Los Angeles Lakers Have Been Sold Again in Less Than a Year to Bob Iger and Joshua Kushner

If you were ever unsure if sports are big business, then this latest transaction should cure your uncertainty. An iconic franchise has changed hands again and for a record-breaking price. The Los Angeles Lakers have been sold again in less than a year to Bob Iger and Joshua Kushner. According to senior ESPN writer Ramona Shelburne:

“The Los Angeles Lakers are being sold to American businessman Josh Kushner and Bob Iger for a record-breaking price over $12 billion, multiple sources told ESPN. Kushner and Iger were involved in the expansion process in Las Vegas, but a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year.

Josh Kushner runs Thrive Capital. In May they launched Thrive Eternal, which is focused on restoring iconic brands. The first investment was a minority stake in the San Francisco Giants. This is obviously a much grander investment.”

Kushner is an American businessman and venture capitalist. He is also a founder + managing partner of the venture capital firm Thrive Capital. You may also know him as the son of Charles Kushner who is a great friend of Donald Trump and the younger brother of Jared Kushner. Jared is married to Ivana the daughter of Donald. As for Bob Iger, he was the Chief Executive Officer (CEO) of the Walt Disney Company twice, from 2005 to 2020 and from 2022 to 2026. Kushner sold a 3.3% stake in Thrive to a group of investors, including Disney’s Bob Iger. Now the two have come together to buy one of the most recognized franchises in the world.

Los Angeles Lakers Have Been Sold Again in Less Than a Year to Bob Iger and Joshua Kushner

Kushner and Iger released the following statement regarding the transaction:

“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,” Iger and Kushner said in a joint statement Wednesday. “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.”

However, the sale still requires approval from the NBA’s Board of Governors, which is expected to meet in New York in the coming months. It will certainly be a brand-new day for the Lakers with new owners and LeBron James leaving. We’ll see how the team shakes out in the upcoming season.

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