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Businessmen Josh Kushner and Bob Iger are reportedly purchasing the Los Angeles Lakers for more than 12 billion dollars, marking what would be a record-breaking price for an NBA franchise if approved by the league's Board of Governors.
Mark Walter acquired a controlling interest in the Lakers from the Buss family last October and has now agreed to sell the storied franchise. Walter also owns the Los Angeles Dodgers and holds stakes in several other professional sports teams.
The transaction represents a dramatic pivot for Kushner and Iger, who had previously focused their efforts on bringing an NBA expansion team to Las Vegas. According to the Los Angeles Times, the two businessmen hired investment bankers and discussed making a bid for the Las Vegas expansion franchise through Thrive Eternal, a company established by Kushner's firm to invest in iconic brands and cultural assets.
Iger served as CEO of Walt Disney Company from 2005 to 2020 and again from 2022 to March of this year. His tenure at Disney featured high-profile acquisitions of entertainment franchises including Pixar, Marvel Entertainment, Lucasfilm and 21st Century Fox. He previously purchased a controlling stake in Angel City Football Club, a women's soccer team, with his wife, Willow Bay.
Kushner has built an extensive investment portfolio through his venture firm, Thrive Capital, which manages more than 50 billion dollars in assets. The firm raised more than 10 billion dollars earlier this year for its largest fund ever. Thrive Eternal's first investment was backing the San Francisco Giants, with capital directed toward Oracle Park and its surrounding real estate, as reported by the Las Vegas Review-Journal.
The NBA announced in March that it was officially exploring Las Vegas and Seattle for potential expansion teams, with an answer expected by the end of the year. Bill Foley, owner of the Las Vegas Golden Knights, announced his bid to pursue a Las Vegas NBA franchise last week. Another group eyeing a potential Las Vegas expansion team bid is led by former NBA star Earvin "Magic" Johnson.
The Lakers sale, if completed, would surpass previous NBA franchise valuations. The deal requires approval from the NBA Board of Governors before it can be finalized.