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Record Lakers Sale
The Los Angeles Lakers are being sold to an ownership group led by Bob Iger and Josh Kushner in a deal valued at $12.5 billion, according to multiple reports cited by ESPN and NBC News.
“The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion”
ESPN reported that “The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion,” and said the sale will need approval from the NBA’s board of governors.
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NBC News said the businessmen confirmed the deal to the network on Wednesday, and it described the price tag as $12.5 billion.
The Seattle Times tied the transaction to the NBA’s expansion process, noting that the Lakers set a new mark for franchise valuations when a group led by Iger and Kushner purchased a majority stake at $12.5 billion.
The same reporting also placed the prior benchmark at $10 billion, saying Mark Walter bought a majority stake in the Lakers only 10 months earlier at a valuation of $10 billion.
Approvals and Statements
In their statement about the purchase, Kushner and Iger said, “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” and they added they have “immense respect for the leadership and vision of Jerry and Jeanie Buss.”
Mark Walter, who previously bought the team, said in a statement, “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” as NBC News reported.
ESPN said the sale “will need approval from the NBA's board of governors,” and it described the next board meeting as set for September in New York.
The Hollywood Reporter framed the change as the Lakers being sold “for the second time in less than a year,” and it said the NBA Board of Governors approved Walter’s deal in October.
The Seattle Times added that the next board meeting is expected next month in New York, while also describing the sale as part of a broader conversation around NBA expansion and the SuperSonics return to Seattle.
Expansion and Wider Scrutiny
The Seattle Times said the Lakers sale raised the question of whether a valuation of $12.5 billion would impact the ongoing efforts to see the NBA back in Seattle, while also discussing the possibility of the SuperSonics returning.
“23 owners agreeing to that number to finally push expansion over the finish line”
It also described the expansion decision as requiring “23 owners agreeing to that number,” and it said progress could hinge on whether expansion is decided one way or another before the end of the calendar year.
In parallel, The New York Times reported that the deal “would value the Lakers at $12.5 billion,” and it said the purchase has to be approved by the NBA’s board of governors.
The New York Times also quoted Luka Dončić writing on social media, “Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA,” as the franchise prepares for a new ownership chapter.
NBC News noted that Walter and Guggenheim Partners are being investigated by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission for potential insurance fraud, and it said the Lakers sale will now be led by Luka Dončić after LeBron James announced in July he was leaving to join the Philadelphia 76ers.
