The Los Angeles Lakers are set to change ownership for the second time in a year, as businessmen Josh Kushner and Bob Iger have agreed to purchase the team at a groundbreaking price of $12.5 billion US. This deal, reported by ESPN, marks a significant increase from the Lakers’ previous valuation of $10 billion when Mark Walter acquired a controlling stake last year from the Buss family, who had owned the team since 1979.
In a joint statement, Iger and Kushner expressed their excitement about taking over the iconic Los Angeles Lakers franchise, highlighting their commitment to upholding its legacy, competing at the highest level, and serving the team, its fans, and the city of Los Angeles. The duo, who had been exploring the possibility of securing an NBA expansion team for Las Vegas, can now skip the wait for potential expansion in the 2028-29 season by acquiring the Lakers.
The impending sale is subject to approval from the NBA’s board of governors, with the process expected to take several weeks. The staggering $12.5 billion price tag not only sets a new record for professional sports in the United States but also establishes a new pinnacle in the escalating values of NBA franchises. This surpasses previous high-profile transactions like Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics acquisition by Bill Chisholm.
Following the news of the sale, Lakers legend Magic Johnson lauded the incoming owners on social media, expressing confidence in their ability to bring championships back to Los Angeles. The team, boasting 17 NBA titles and a strong playoff record in recent years, currently features star player Luka Doncic, signed through the 2028-29 season, who eagerly anticipates the new ownership era and aims to deliver more success to the franchise.
Josh Kushner, a venture capitalist involved in international sports investments, has a stake in the Miami Heat and previously held ownership in the Memphis Grizzlies. Bob Iger, a prominent figure in Hollywood and former Disney CEO, brings his wealth of experience to the Lakers deal, having also ventured into sports ownership with NWSL team Angel City FC. The sale marks a significant shift for the Lakers, who have been making organizational changes under Walter’s brief ownership tenure, aiming to modernize and maximize revenue streams.
With the change in ownership, questions arise about the future roles of existing team executives, including Jeanie Buss, the current team governor and daughter of former owner Jerry Buss. The Lakers, known for their rich history and global brand appeal, are now poised for a new chapter under Kushner and Iger’s stewardship, as they aim to build on the team’s legacy and elevate its standing in the NBA landscape.