Bob Iger, Joshua Kushner to Buy Lakers from Mark Walter’s Ownership Group for $12.5 Billion

Less than a year after Mark Walter bought the Lakers, Bob Iger and Joshua Kushner are acquiring the franchise for $12.5 billion.

via: Variety

The deal values the NBA team at $12.5 billion, according to a source close to the deal. The purchase, from the former Disney CEO and the Thrive Capital founder, comes just 14 months after the Buss family — the team’s longtime owners — sold a controlling stake in the Lakers to billionaire Mark Walter at a $10 billion valuation.

Iger and Kushner’s deal will move forward, pending Thrive’s due diligence and the NBA 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 change in ownership follows the recent news that LeBron James is leaving the Lakers after eight seasons. In July, the veteran hooper signed with the Philadelphia 76ers in a two-year, $8 million deal.

Kushner, the younger brother of White House adviser Jared Kushner, also has a minority stake in the Miami Heat. Iger, who stepped down from the top post at the Mouse House in March, took on an advisory role at Thrive Capital. Iger had previously served as a venture partner at Josh Kushner’s firm, before he was called back to Disney in 2022 to replace his successor, Bob Chapek, as CEO.

Thrive recently raised $10 billion for a new set of funds. Its portfolio of investments has included Instagram, Spotify, Patreon, Robinhood, OpenAI and A24.

The Lakers have long been Hollywood’s basketball team, with late owner Jerry Buss turning the Forum (and then Staples Center) into a star-studded party during the team’s “Showtime” era. Laker tickets continue to be an L.A. status symbol, with celebrities like Leonardo DiCaprio, Snoop Dogg, Denzel Washington and especially Jack Nicholson becoming courtside fixtures.