Josh Kushner and Bob Iger Acquire LA Lakers in Record $12.5 Billion Deal
Theo Al Jazeera English
Josh Kushner and Bob Iger have agreed to buy the Los Angeles Lakers for a record $12.5 billion, the highest price ever paid for a North American sports team. The deal awaits NBA approval and marks a major shift in ownership for one of basketball's most storied franchises.
Venture investor Josh Kushner and former Disney CEO Bob Iger have reached a deal to acquire the Los Angeles Lakers for a record $12.5 billion, according to sources familiar with the matter. The transaction is considered the most valuable ever for a professional sports team in North America.
Previously, billionaire Mark Walter purchased a majority stake in the Lakers last year at a $10 billion valuation, a deal that only received NBA board approval in October. Walter, who also owns the Los Angeles Dodgers baseball team, is facing a federal investigation related to investments by insurance companies and his affiliates.
In a joint statement, Iger and Kushner said: "As lifelong NBA fans, we are deeply honored to have the opportunity to steward the Los Angeles Lakers, one of the most iconic sports brands in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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."
Both businessmen had previously been mentioned as potential candidates for an NBA expansion team in Las Vegas, but the news on Wednesday surprised fans and insiders, seemingly ending that pursuit.
The deal still requires NBA board approval and is pending due diligence from Thrive Eternal, a new investment strategy pioneered by Kushner's venture capital firm, Thrive Capital.
Lakers legend Earvin "Magic" Johnson shared on social media: "I want to congratulate my good friend Bob Iger and Josh Kushner on buying the Los Angeles Lakers! Lakers fans, you couldn't have two better owners. I've known Bob for over 40 years – he's always loved the Lakers and basketball, and he will bring a championship back to LA."
During his time as Disney CEO, Iger managed the sports channel ESPN and built relationships with the NBA as the company engaged in multibillion-dollar broadcast deals. He retired from Disney in March. Earlier, Iger and his wife Willow Bay also acquired a controlling stake in Angel City FC, a women's soccer club in the National Women's Soccer League (NWSL).
On the court, the Lakers are in a transition period after the league's all-time leading scorer, LeBron James, left the team this summer to join the Philadelphia 76ers.
The deal comes just weeks after Kushner emerged as a central figure in a controversial private equity investment plan involving FIFA. FIFA said it intended to set up a new commercial subsidiary, worth about $20 billion, to manage the World Cup and related businesses, and sell a minority stake to outside investors. Thrive Eternal was expected to lead the investor group. However, the proposal faced immediate opposition from European soccer officials who objected to private investors owning the commercial operations of the world's most popular sport. FIFA later backtracked after a wave of criticism but said it would continue consultations on the proposed structure. Kushner's brother, Jared, is the son-in-law of U.S. President Donald Trump but is not involved in this deal.
