The Los Angeles Lakers are headed for another blockbuster ownership shakeup, with Bob Iger and Josh Kushner striking a deal to buy the storied NBA franchise at a staggering $12.5 billion valuation, according to Variety.
The agreement comes just 14 months after the Buss family relinquished control of the Los Angeles Lakers to billionaire Mark Walter in a transaction that valued the franchise at $10 billion.
Iger, the former Disney boss, and Kushner, founder of Thrive Capital, are expected to move forward with the purchase following Thrive’s due diligence and the NBA’s approval process.
“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,” Iger and Kushner said in a statement to Variety. “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.”
The massive deal would mark the latest seismic change for one of basketball’s marquee franchises.
The Lakers are also entering a new era on the court following the departure of LeBron James, who ended his eight-season run in Los Angeles this summer.
James signed a two-year, $8 million contract with the Philadelphia 76ers in July.
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Kushner, the younger brother of White House adviser Jared Kushner, already has ties to the NBA through a minority stake in the Miami Heat.
Iger, meanwhile, left Disney’s top job in March and took on an advisory position at Thrive Capital. He previously worked as a venture partner at Kushner’s firm before returning to Disney in 2022 to replace Bob Chapek as CEO.
Thrive recently hauled in $10 billion for a new group of funds. The investment firm has backed a slew of major companies, including Instagram, Spotify, Patreon, Robinhood, OpenAI and A24.
The latest ownership deal puts another enormous price tag on a franchise that has spent decades at the intersection of professional basketball and Hollywood.
Jerry Buss transformed the Lakers into a glamorous sports empire, with the team’s famed “Showtime” years turning games at the Forum into must-see events for Hollywood’s biggest names.
That celebrity culture followed the team to Staples Center, now Crypto.com Arena, where Lakers games remain a magnet for A-listers. Leonardo DiCaprio, Snoop Dogg and Denzel Washington have been among the familiar faces in the crowd, while Jack Nicholson became perhaps the franchise’s most famous courtside fixture.
Now Iger and Kushner are poised to take the reins of the Los Angeles Lakers at a valuation $2.5 billion higher than the one attached to the team’s controlling-stake sale just over a year ago.
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