American businessmen Josh Kushner and former Disney CEO Bob Iger are purchasing the Los Angeles Lakers for $12.5 billion, a record sale for an NBA team, ESPN reported on Aug. 12.
"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 statement posted by ESPN. The Walt Disney Company is the majority owner of ESPN.
The sale comes less than two years after Los Angeles Dodgers co-owner and TWG Global CEO Mark Walter bought the team from the Buss Family. Walter is the CEO and chairman of diversified holding company TWG Global.
Dr. Jerry
Buss owned the franchise from 1979 until his death in 2013. At the time of his death, the franchise was passed on to his six children, with his daughter Jeanie becoming the team's governor and being named controlling owner in 2017.
"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 Kushner-Iger statement said.
The Lakers' sale comes just weeks after superstar LeBron James left the franchise and signed a free-agent deal with the Philadelphia 76ers. They still have Luka Doncic, one of the top players in the NBA.
Kushner founded and runs venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health. Iger was Disney’s CEO before being succeeded this year by Josh D'Amaro.
Walter has not commented on why he is selling the team, but two companies tied to Walter are currently under federal investigation as the government looks into the financial dealings of the billionaire’s businesses, USA TODAY reported.
Iger was among those thought to have an interest in purchasing the Phoenix Suns after the NBA investigated Robert Sarver’s workplace misconduct in 2021 and 2022.
That investigation led to Sarver selling the team, but Sarver but refused to sell the Suns to Iger because of Iger’s relationship with ESPN, according to a 2023 New York Post report.
ESPN's Baxter Holmes broke the story on Sarver in November 2021 that led to the investigation.
Mat Ishbia, United Wholesale Mortgage CEO, purchased the Suns and WNBA’s Phoenix Mercury for a then record $4 billion in 2022. He officially became the team’s majority owner in February 2023.
The NBA’s board of governors must still approve the Lakers' sale, a process that can take weeks. The next board meeting is in September in New York.
"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."
Bloomberg news reported in June that Kushner and Iger were involved in trying to land an NBA franchise in Las Vegas.
Have opinions about the current state of the Suns? Reach Suns Insider Duane Rankin at dmrankin@gannett.com or contact him at 480-810-5518. Follow him on X, formerly Twitter, at @DuaneRankin.
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This article originally appeared on Arizona Republic: Lakers sold for record $12.5 billion. Here's who's buying them
