The Los Angeles Lakers are set to change ownership hands once again, this time to investors Josh Kushner and Bob Iger, in a landmark deal worth $12.5 billion. The transaction, reported by ESPN, marks a significant increase from the team’s previous valuation of $10 billion when Mark Walter acquired a controlling interest from the Buss family last year.
Expressing their enthusiasm for taking over the iconic franchise, Iger and Kushner affirmed their commitment to upholding the Lakers’ legacy and striving for excellence both on and off the court. The prospective owners, who had been exploring options for an NBA expansion team in Las Vegas, have now seized the opportunity to lead the Lakers into a new era without having to wait for potential league expansions in the future.
The impending sale of the Lakers is subject to approval by the NBA’s board of governors, a process that typically spans several weeks and is scheduled for review at the board’s next meeting in September. This unprecedented $12.5 billion price tag not only sets a new benchmark in U.S. professional sports but also elevates the valuation standards for NBA franchises, surpassing recent high-profile transactions in the league.
The decision by current owner Mark Walter to part ways with the Lakers after a brief tenure of 10 months has stirred discussions among the team’s dedicated fan base, who had initially welcomed his acquisition last year. Amid reports of legal scrutiny facing Walter’s business enterprises, the Lakers, a storied franchise with 17 NBA championships, continue to command a global following and maintain a strong presence in the league’s commercial landscape.
As the sale process unfolds, NBA legend Magic Johnson and current Lakers star Luka Doncic have expressed optimism about the team’s future under the new ownership. With a track record of success in sports and entertainment, Bob Iger, alongside business partner Josh Kushner, appears poised to steer the Lakers towards further achievements and solidify their standing as a premier sports organization.