Lakers Sale Hits Record $12.5 Billion
AI-generated image · US National Wire
The acquisition by Bob Iger and Josh Kushner signals a new era of NBA valuations as the franchise price tag surges past previous league records.
Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers for more than $12.5 billion, as The Guardian first reported, citing reporting from ESPN. The record-breaking deal follows a rapid escalation in the team's valuation; billionaire Mark Walter, CEO of TWG Global, had purchased a majority stake from the Buss family last year in a deal that valued the club at $10 billion.
The transaction underscores a broader trend of skyrocketing NBA franchise values. The Guardian notes that the Boston Celtics were sold last year for a then-record valuation of just over $6 billion, while Michael Jordan sold his majority stake in the Charlotte Hornets for $3 billion three years ago.
In a joint statement, Iger, the former CEO of Disney, and Kushner expressed their intent to "compete at the highest level" as stewards of the iconic franchise. The move comes as the team is led by Slovenian superstar Luka Dončić, following the departure of LeBron James.
While the deal awaits approval from the NBA board of governors in September, it arrives amid other high-profile financial maneuvers for Kushner. According to The Guardian, Kushner's venture capital firm, Thrive Capital, recently launched a new investment strategy called Thrive Eternal, which was positioned to lead an investor group in a now-abandoned $20 billion private equity proposal involving Fifa.
Mark Walter, who also holds interests in the Los Angeles Dodgers, the Los Angeles Sparks, Chelsea, and the Professional Women’s Hockey League, described the ownership as an "extraordinary investment." Walter is currently denying allegations of tax fraud under federal investigation.