Just a year after the Los Angeles Lakers were sold by longtime owners Jerry and Jeanie Buss to Mark Walter, former Disney CEO Bob Iger and venture capitalist Joshua Kushner are purchasing the team. The sale is said to be for 12.5 billion dollars. Walter, who also owns the Los Angeles Dodgers, is seeing his financial empire facing a federal probe. This would examine links between investments held by his insurers and affiliates. Iger and Kushner will need this deal to be approved by the NBA Board of Governors for it to go through.
Lakers legend Magic Johnson came out in support of the deal on Wednesday with a post on X. He said, “Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA.”
“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a joint statement. “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.”
The duo has been looking to purchase a professional sports team. Recently, they were connected with efforts for a potential expansion NBA team in Las Vegas. With today’s news, this effort is most likely no longer happening. This is not Iger’s first foray into the realm of sports team ownership. Iger and his wife Willow Bay controlled a controlling ownership stake in L.A.’s Angel City FC. The $250 million investment was the largest to date in a National Women’s Soccer League team. Kushner’s Thrive Eternal also owns a minority stake in the Miami Heat. This will need to be sold to clear the way for this acquisition.
Walter, the CEO and chair of diversified holding company TWG Global, became the majority owner of the Lakers officially in October when the NBA Board of Governors gave its approval to the purchase.
“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.”
Lakers star player Luka Dončić took to X to share his thoughts on the news, saying, “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
Approval could come for this sale in the coming weeks. Currently, the NBA Board of Governors is set to meet in September. The news of this acquisition comes just days before Bob Iger is honored as a Disney Legend at D23: The Ultimate Disney Fan Event.
What do you think of this purchase of the Lakers by Bob Iger and Josh Kushner? Share your thoughts and opinions in the comments below!
