Josh Kushner and Bob Iger buy Los Angeles Lakers for $12.5 billion record deal

Business partners Josh Kushner and Bob Iger have acquired the Los Angeles Lakers, one of the NBA's most iconic franchises, for a staggering $12.5 billion. This record-breaking deal signifies a new high for professional sports team valuations in the United States.

In a joint statement, Iger and Kushner expressed their deep honor and respect for the legacy established by the Buss family. "Our commitment is to build on those foundations, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles," they stated.

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As lifelong NBA fans, we are deeply honored by the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

The acquisition continues a trend of rapidly increasing NBA franchise values. This sale surpasses the recent valuation of the Boston Celtics at over $6 billion and Michael Jordan's sale of the Charlotte Hornets for $3 billion just three years prior. The Lakers were valued at $10 billion last year when Mark Walter acquired a controlling stake from the Buss family.

Bob Iger, currently the CEO of The Walt Disney Company, and Josh Kushner, a prominent businessman, were reportedly interested in an expansion team for Las Vegas. However, this purchase of the Lakers bypasses the need to wait for such a possibility. The sale awaits approval from the NBA's board of governors, a process expected to take several weeks.

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We feel immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on those foundations, compete at the highest level and serve this extraordinary team, its fans, and the city of Los Angeles.