Inside Lakers mega-deal: Walter's shocking decision becomes Iger, Kushner's chance
Los Angeles Times • • sports
Key Points:
- Mark Walter sold the Los Angeles Lakers to Bob Iger and Joshua Kushner for $12.5 billion, marking the highest price ever paid for a sports team and earning Walter a $2.5 billion profit after just 14 months of ownership.
- The sale, which requires NBA Board of Governors approval, was finalized within days after Iger and Kushner shifted focus from pursuing an NBA expansion team in Las Vegas to purchasing the iconic Lakers franchise.
- Joshua Kushner, founder of Thrive Capital with a net worth over $5 billion, and Bob Iger, former Disney CEO and longtime NBA fan, teamed up through their mutual admiration and business ties, with Iger describing the Lakers as an "eternal asset."
- Walter’s decision to sell came amid federal investigations into his business empire involving potentially fraudulent loans, though he denies wrongdoing and has no plans to sell his other major sports holdings like the Dodgers.
- Iger expressed excitement about owning the Lakers but emphasized that no strategic plans have been made yet, focusing on respecting the team's legacy and building value moving forward.
