Josh Kushner and Bob Iger buying the LA Lakers for $12.5 billion
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Venture capitalist Josh Kushner and former Disney CEO Bob Iger on Wednesday announced an agreement to buy the NBA's Los Angeles Lakers at a $12.5 billion valuation.
Why it matters: This is a dizzying ownership turnaround for the Lakers, one of pro sports' most iconic franchises.
- Billionaire Mark Walter purchased a control stake just last October from Jeanie Buss at a $10 billion valuation, which still stood as the most ever paid for a pro sports club.
- Kushner and Iger, who work together on a sports-focused investment platform called Thrive Eternal, initially had interest in an NBA expansion franchise in Las Vegas but then turned their attentions a bit further west.
Behind the scenes: Thrive Eternal is expected to invest, but is limited by NBA rules to holding no more than a 20% stake.
- Kushner and Iger each would invest individually, with Kushner serving as control owner, per a source.
- Expect other investors to join the group. No word yet on if the deal also will include the WNBA's Los Angeles Sparks, which Walter also owns.
Catch up quick: Kushner currently owns a minority stake in the NBA's Miami Heat, which he'd be forced to sell, and previously was a minority backer of the Memphis Grizzlies.
What they're saying: "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," Kushner and Iger said in a statement to Axios.
- "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."
- Walter, who continues to own the LA Dodgers, said in a statement: "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 a family. 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."
Look ahead: This is only an agreement, not a finalized deal. It still would need league approval.
Editor's note: This story was updated after publication to state the value of the deal is $12.5 billion.
