Los Angeles Lakers Agree to Historic $12 Billion Sale

The Los Angeles Lakers are on the verge of a historic ownership change, with a deal reportedly struck for the franchise to be sold for an unprecedented $12 billion. Business magnates Josh Kushner and Bob Iger have reached an agreement to acquire the iconic NBA team, setting a new record for the highest sale price of a sports franchise.

This monumental transaction follows closely on the heels of Mark Walter's previous acquisition of the Lakers. Walter had purchased the team for around $10 billion less than a year prior, buying out the stake held by the Buss family. The rapid escalation in valuation underscores the immense commercial appeal and perceived value of the Lakers franchise.

“

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

Kushner, known for his investments in technology companies through Thrive Capital, and Iger, an advisor focused on long-term brand and cultural asset investments, expressed their deep honor in becoming custodians of the Lakers. In a joint statement, they affirmed their commitment to maintaining the team's status at the highest competitive level, signaling their intent to uphold the franchise's legacy.

The sale price represents a staggering increase compared to the team's acquisition in 1979 by Jerry Buss, who purchased the Lakers for $67.5 million as part of a larger package. Under the ownership of the Buss family, the Lakers achieved remarkable success, securing 11 of their 17 NBA championships. The new ownership group faces the challenge of continuing this storied tradition.

“

We are committed to maintaining the team at the highest level of competition.