In a stunning turn of events, the Los Angeles Lakers are being sold for the second time in less than a year, with businessmen Josh Kushner and Bob Iger acquiring the storied franchise for an unprecedented $12.5 billion. This remarkable deal, confirmed by a source close to the transaction who spoke to The Associated Press on the condition of anonymity, marks a significant milestone in the world of professional sports, highlighting the escalating value of NBA franchises.
A New Era for the Lakers
The sale, which ESPN first reported, sees the NBA’s most valuable team change ownership for the second time in 2023. Last year, Mark Walter purchased a controlling stake in the Lakers for $10 billion, a then-record valuation for any professional sports team. Iger and Kushner expressed their deep appreciation for the opportunity to lead such an iconic franchise. In a joint statement, they said, “As lifelong NBA fans, we are deeply honoured 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 and are committed to building on that foundation.”
Iger, the former CEO of the Walt Disney Company, and Kushner, a venture capitalist, had previously collaborated on efforts to establish a new NBA team in Las Vegas. However, acquiring the Lakers allows them to skip the waiting game and take immediate action within the league.
Praise from NBA Legends
Magic Johnson, a Lakers legend and partner in Walter’s ownership group of the Los Angeles Dodgers, took to social media to endorse the new ownership. “Laker fans, you couldn’t have two better owners,” Johnson remarked. “I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball, and he will bring championships back to LA.” His enthusiasm echoes the sentiments of many fans eager for a successful new chapter in Lakers history.
Before the sale can be finalised, it must receive approval from the NBA’s board of governors, a process expected to take several weeks. The next board meeting is scheduled for September in New York.
Escalating Franchise Values
The $12.5 billion valuation not only sets a new record for American professional sports but underscores the dramatic rise in the worth of NBA teams. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for $3 billion, while the Boston Celtics were sold last year for just over $6 billion. Walter’s controlling stake purchase last summer shattered these records, and now Iger and Kushner have elevated the standard even further.
Walter’s decision to sell after less than a year of ownership has surprised many, particularly given the enthusiasm surrounding his initial purchase. Under his stewardship, the Dodgers have enjoyed unprecedented success, winning three World Series championships in the past six seasons. However, Walter’s business dealings are currently under scrutiny from federal prosecutors and the Securities and Exchange Commission, as reports of tax fraud investigations have emerged.
A Promising Future
The Lakers, with 17 NBA championships to their name, last secured a title in 2020 and have made playoff appearances in each of the last four seasons. Their roster is now anchored by scoring sensation Luka Doncic, who is signed through the 2028-29 season. Doncic expressed his eagerness to embrace the new ownership, stating, “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA.” His commitment to the franchise and its legacy bodes well for its future under Kushner and Iger.
The Legacy of Ownership
Kushner, who previously held minority stakes in the Miami Heat and the Memphis Grizzlies, stepped into the global sports spotlight this summer as his firm, Thrive Eternal, sought to invest in FIFA’s plans for World Cup profits. Meanwhile, Iger’s extensive experience in the entertainment industry has positioned him as a significant figure in sports ownership; he and his wife, former sports journalist Willow Bay, acquired the NWSL team Angel City FC in 2024.
Walter’s ownership of the Lakers was sanctioned by NBA owners last October, having originally bought a minority stake in 2021. His decision to sell raises questions about Jeanie Buss’s role in the organisation, as she has been a central figure since inheriting the franchise from her father, Jerry Buss, after his passing in 2013.
Why it Matters
This record-setting acquisition signifies not only a new chapter for the Lakers but also a reflection of the soaring values of professional sports franchises worldwide. As Iger and Kushner prepare to take the reins, fans and analysts alike will be watching closely to see how they navigate the challenges of ownership and strive to enhance the Lakers’ storied legacy. The excitement surrounding this transformative moment in the franchise’s history holds significant implications for the NBA at large, as it continues to evolve in an increasingly competitive market.
