The Los Angeles Lakers are changing hands in a surprise transaction that unfolded over just three days. Joshua Kushner and Bob Iger have agreed to purchase the franchise for $12.5 billion, taking control from Mark Walter, who had owned the majority stake for just 14 months. The rapid nature of the deal caught many in the sports world off guard, particularly since Kushner and Iger had been pursuing an expansion franchise in Las Vegas before pivoting to this opportunity.
Walter’s decision to sell comes as he stands to make a substantial profit, having purchased the team for $10 billion just over a year ago. However, additional factors may be at play. Federal investigators and the Securities and Exchange Commission are examining Walter’s companies over allegations of improper disclosure of private credit loans. According to reports, Walter is attempting to raise cash to pay down debt amid this ongoing investigation, making the Lakers sale a potentially timely solution. A White House representative denied involvement in facilitating the transaction despite Kushner’s family connections to President Donald Trump.
The Buss family, which operated the franchise for 46 years before selling their majority stake, will maintain a 15 percent ownership stake and Jeanie Buss will remain as the team’s governor under an existing agreement. The new ownership group has pledged to honor that arrangement. Meanwhile, the Dodgers and the Los Angeles Sparks, also owned by Walter and his partners, will remain under current ownership. No immediate changes are expected for the Lakers’ roster or front office operations this season.
The transaction now requires approval from two-thirds of the NBA’s Board of Governors, a step that is expected to proceed smoothly in the coming months as additional details are finalized.
Originally reported by Sports.yahoo →
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