Former Disney CEO Bob Iger and Josh Kushner, the younger brother of Trump’s son-in-law Jared Kushner, will reportedly purchase the Los Angeles Lakers for the record-breaking price of $12.5 billion.
Multiple sources confirmed to ESPN that the pair, who both participated in the Las Vegas expansion, pitched “an aggressive offer to buy the Lakers from Mark Walter, who purchased a controlling interest in the team from the Buss family last year for a then-record franchise valuation of approximately $10 billion.”
In a joint statement, Kushner and Iger described themselves as “lifelong NBA fans” who will build a foundation to compete at the highest levels of basketball.
“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 pair said. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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.”
Walter, the CEO and chair of diversified holding company TWG Global, has been the Lakers’ majority owner since October, when the NBA unanimously approved his bid.
“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. “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Speaking with the California Post, Iger said that they were originally pursuing a new franchise in Vegas before pivoting their sights toward the Lakers.
“We were involved in pursuing the new franchise in Vegas. And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers,” Iger said. “And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days. It’s that simple.”
According to ESPN, the “sale will need approval from the NBA’s board of governors, and that process can take several weeks.”
“Kushner holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies. He will have to sell his stake in the Heat to clear the way for the Lakers purchase,” it added.