LA Lakers sell for a record $12.5 billion to ex-Disney CEO Iger and Jared Kushner’s brother Josh
The Los Angeles Lakers have officially LA Lakers sell for a record $12.5 billion in one of the most significant sports transactions in history. Former Disney
LA Lakers Sell for Record $12.5 Billion to Iger and Josh Kushner
Qwenews.com – The Los Angeles Lakers have officially LA Lakers sell for a record $12.5 billion in one of the most significant sports transactions in history. Former Disney CEO Bob Iger and venture capitalist Josh Kushner, brother of President Donald Trump’s son-in-law Jared Kushner, have finalized the acquisition of the iconic basketball franchise. According to sources familiar with the matter, the deal was announced to CNN on Wednesday, marking a historic moment for both the team and its new ownership group. The Lakers, one of the most recognizable brands in global sports, will now be guided by two accomplished business leaders with deep ties to entertainment and finance.
A Historic Deal for an Iconic Franchise
Iger and Kushner confirmed the groundbreaking transaction, which was first reported by ESPN, in a joint statement. “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” the statement read. The new owners emphasized their commitment to maintaining the team’s legacy while pursuing future success on and off the court. “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,” they added. The transaction remains pending final approval from the NBA’s Board of Governors, a standard procedural step for major league acquisitions.
The Lakers boast an impressive collection of 17 NBA championships, establishing themselves as one of the most successful franchises in professional basketball history. Their most recent championship came during the 2019-20 season, when they captured the title in the NBA Bubble. Mark Walter, whose Guggenheim Investments also owns the Los Angeles Dodgers baseball team, had purchased a majority interest in the Lakers in a deal announced just over a year ago. That initial transaction valued the franchise at $10 billion, though Walter did not acquire 100% ownership of the team. He has overseen operations since last October, setting the stage for this rapid transition.
“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter said in a statement to ESPN.
The swift sale of the Lakers represents an unusual development in professional sports, where franchises typically remain under the same ownership for decades. “No one flips a premiere sports franchise in less than a year. I’ve never seen anything like this,” one banker involved in sports deals told CNN, highlighting the exceptional nature of this transaction. The rapid change in ownership comes as Walter’s financial empire faces scrutiny. Late last month, The Wall Street Journal reported that an internal whistleblower complaint regarding Guggenheim Investments prompted a federal investigation. CNN has not independently confirmed the investigation, though a spokesperson for Guggenheim’s parent company told the Journal they have “always acted in good faith,” are cooperating with authorities, and remain confident the matter will be “resolved favorably.”
What This Means for Lakers Fans
The acquisition by Iger and Kushner brings significant implications for the future of the Lakers organization. Iger’s extensive experience in media and entertainment positions him to enhance the team’s commercial opportunities and global reach. Meanwhile, Kushner’s background in venture capital and technology could drive innovation in fan engagement and team operations. Together, they represent a powerful combination of entertainment expertise and financial acumen that could elevate the Lakers to new heights.
The new ownership group has expressed enthusiasm about working with existing staff and maintaining continuity in basketball operations. Players, coaches, and front office personnel can expect stability as the transition unfolds. The Lakers’ star-studded roster and passionate fanbase in Los Angeles provide an ideal foundation for success under the new regime.
Frequently Asked Questions
When will the NBA Board of Governors approve the sale? The Board of Governors typically reviews major transactions within 30-60 days. Given the straightforward nature of this deal, approval is expected in the coming weeks.
How much of the Lakers did Josh Kushner and Bob Iger purchase? The exact percentage was not disclosed in the initial announcement, but the $12.5 billion valuation reflects the total value of the transaction.
Will there be changes to the Lakers’ management team? Iger and Kushner have indicated they plan to maintain continuity with existing leadership while potentially bringing in new advisors with relevant expertise.
What is the impact of the Guggenheim investigation on the sale? The investigation is separate from the Lakers transaction and does not appear to be affecting the deal’s progress, according to sources.
How does this compare to other sports franchise sales? At $12.5 billion, this represents the highest price ever paid for a professional sports team, surpassing previous records in basketball and other major leagues.
