Joshua Kushner and Bob Iger have acquired a controlling ownership stake in the Los Angeles Lakers from Mark Walter, valuing the NBA team at $12.5 billion. This move comes less than a year after Walter purchased the team for $10 billion. In a joint statement, Kushner and Iger expressed their excitement about becoming stewards of what they termed one of the most iconic sports franchises globally, emphasizing their respect for the Lakers’ leadership, specifically Jerry and Jeanie Buss. They committed to building on the existing foundation and aiming for competitive excellence.
Kushner, known as the founder of Thrive Capital, has collaborated with Iger in the past, particularly when Iger joined his venture capital firm earlier this year. The 75-year-old Iger recently stepped down as CEO of Disney, marking the end of a notable 20-year tenure. Meanwhile, Kushner is related to Jared Kushner, spouse of Ivanka Trump. Both Iger and Kushner had previously shown interest in acquiring an NBA expansion team for Las Vegas.
Walter’s decision to sell his stake comes in the context of ongoing investigations by the Securities and Exchange Commission and U.S. prosecutors into possible financial discrepancies at some of his companies. Additionally, Walter, who leads Guggenheim Partners, faced health challenges after suffering a stroke in 2024, raising questions about his capacity to manage his business interests effectively.
The sale pertains only to Walter’s stake in the Lakers, maintaining his ownership of other sports franchises, including the Los Angeles Dodgers and Chelsea FC.
Why this story matters
- Reflects significant shifts in ownership within major sports franchises.
Key takeaway
- Iger and Kushner’s acquisition signals renewed leadership and vision for the Lakers.
Opposing viewpoint
- Concerns among stakeholders regarding Walter’s management amid health and legal investigations.
