Lakers Change Ownership: Kushner and Iger Take Over the Club for a Record $12 Billion
Former Disney CEO and American entrepreneur take over one of the NBA's most storied franchises from Mark Walter, who held the club for less than a year.
Former Disney CEO and American entrepreneur take over one of the NBA's most storied franchises from Mark Walter, who held the club for less than a year.
The Los Angeles Lakers are undergoing yet another ownership transition, just months after the previous one. According to information from multiple reliable sources, American investors Josh Kushner and Bob Iger have reached an agreement to purchase the NBA team for more than $12 billion, which exceeds 10 billion euros. ESPN reported that this is the highest amount ever paid for a sports club.
Kushner and Iger initially considered getting involved in the NBA's expansion process to Las Vegas, but in a surprising turn, they decided to focus on taking over the Lakers from Mark Walter. Walter bought the majority stake from the Buss family last year, also at a then-record price of $10 billion.
Since October of last year, when the NBA league unanimously approved his bid, Walter has been at the helm of TWG Global as CEO and chairman, and the principal owner of the Lakers.
"As longtime fans of the NBA, we feel incredibly honored to take stewardship of the Los Angeles Lakers, one of the most storied sports franchises in the world. We deeply appreciate the leadership and vision of Jerry and Jeanie Buss," reads the joint statement from Kushner and Iger to ESPN.
In the statement, they also highlighted their long-term intentions: "Our long-term goal is to continue building on that foundation, compete at the highest level, and serve this incredible team, its fans, and the city of Los Angeles."
Deadline and The Hollywood Reporter confirmed the sale, reporting that Bob Iger and Thrive Capital, the firm led by Joshua Kushner, purchased the Lakers for $12 billion.
This purchase comes as Kushner faces controversies related to FIFA. Last month, FIFA announced plans to establish a separate company to manage the World Cup, and as part of that, it planned to sell a minority stake to Kushner's Thrive Capital, valuing the new company at $20 billion. That move sparked strong public reactions and raised questions about the position of FIFA President Gianni Infantino.
Iger, the former CEO of the Walt Disney Company, previously acquired a majority stake in Angel City FC, a club competing in the American women's soccer league, the NWSL.
According to Forbes' estimate from December, the Lakers were valued at $10 billion and were the fifth most valuable sports club in the world. With 17 NBA titles and a base in the second-largest American city, the franchise is a global media symbol whose history spans from Jerry West, Kareem Abdul-Jabbar, and Magic Johnson to Kobe Bryant, Shaquille O'Neal, and LeBron James. After James' departure to Philadelphia, the team is now being built around NBA All-Star Luka Dončić.
Mark Walter bid farewell to the club with an emotional statement. "Being the owner of the Los Angeles Lakers has been one of the greatest honors of my life. It has been an extraordinary investment, but what I will remember forever is the community, the fans, and the city that treats this team like family," Walter said.
He also added his thanks: "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me. The Lakers belong to Los Angeles, and I am confident the best is yet to come."
Walter and his TWG Global have stakes in numerous professional sports organizations. That portfolio includes the Los Angeles Dodgers, the Los Angeles Sparks, London's Chelsea, and the Professional Women's Hockey League (PWHL). Through TWG Motorsports, Walter owns several racing teams, including Cadillac's Formula 1 team.
