The Los Angeles Lakers are being sold.
Again.
Only 14 months after agreeing to purchase the Lakers at a record-setting $10 billion valuation, Mark Walter is selling the team to Bob Iger, the former Disney CEO, and Joshua Kushner. The deal would value the Lakers at $12.5 billion, according to a source with knowledge of the deal who spoke on a condition of anonymity because they were not authorized to discuss the sale. Kushner has a minority stake in the Miami Heat and is the younger brother of Jared Kushner, President Donald Trump’s son-in-law.
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“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. “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.”
For Iger, 75, the purchase of the Lakers is a resounding answer to questions about what his public life after Disney would look like. Iger was succeeded by Josh D’Amaro as the company’s CEO earlier this year. He remains a senior adviser and a board member, though those roles are set to end when his contract expires at the end of the year.
He served two stints as the company’s CEO, the first from 2005 to 2020. After handing the reins to Bob Chapek, Iger remained with the company and returned to the CEO position when Chapek was fired in November 2022. During Iger’s first run as CEO, Disney bought Pixar, Marvel, Lucasfilm and the majority of 21st Century Fox. As Disney’s CEO, Iger oversaw ESPN, though he left the day-to-day management of the company to other executives. Iger and his wife, Willow Bay, purchased a majority share of the National Women’s Soccer League franchise Angel City FC at a $250 million valuation in 2024.
The Lakers sale, which has not been finalized, has to be approved by the NBA’s board of governors.
Kushner, who previously owned a minority share of the Memphis Grizzlies, is a central figure in the ongoing global soccer controversy around FIFA president Gianni Infantino’s plan to sell a stake in FIFA’s competitions to private investors, including Kushner’s Thrive Capital, for $4.2 billion. The plan imploded, but UEFA sent a letter dated July 31 to Kushner stating it is considering legal action, arbitration and/or regulatory complaints in connection with the proposals, and the European soccer governing body has demanded all documents related to the plans not be destroyed.
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Walter, the majority owner of the Los Angeles Dodgers, called owning the Lakers “one of the great honors” of his life and an “extraordinary investment.”
“What I will carry with me is the community, the fans, and a city that treats this team as a family,” Walter said in a statement. “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.”
The U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission have been investigating insurance companies owned by Walter. According to the Wall Street Journal, federal investigators took interest in Walter’s companies last year after an internal whistleblower complaint about how Walter’s asset-management firm, Guggenheim Investments, booked revenue it received from the insurance companies.
This story will be updated.
www.nytimes.com
Again.
Only 14 months after agreeing to purchase the Lakers at a record-setting $10 billion valuation, Mark Walter is selling the team to Bob Iger, the former Disney CEO, and Joshua Kushner. The deal would value the Lakers at $12.5 billion, according to a source with knowledge of the deal who spoke on a condition of anonymity because they were not authorized to discuss the sale. Kushner has a minority stake in the Miami Heat and is the younger brother of Jared Kushner, President Donald Trump’s son-in-law.
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“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. “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.”
For Iger, 75, the purchase of the Lakers is a resounding answer to questions about what his public life after Disney would look like. Iger was succeeded by Josh D’Amaro as the company’s CEO earlier this year. He remains a senior adviser and a board member, though those roles are set to end when his contract expires at the end of the year.
He served two stints as the company’s CEO, the first from 2005 to 2020. After handing the reins to Bob Chapek, Iger remained with the company and returned to the CEO position when Chapek was fired in November 2022. During Iger’s first run as CEO, Disney bought Pixar, Marvel, Lucasfilm and the majority of 21st Century Fox. As Disney’s CEO, Iger oversaw ESPN, though he left the day-to-day management of the company to other executives. Iger and his wife, Willow Bay, purchased a majority share of the National Women’s Soccer League franchise Angel City FC at a $250 million valuation in 2024.
The Lakers sale, which has not been finalized, has to be approved by the NBA’s board of governors.
Kushner, who previously owned a minority share of the Memphis Grizzlies, is a central figure in the ongoing global soccer controversy around FIFA president Gianni Infantino’s plan to sell a stake in FIFA’s competitions to private investors, including Kushner’s Thrive Capital, for $4.2 billion. The plan imploded, but UEFA sent a letter dated July 31 to Kushner stating it is considering legal action, arbitration and/or regulatory complaints in connection with the proposals, and the European soccer governing body has demanded all documents related to the plans not be destroyed.
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Walter, the majority owner of the Los Angeles Dodgers, called owning the Lakers “one of the great honors” of his life and an “extraordinary investment.”
“What I will carry with me is the community, the fans, and a city that treats this team as a family,” Walter said in a statement. “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.”
The U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission have been investigating insurance companies owned by Walter. According to the Wall Street Journal, federal investigators took interest in Walter’s companies last year after an internal whistleblower complaint about how Walter’s asset-management firm, Guggenheim Investments, booked revenue it received from the insurance companies.
This story will be updated.
Lakers to be sold to Bob Iger, Joshua Kushner 1 year after Mark Walter bought team
A little more than a year after agreeing to purchase a majority share of the Lakers, Mark Walter is selling the team.
www.nytimes.com
