It was shockingly reported on Wednesday morning that Mark Walter is selling his majority ownership stake in the Los Angeles Lakers to businessmen Bob Iger and Josh Kushner for a record $12.5 billion valuation.
Walter, who also owns the L.A. Dodgers and Sparks, just bought the Lakers last year, so no one expected him to sell this quickly. Iger and Kushner have been looking to get into NBA ownership for a while now though and are excited about this opportunity, as they told Ramona Shelburne of ESPN in a statement:
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. “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.”
Jeanie Buss was expected to remain on as team Governor under Walter for at least five years. It remains to be seen if that is still the case, although it’s notable that Iger and Kushner mentioned her in their statement.
Walter also released a statement on his decision to sell the Lakers to Iger and Kushner:
“Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as 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 every confidence the best is still ahead,” Walter said in a statement.
The NBA’s board of governors will now have to approve the sale in the coming months, but a new era of Lakers basketball will eventually get underway with Iger and Kushner as their majority owners.
When did Bob Iger and Josh Kushner approach Mark Walter about buying Lakers?
According to reports, Iger and Kushner reached out to Walter about buying the Lakers for the first time this past Sunday, and then things came together quickly from there.
With reports indicating Walter had no plans to sell the Lakers, a $12.5 billion valuation may have just been an offer he couldn’t refuse.
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