Content media
Content media
Billionaire investor Josh Kushner, the younger brother of US President Donald Trump’s son-in-law Jared Kushner, and former Disney CEO Bob Iger have agreed to buy the Los Angeles Lakers for $12.5 billion, ESPN reported Wednesday.
The price would set a record for the sale of a US sports franchise.
Kushner and Iger confirmed the agreement in a statement to ESPN.
“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,” it said. “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.”
The transaction requires approval from the NBA’s board of governors, which is due to meet next month in New York.
The agreement comes less than a year after Mark Walter acquired a controlling interest in the Lakers from the Buss family in a transaction that valued the NBA team at $10 billion.
Walter, the founder and CEO of holding company TWG Global, became the Lakers’ majority owner in October after the league approved the acquisition.
The sale would represent a $2.5 billion increase in the Lakers’ valuation in less than a year.
Kushner is the founder of venture capital firm Thrive Capital, which has backed major technology companies including Spotify, Instagram, Stripe and OpenAI.
Iger served as Disney’s chief executive from 2005 to 2020 and again from 2022 until earlier this year. He and his wife, Willow Bay, are controlling owners of the National Women’s Soccer League club Angel City FC.
The Lakers have won 17 NBA championships and are among the most valuable and widely recognized franchises in sports.