pledged long-term commitment to build on the team's foundation and compete at the highest level.
Key facts
- Buyers
- Bob Iger, former CEO of The Walt Disney Company, and Josh Kushner, founder of venture capital firm Thrive Capital
- Seller
- Mark Walter, CEO and chairman of TWG Global, who became majority owner last October
- Deal value
- Approximately $12.5 billion, a reported record for the sale of a professional sports franchise
- Previous valuation
- About $10 billion when Walter bought a controlling stake last year, ending the Buss family's 46-year ownership
- Approval required
- NBA's Board of Governors; next board meeting scheduled for September in New York, with the process reported to take weeks
- Kushner stake
- Must sell his minority stake in the Miami Heat to comply with NBA ownership rules
- Walter's other interests
- Will retain the Los Angeles Dodgers, Los Angeles Sparks, Chelsea, the Professional Women's Hockey League and motorsport teams
- Lakers on court
- LeBron James recently joined the Philadelphia 76ers after eight seasons; Luka Doncic is now the main franchise player
Quotes
Josh Kushner and Bob Iger
Co‑owners of the proposed Lakers acquisition
“"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss, and our long‑term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."”
wionews.com
financialexpress.com
rediff.com
livemint.com
“"Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."”
wionews.com
financialexpress.com
livemint.com
Sources
NBA: Los Angeles Lakers sold to former Disney CEO Bob Iger, Josh Kushner for record $12.5 billion
Los Angeles Lakers set for record $12.5 billion sale to Bob Iger, Joshua Kushner: Report
NBA: Joshua Kushner, Bob Iger to buy LA Lakers for reported $12.5 billion
Lakers set to break record with $12.5 billion sale
Bob Iger and Josh Kushner to buy Los Angeles Lakers for record $12 billion deal; check details
Los Angeles Lakers Sold For Record-Breaking $12 billion To Bob Iger And Josh Kushner
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