The Los Angeles Lakers have been sold to former Disney CEO Bob Iger and billionaire investor Josh Kushner for a record $12.5 billion. The historic transaction sets a new record as the most expensive sale of a U.S. sports franchise in history.
New owners pivot strategy
The buyers originally focused on bringing an NBA expansion team to Las Vegas. However, they shifted their strategy to buy the Lakers instead. Reflecting on the purchases, the pair said in a joint 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.”
Past owner makes big profit
The deal comes just ten months after businessman Mark Walter bought a controlling interest in the team $10 billion. Walter earned a massive $2.5 billion profit from his quick turn and called his brief ownership an “extraordinary investment.”
The $12.5 billion price tag easily tops all other recent team sales across American professional sports leagues.
Buss family legacy continues
Even though team ownership is changing hands again, long-time leader Jeanie Buss will stay on as team governor for at least five more year. The new owners pledged to honor her legacy, stating:
“We have immense respect for the leadership and vision of Jerry and Jeanie Buss.” They added that their goal is to “build on that foundation, compete at the highest level and serve this extraordinary team, its fans and the city of Los Angeles.
