Mark Walter's time as the Los Angeles Lakers' owner did not last long. A year after purchasing a controlling interest in the team, Walter will sell the Lakers to a group led by Josh Kushner and Bob Iger for a record $12.5 billion, according to ESPN's Ramona Shelburne.
Kushner and Iger were reportedly involved in an expansion process to get an NBA team in Las Vegas, but pivoted to make a massive offer for the Lakers. The deal came together quickly, per Shelburne, who said Kushner and Iger approached Walter with the offer Sunday.
Both Kushner and Iger confirmed the news, telling Shelburne they were "deeply honored for the opportunity."
"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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement. "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."
Walter, who also owns the Los Angeles Dodgers, purchased the Lakers from the Buss family for a then-record $10 billion last June. Despite selling controlling interest in the team, Jeanie Buss remained the Lakers' governor. At the time, Buss and Walter reportedly worked out an agreement that would keep Buss in that role for the next five years, per Marc Stein. Iger said Wednesday the new ownership group would honor that agreement.
Despite selling the Lakers, Walter will reportedly keep the Dodgers, per ESPN.
With the move, Walter is set to make a $2.5 billion profit on the team after a little over a year. That's quite the return on investment for a team that Jerry Buss purchased for $67.5 million in 1979.
In a statement to ESPN, Walter called owning the Lakers, "One of the great honors of my life."
The sale comes with Walter the subject of a federal probe looking into whether he properly disclosed loans to his companies. That probe has not been mentioned as a reason Walter decided to sell the Lakers. Walter's companies have denied all wrongdoing.
Kushner is the brother of Jared Kushner, who is the son-in-law of U.S. President Donald Trump. The news marks the second time in less than a month that Josh has been involved in a major sports story. In late July, it was reported he was one of the private investors looking to purchase a stake in the World Cup. That proposal was roundly criticized by soccer's various confederations and member associations, leading to FIFA — and its under-siege president Gianni Infantino — scrapping it. With that proposal falling through, Kushner apparently found another avenue in the sports world in which he could spend his money.
Kushner already has minority stakes in both the Memphis Grizzlies and Miami Heat. He would have to divest both if he takes over the Lakers.
Iger has served in multiple high-profile media jobs. He's most well-known for his time as the Walt Disney Company's CEO, a position he currently holds. He's held that role twice, with his first stint coming between 2005-2020. The company's board of directors asked Iger to return to the role in 2022, after dismissing his successor Bob Chapek. Iger has remained Disney's CEO since then.
Prior to his role at Disney, Iger previously served as the president at ABC.
The sale has the approval of one of the Lakers' most accomplished legends. Magic Johnson showed support for Iger in a tweet on X on Wednesday.
The Lakers are coming off a season in which the team went 53-29, finishing as the No. 4 seed in the Western Conference. The team won its first-round playoff matchup against the Houston Rockets before falling to the Oklahoma City Thunder in the semifinals.
While the team still boasts Luka Dončić, one of the NBA's biggest superstars, its offseason was marred by the loss of LeBron James, who announced he would leave the Lakers to sign a two-year deal with the Philadelphia 76ers.
Despite James' departure, the Lakers are expected to remain contenders next season.
Source: Yahoo Entertainment
