Josh Kushner and Bob Iger acquire Lakers for record $12.5 billion

Venture capitalist Josh Kushner and former Disney CEO Bob Iger are poised to buy the Los Angeles Lakers for a record $12.5 billion, according to sources familiar with the deal. The announcement came on Wednesday, marking a significant moment for one of the NBA's most storied franchises.

This move follows last year's acquisition of a majority stake by billionaire Mark Walter, who valued the team at $10 billion. Walter's ownership recently faced scrutiny due to a federal investigation into his financial dealings. He is also the owner of Major League Baseball's Los Angeles Dodgers. With the Lakers now transitioning after the departure of superstar LeBron James to the Philadelphia 76ers, the timing of this acquisition is both strategic and critical for the team’s future.

In a statement, Iger and Kushner expressed their excitement about taking over the Lakers, highlighting their respect for former owners Jerry and Jeanie Buss. They committed to building on the team's legacy and competing at the highest level. Lakers legend Earvin “Magic” Johnson praised the new owners, stating on social media that they would be great stewards of the franchise. Iger, who oversaw major ESPN-NBA deals during his time at Disney, has a long-standing passion for basketball, which adds to the credibility of this ownership transition.

The deal still requires approval from the NBA's board of governors and is contingent on due diligence from Kushner's new investment strategy, Thrive Eternal. This acquisition marks a notable shift in the NBA landscape and raises questions about the future direction of the Lakers. As the team looks to rebuild and regain its championship contender status, the eyes of fans and analysts alike will be on how Iger and Kushner navigate this new chapter.