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Los Angeles Lakers to be sold to Bob Iger, Josh Kushner for $12.5 billion

From CBS News · () English

Summarized and contextualized by DistantNews.

At a glance

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  • Bob Iger and Josh Kushner agreed to buy the Los Angeles Lakers for $12.5 billion, a record sale price for a professional sports franchise.
  • The pair confirmed the deal with CBS LA, expressing honor and respect for the team's legacy and a commitment to compete at the highest level.
  • This sale follows a previous majority stake purchase by Mark Walter about 14 months ago for $10 billion, and Iger has also recently acquired a stake in the NWSL's Angel City FC.

Former Walt Disney Company CEO Bob Iger and Thrive Capital founder Joshua Kushner are set to acquire the iconic Los Angeles Lakers for a staggering $12.5 billion. This landmark deal, confirmed by the pair to CBS LA, sets a new record for the sale of a professional sports franchise.

"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 stated jointly. They added, "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."

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.

— Bob Iger and Joshua KushnerIn a joint statement confirming their agreement to purchase the team.

The sale comes just 14 months after Mark Walter, CEO of Guggenheim Partners, purchased a majority stake in the team for approximately $10 billion, which was then a record fee. While Jeanie Buss, daughter of the late Jerry Buss, retained her role as Lakers governor, her future position under the new ownership remains uncertain.

This venture marks Iger's second foray into professional sports ownership; he and his wife, journalist Willow Bay, purchased the NWSL's LA franchise, Angel City FC, in 2024. Kushner, who previously acquired a minority stake in the Miami Heat, is the youngest son of U.S. Ambassador to France and Monaco Charles Kushner and brother of Jared Kushner. The Lakers' sale occurs as the NBA actively seeks bids for expansion franchises in Seattle and Las Vegas, aiming to expand the league to 32 teams.

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.

— Bob Iger and Joshua KushnerIn a joint statement outlining their intentions as new owners.
DistantNews Editorial

Originally published by CBS News. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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