Historic sale: Los Angeles Lakers change owners in a record $12 billion deal
The NBA landscape has taken an unexpected turn. Mark Walter, current owner of the Los Angeles Lakers, has reached a definitive agreement to transfer the Los Angeles franchise to businessmen Josh Kushner and Bob Iger. The deal, valued at 12 billion dollars, stands as the highest transaction in the history of the American basketball league.
This move comes just a year after Walter acquired the organization for about $10 billion, consolidating a historic capital gain in the world of professional sports following his initial agreement with the Buss family.
The commitment of the new owners
After the news was made public, Kushner and Iger expressed their enthusiasm for taking control of one of the most influential sports institutions globally. Through an official statement, they highlighted the responsibility that comes with managing the Buss family legacy.
As lifelong NBA fans, 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. We have enormous 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.
Josh Kushner and Bob Iger
Josh Kushner, known for his tech investments at Thrive Capital, will have the strategic advice of Bob Iger, an executive widely recognized for his management of global brands and far-reaching cultural assets.
Mark Walter’s legacy in Los Angeles
Mark Walter, who also chairs the firm TWG Global, said goodbye to the franchise, thanking the connection experienced with the Los Angeles community. Since 2021, Walter had held a 21% stake in the Lakers, which gave him the right of first refusal necessary to complete the full acquisition last year.
Owning the Los Angeles Lakers has been one of the great honors of my life: an extraordinary investment, but what I will take with me is the community, the fans, and a city that treats this team like family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles and I have full confidence that the best is yet to come.
Mark Walter
A franchise marked by success
- Jerry Buss acquired the franchise in 1979 for $67.5 million, including the Los Angeles Kings and the Los Angeles Forum venue in the package.
- After the patriarch’s passing in 2013, Jeanie Buss took the reins of the organization.
- Under the management of the Buss family, the Lakers have won 11 of their 17 NBA championships, establishing themselves as the most successful franchise in that period.
With this change of command, the Lakers begin a new era under the ownership of Kushner and Iger, who face the challenge of maintaining the standard of excellence that has characterized the team for decades.
