The Los Angeles Lakers, one of the most iconic sports franchises in the world, has been sold to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a record-breaking $12.5 billion.
New Ownership
Iger and Kushner, the brother of President Donald Trump’s son-in-law Jared Kushner, confirmed the deal in a statement, expressing their commitment to building on the Lakers’ foundation and competing at the highest level.
The sale comes less than a year after the NBA approved billionaire Mark Walter as the team’s majority owner. Walter, whose Guggenheim Investments owns the Los Angeles Dodgers baseball team, bought a majority interest in the Lakers in a deal announced just over a year ago, valuing the team at $10 billion.
The quick sale of the team is a stunning turn of events in a business where teams typically go decades under the same ownership. News of the sale comes as Walter’s financial business is mired in legal trouble, with a federal investigation reportedly underway.
Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.
