Lakers sell for second time in a year, this tme for $12.5 billion

The Los Angeles Lakers are being sold for the second time in a year, going to businessmen Josh Kushner and Bob Iger for a record-breaking price.

This sale agreement is $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details of the latest stunning development with one of North America’s marquee sports teams.

ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise. The Lakers were valued last year at $10 billion — a record for a pro sports team — when Mark Walter purchased a controlling stake from the Buss family, which had owned the team since 1979.

Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had been working together on landing a possible NBA expansion team for Las Vegas. By buying the Lakers, they don’t have to wait until the possibility of expansion in the 2028-29 season at the earliest.

The $12.5 billion price tag is not only a record for U.S. pro sports but a new summit in skyrocketing NBA franchise values. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, while the Boston Celtics were sold last year to private equity mogul Bill Chisholm at a valuation of just over $6 billion.

The 66-year-old Walter’s shocking decision to sell after just 10 months of official ownership is reverberating throughout the team’s massive fan base, which appeared to be uniformly excited about the purchase last year. Walter has stewarded the Dodgers into the most successful stretch in franchise history, with three World Series championships in the past six seasons as the most aggressive spenders in baseball.

Multiple media outlets last month reported that Walter’s business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations.

The Lakers are 17-time NBA champions who won their most recent title in 2020. They’ve made the playoffs in each of the past four seasons, and their current roster is built around NBA scoring champion Luka Doncic, who is signed through the 2028-29 season. The Slovenian superstar has become passionate about Los Angeles and the Lakers less than two years after his arrival.


(AP Photo Ethan Swope)