Venture capitalist Josh Kushner and former Disney CEO Bob Iger have reached an agreement to purchase the Los Angeles Lakers for $12.5 billion, marking the highest price ever paid for a North American sports franchise. The announcement was made on Wednesday, with the two businessmen stating their honor at the opportunity to lead the storied NBA organization.
The sale represents a significant jump from the previous record set just over a year ago, when billionaire Mark Walter acquired majority control of the franchise from the Buss family for $10 billion. That transaction had established the Lakers’ valuation at $10 billion at the time. The NBA’s board of governors must still approve the Iger-Kushner agreement before the deal becomes official.
Kushner, 41, is the founder of Thrive Capital, a venture capital firm, while Iger, 75, recently departed his role as CEO of the Walt Disney Company in March and currently serves as an adviser at Thrive Capital. In a statement, Walter, the current owner and CEO of TWG Global, expressed gratitude for his time with the franchise and confidence in the future under new leadership.
The Lakers are scheduled to begin their regular season against the Golden State Warriors on October 21 in Los Angeles and will face the Philadelphia 76ers on Christmas Day. The sale comes as Walter’s business empire faces a federal investigation related to alleged loan fraud at two Delaware insurance companies he owns.
Originally reported by Sports.yahoo →
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