Bob Iger, the former CEO of The Walt Disney Company, and businessman Josh Kushner have agreed to buy the Los Angeles Lakers in a deal that values the NBA franchise at around $12.5 billion. The transaction, reported by ESPN and confirmed by other major outlets, would set a new record for the sale of a sports team.
Iger and Kushner confirmed the deal in a joint statement, saying they were honoured to become the new stewards of one of the world's most famous sports franchises.
“As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers,” they said, adding that they want to build on the team's history, compete at the highest level and serve its fans and the Los Angeles community.
The deal still needs approval from the NBA. If completed, it would come only about a year after Mark Walter bought a controlling stake in the Lakers at a $10 billion valuation.
Kushner, Trump Connection
Kushner is the founder of investment firm Thrive Capital and is also a minority owner of the Miami Heat. He is the younger brother of Jared Kushner, who is married to Donald Trump's daughter Ivanka Trump and has served as a senior adviser to Trump. Josh Kushner himself is not a Trump adviser and has maintained a separate business career from his brother.
Iger, meanwhile, is one of Hollywood's most prominent business leaders. He led Disney for several years and has also been involved with Thrive Capital as an adviser. The new ownership group had earlier been linked with efforts to bring an NBA expansion team to Las Vegas before turning its attention to the Lakers.
The Lakers are one of the NBA's most successful and recognisable franchises, it also has a long history of star players and strong links to Los Angeles' entertainment industry.
The proposed takeover comes at a major moment for the franchise after LeBron James having recently left the Lakers after eight seasons. The deal now awaits the NBA's approval before the new ownership can officially take charge.
