The Los Angeles Lakers are set to change ownership for the second time in a year, with businessmen Josh Kushner and Bob Iger acquiring the team at a groundbreaking price. The sale, valued at $12.5 billion US, marks a significant milestone in North American sports history. ESPN was the first to report on Kushner and Iger’s acquisition of the NBA’s most valuable franchise, which had a previous valuation of $10 billion last year. The purchase from the Buss family, who had owned the Lakers since 1979, set a new record for pro sports team sales.
In a joint statement, Iger and Kushner expressed their excitement and commitment to upholding the legacy of the iconic Los Angeles Lakers franchise. Their purchase eliminates the need to wait for a potential NBA expansion team in Las Vegas, a venture they had previously been exploring. The news was met with praise from Lakers legend Magic Johnson, who endorsed the new owners’ dedication to bringing championships back to Los Angeles.
The sale is subject to approval by the NBA’s board of governors, with the process expected to take several weeks. The unprecedented $12.5 billion price tag not only sets a new benchmark in U.S. sports sales but also reflects the soaring values of NBA franchises in recent years. The decision to sell comes after just 10 months of ownership by Mark Walter, who had propelled the team to success during his brief tenure. The Lakers, a powerhouse with 17 NBA titles to their name, have consistently been a force in the league and are currently led by star player Luka Doncic.
Kushner, known for his ventures in sports ownership, brings his expertise as a minority owner of NBA teams to the Lakers deal. Iger, a seasoned executive from his time at Disney, adds a wealth of experience to the ownership group. The sale of the Lakers represents a new chapter for the franchise, with fans eagerly anticipating the team’s future under its new leadership.