Josh Kushner and Bob Iger reportedly buying Los Angeles Lakers for more than $12.5bn
Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers for more than $12.5bn, ESPN reported on Wednesday, citing sources with knowledge of the deal.
Mark Walter bought a majority stake in the team last year from the Buss family in a transaction that valued the club at $10bn, with that deal having been approved by the NBA’s board of governors in October. “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,” Kushner and Iger said in a statement. “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.”
Mark Walter released a statement thanking the Buss family and the team’s supporters. “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,” he said.
Walter is the chief executive of TWG Global, which the report says also has interests in Major League Baseball’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, Premier League club Chelsea and the Professional Women’s Hockey League. The report adds Walter is currently under federal investigation over allegations of tax fraud; Walter denies any wrongdoing.
The individuals named in the proposed purchase include Josh Kushner, described in the report as the younger brother of Jared Kushner, the son-in-law of Donald Trump, and Bob Iger, identified as the former CEO of Disney.
The report characterises the Lakers as one of the most storied teams in North American sports with 17 NBA titles, trailing only the Boston Celtics, and notes their last championship came in 2020; it adds that although they recently parted ways with LeBron James they are still one of the biggest draws in US sports and are led by Slovenian superstar Luka Dončić.
The price cited in the report is framed as record-setting for US sports and part of a broader rise in NBA franchise values. Three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for $3bn, and the Celtics were sold last year at a valuation of just over $6bn – which was then a record.
Any deal to buy the Lakers would need to be approved by the NBA’s board of governors, whose next meeting is due to take place in September.