Bob Iger is buying the Los Angeles Lakers with Josh Kushner in a record $12.5 billion deal. The sale marks the second ownership change for the NBA franchise in two years.
What We Know: Iger and Kushner are acquiring the Lakers from Mark Walter, who paid $10 billion for controlling interest in the franchise last year. The agreement gives the Lakers a new ownership group just over a year after Walter completed his purchase from the Buss family. Iger officially exited his role as Disney CEO in March, when Josh D’Amaro succeeded him. He remained a Disney senior advisor and board member, but his tenure as the company’s chief executive ended earlier this year.
What They Said: “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. 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.” -Bob Iger and Josh Kushner in a joint statement
What Remains Unclear: The precise ownership structure and how responsibilities will be divided between Iger and Kushner haven’t been fully detailed. Additionally, the NBA must complete its approval process before the transaction becomes official.
What It Means: The $12.5 billion valuation sets a new benchmark for professional sports franchises. Meanwhile, the rapid change in ownership highlights the extraordinary financial value attached to the Lakers brand and the NBA’s premier franchises.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.