The Los Angeles Lakers have been sold for a second time within a year, with businessmen Josh Kushner and Bob Iger acquiring the team for a staggering $12.5 billion US. This significant sale was reported by ESPN, making it the highest-priced purchase in NBA history. The Lakers, previously valued at $10 billion, saw a change in ownership last year when Mark Walter acquired a controlling stake from the Buss family, who had held ownership since 1979.
Expressing their enthusiasm for taking over the iconic franchise, Iger and Kushner stated, “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.” The duo had been collaborating on securing an NBA expansion team for Las Vegas before acquiring the Lakers, eliminating the need to wait for potential expansion in the 2028-29 season.
Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, commended the new owners, expressing confidence in their ability to lead the Lakers to future championships. The sale is subject to approval from the NBA’s board of governors, with the process expected to take several weeks.
The $12.5 billion price tag sets a new record in U.S. professional sports and signifies a considerable increase in NBA franchise valuations. Previously, Michael Jordan sold the Charlotte Hornets for $3 billion, and the Boston Celtics were purchased for just over $6 billion. Walter’s acquisition of the Lakers at a $10 billion valuation last year exceeded previous records, with Iger and Kushner further elevating the benchmark.
The sale has generated excitement among fans, although Walter’s decision to sell after a brief period of ownership has raised questions. The Lakers, a renowned franchise with 17 NBA championships, have maintained a strong presence in the league and global market. The team’s current roster, led by NBA scoring champion Luka Doncic, reflects a commitment to continued success.
Kushner, known for his involvement in various sports ventures, holds a minority stake in the Miami Heat and previously owned a share in the Memphis Grizzlies. Iger, a prominent figure in the entertainment industry, recently stepped down as Disney’s CEO and has ventured into sports ownership with his wife, Willow Bay.
In light of the ownership change, the Lakers are poised for a new chapter under the leadership of Iger and Kushner, who aim to build on the team’s legacy and deliver success both on and off the court.