What a difference a year makes.
Less than a year after Dodgers owner Mark Walter bought the Lakers for a record-breaking sum, L.A.’s iconic NBA franchise is now being sold to Joshua Kushner and Bob Iger for $12.5 billion, sources familiar with the matter but not authorized to speak publicly confirmed to The Times, $2.5 billion more than the reported number when Walter bought the team in October from the Buss family.
Kushner, the founder of venture capital firm Thrive Capital and younger brother of Jared Kusher, and Iger, Disney’s longtime chief executive officer, were recently looking into an expansion franchise as the NBA eyed new teams in Seattle and Las Vegas. Walter, who also owns the Dodgers, has been at the center of a federal loan investigation.
“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,” Kushner and Iger said in a statement to ESPN, who first reported the sale Wednesday morning. “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.”
Jeanie Buss, whose family owned the Lakers for more than four decades, remained the governor of the Lakers despite the family selling the team to Walter last year. She remained a fixture at games, sitting courtside during the season, with Walter occasionally joining her or sitting courtside near the baseline. The NBA announced in October after the sale was finalized that Buss would be the team’s governor for at least five years.
“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter said in the statement to ESPN. “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.”
Patrick Soon-Shiong, the owner of the L.A. Times Media Group and minority owner in the Lakers, welcomed his new business partners on social media.
“Go Lakers!” he posted on X. “Congrats Bob and Josh.”
In his short tenure, Walter started remaking front office and business operations with the Lakers. The franchise was investing in assistant general manager positions this offseason and moving G League operations from the South Bay to the Coachella Valley. After hiring for new roles to drive revenue, oversee business strategy and grow interest in the franchise domestically and internationally, the Lakers added a second row for courtside seats during playoff games, sold a uniform sponsorship to Daiso for the Laker Girls dance team and agreed to a new jersey patch deal with Albert, a personal financial assistant app.
Staff reporter Broderick Turner contributed to this report.
