Business · Companies · 2 hrs ago
Kushner and Walter finalize terms for $12.5 billion Lakers sale
Mark Walter and Josh Kushner have finalized the remaining terms of a sale of the Los Angeles Lakers, valued at $12.5 billion.
Walter is the team’s current owner, while Kushner is expected to become its majority owner if the deal closes.
Bob Iger is also part of the buying group, and is expected to take a minority stake and oversee day-to-day operations.
The buyers have been seeking minority investors, with stakes offered from $250 million, but accounts differ on how much funding is secured and whether raising money has been difficult.
The deal still needs a formal signature and NBA review of its financing and ownership structure.
Its closing date and final ownership group remain unsettled, though one account says it could be completed within the next few months.
Mark Walter and Josh Kushner have finalized outstanding terms for the sale of the Los Angeles Lakers at a $12.5 billion valuation, according to Sportando.
Kushner and former Disney CEO Bob Iger agreed in August to acquire a controlling interest in the team from Walter.
A formal agreement is expected to be signed soon, after which the NBA will review the financing and ownership structure.
Kushner and Iger are seeking minority investors, with stakes reportedly starting at $250 million.
Reports differ on the state of the financing: some sources describe strong investor demand, while Bill Simmons said Kushner was billions of dollars short.
The NBA’s board of governors must approve the sale, and the deal’s closing date and final ownership group remain unresolved.
- Who
- Mark Walter is selling the Lakers to Josh Kushner and Bob Iger. Kushner is expected to become majority owner, with Iger taking a minority stake.
- What
- The parties have finalized outstanding terms for a sale valued at $12.5 billion. The deal still requires a formal agreement and NBA approval.
- When
- The initial agreement was reached in August. Walter and Kushner met Thursday to finalize remaining details.
- Where
- The team is the Los Angeles Lakers. The reported meeting took place at Walter’s home in Florida.
- Why
- The sources say Kushner and Iger are pursuing the acquisition and assembling an ownership group; they do not state a specific reason for the sale.
Bill Simmons
Sources familiar with the transaction
Financing
Bill Simmons
Simmons said Kushner was still $5 billion to $6 billion short of the capital needed.
Sources familiar with the transaction
Sources said Kushner was not having difficulty raising money and reported strong investor demand.
Iger and his wife, Willow Bay, acquired a controlling stake in Angel City FC.
Kushner and Iger reached an agreement to acquire a controlling interest in the Lakers from Walter at a $12.5 billion valuation.
Walter and Kushner met at Walter’s home in Florida to finalize remaining details, according to Sportando.
Front Office Sports reported that Kushner and Iger were offering minority stakes starting at $250 million.
Sportando reported that all outstanding terms had been finalized and a formal agreement was expected soon.
- Sale valuation
- $12.5 billion
- Prospective majority owner
- Josh Kushner
- Prospective minority owner
- Bob Iger
- Minority stakes offered
- $250 million to $300 million each
- Buss family stake in dispute
- 17.8%
- NBA approval
- Board of governors approval required
5 sources
All terms finalized in $12.5 billion Lakers sale
Lakers sale step closer to being finished as Walter, Kushner agree to terms: Sources
Mark Walter, Josh Kushner agree on outstanding terms linked to $12.5-billion Lakers sale
Bob Iger, Josh Kushner Seek Lakers Investors Starting at $250 Million as Deal Moves Forward
Josh Kushner, Bob Iger Shopping Lakers Stakes Starting at $250 Million
What people are saying
can’t find the money
like $63 million