August 13 – Following a failed attempt to invest in the World Cup, Joshua Kushner has taken ownership of the Los Angeles Lakers NBA franchise in a mammoth $12.5 billion deal.
Together with former Disney executive Bob Iger, Kushner is acquiring the majority stake from the previous owner, Mark Walter. The deal is subject to approval by the NBA.
Last year, Forbes ranked the Dallas Cowboys at $13.5 billion as the most valuable franchise in the world, with the sale of one of the NBA’s premier franchises falling $1billion short of that lofty mark.
“As lifelong NBA fans, we are deeply honoured 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.”
Walter, CEO of holding company TWG Global, with interests in the MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, English Premier League club Chelsea and the Professional Women’s Hockey League, is under federal investigation over allegations of tax fraud. He denies any wrongdoing.
Kushner is the brother of Jared Kushner, the son-in-law of U.S. President Donald Trump. It was understood that Joshua Kushner had been lined up as an investor in FIFA President Gianni Infantino’s plans to sell a minority stake in the World Cup.
Following major backlash, in particular from European confederation UEFA, Infantino had to shelve his privatisation push and is now fighting for his survival as FIFA supremo.
Contact the writer of this story, Samindra Kunti, at samindra.kunti@insideworldfootball.com