For the second time in as many years, the Los Angeles Lakers have been sold for a record price, this time with Bob Iger and Josh Kushner purchasing a majority stake in the franchise from Mark Walter for a $12.5 billion valuation.
The sale came out of nowhere and Iger, who is the former CEO of Disney, explained how it came to be in an interview with Khobi Price of the California Post:
“We were involved in pursuing the new franchise in Vegas,” Iger said during an exclusive phone call with the California Post. “And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days.
“It’s that simple.”
As Iger mentioned, he and Kushner were planning to make a bid for the new NBA expansion team in Las Vegas before they got wind that Walter could be willing to see the Lakers and gave him an offer he couldn’t refuse. Iger expressed his excitement to be taking over one of the most prestigious organizations in all of professional sports:
“Grateful, appreciative, excited to own something that’s as iconic as the LA Lakers,” Iger said of his feelings. “Josh and I are avid NBA fans. And [to] have an opportunity to own not just any NBA team, but the LA Lakers is…it’s extraordinary from a life experience perspective and business perspective. It’s still sinking in. We’re very excited.”
Iger has been involved with massive corporations before as he helped Disney with the acquisitions of Pixar, Marvel and Lucasfilm. After leaving Disney earlier this year though, it appears the Lakers are his new project and one he is obviously very excited about as a huge basketball fan.
Bob Iger releases statement on Lakers sale
Shortly after news of the sale broke on Wednesday morning, Iger and Kushner released a statement to confirm it.
“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.”
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