Los Angeles Lakers sold in record-breaking deal
The Los Angeles Lakers are to be sold in a record-breaking deal reportedly worth $12.5 billion (£9.3 billion), reports BritPanorama.
The agreement comes less than a year after Mark Walter took a majority stake in the NBA franchise. Josh Kushner, brother of Jared Kushner, former senior advisor to President Donald Trump, is set to acquire control alongside former Disney chief executive Bob Iger.
In a joint statement, Kushner and Iger expressed their deep honour at the opportunity, stating, “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.”
Walter commented on the transition, saying, “Owning the Los Angeles Lakers has been one of the great honours of my life. It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.” The Lakers were purchased by Jerry Buss in 1979 for £50 million, which included the Los Angeles Kings hockey team and an arena in LA. After Buss’s death in 2013, ownership passed to his six children before the recent arrangement with Walter.
Interestingly, LeBron James departed the Lakers at the end of the previous season, joining the Philadelphia 76ers, which has shifted the team’s dynamics. Serbian Luka Doncic, now seen as a key player for the Lakers, welcomed the takeover on social media, stating, “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA.” Doncic added that despite recent changes, the potential of the iconic franchise remains limitless.
Kushner’s acquisition also comes on the heels of controversy related to the FIFA Forward Enterprise, where he was expected to lead a proposed investor group, underscoring his growing influence in sports. The Lakers maintain a storied legacy with 17 NBA championships, just one shy of the all-time record held by the Boston Celtics.
This substantial deal reflects both the franchise’s iconic status and the substantial interest from high-profile investors, signalling a notable shift in the landscape of sports ownership.
As the Lakers embark on this new chapter, the atmosphere surrounding them is electric, reminding everyone that in sports, fortunes can change swiftly, echoing the highs and lows of their storied past. The streets of Los Angeles will be watching closely as fresh investment meets enduring legacy, and history writes its next chapter.
