The Los Angeles Lakers are set to change ownership for the second time in a year as businessmen Josh Kushner and Bob Iger have agreed to purchase the franchise for a record-breaking $12.5 billion. The deal, reported by ESPN, marks a significant milestone in NBA franchise valuations and ownership changes.
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger expressed their excitement and commitment to stewarding the iconic Lakers franchise. The pair highlighted their admiration for the leadership of Jerry and Jeanie Buss, emphasizing their dedication to upholding the team’s legacy, competing at the highest level, and serving the city of Los Angeles and its passionate fans.
The sale, subject to approval by the NBA’s board of governors, represents a new pinnacle in U.S. pro sports valuations. This transaction surpasses previous records, including the $10 billion valuation last year when Mark Walter acquired a controlling stake from the Buss family, the longtime owners of the Lakers.
The decision by Walter to sell the franchise after a brief ownership tenure has created ripples among Lakers fans. The team, boasting 17 NBA championships and a rich history, has been a powerhouse in the league, with a strong fan base and a successful track record in recent seasons.
The acquisition of the Lakers by Kushner and Iger signifies a significant moment in the sports industry, with implications for the team’s future direction and potential for growth. The move comes amid ongoing changes in ownership and management structures within professional sports franchises, reflecting the evolving landscape of the sports business sector.
As the Lakers transition to new ownership, the NBA community awaits the final approval of the sale, which is expected to be a formality given the stature of the buyers and the league’s endorsement of the transaction. The forthcoming NBA board meeting in September will likely provide further details on the sale and the transition of ownership within the Lakers organization.