Josh Kushner, Bob Iger to Acquire Los Angeles Lakers for Record $12 Billion

What Happened

The Los Angeles Lakers are being sold for more than $12 billion to American businessmen Josh Kushner and Bob Iger. This acquisition represents a new record valuation for a professional sports franchise. The deal would require approval from the NBA’s Board of Governors.

Kushner, founder of Thrive Capital, and former Walt Disney Co. chief executive Bob Iger, previously explored an NBA expansion franchise in Las Vegas through Thrive Eternal. They shifted their focus to acquire the Lakers from Mark Walter, who had bought controlling interest in the team just last year.

Background

Mark Walter acquired controlling interest of the Lakers from the Buss family last year. That transaction valued the franchise at approximately $10 billion. Walter is the CEO and chairman of TWG Global and has diversified interests in various sports organizations, including the Los Angeles Dodgers and Premier League club Chelsea.

Federal prosecutors and the Securities and Exchange Commission are investigating insurance companies linked to Walter's business operations, specifically Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. The inquiry reportedly concerns the disclosure of billions of dollars in assets and loans tied to affiliated companies. Walter has not been charged with any wrongdoing, and his sports franchises are not accused of misconduct.

Key Facts

• Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers.
• The sale price is reportedly over $12 billion, setting a new record valuation for a sports franchise.
• Mark Walter is selling his controlling interest in the Lakers, which he acquired last year for approximately $10 billion.
• Walter's business operations are under federal investigation regarding insurance company disclosures.
• Kushner and Iger were previously involved in discussions for an NBA expansion franchise in Las Vegas.