Bob Iger and Josh Kushner buy the LA Lakers for a record-breaking $12.5 billion, up 21% in just the 14 months since Mark Walter bought them
The pair are buying the team from Mark Walter, who paid $10 billion for it just over a year ago, and someone who Magic Johnson once said would own the team for decades.
In 1979, Jerry Buss purchased the Los Angeles Lakers, transforming professional basketball into a spectacle akin to Hollywood: courtside celebrities, a dynamic, camera-ready style of play, and an arena designed to resemble a stage. This "Showtime" approach proved successful and became the blueprint for teams across the league. Now, Bob Iger, who revolutionized the entertainment industry at Disney, is acquiring the Lakers, who are now valued at an unprecedented $12.5 billion.
Iger and Josh Kushner, the venture capitalist behind Thrive Capital, are purchasing the team from Mark Walter, who acquired a controlling stake just 14 months ago for $10 billion. This acquisition marks a 21% increase in value since Walter's purchase. "As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers," stated Kushner and Iger in a joint statement. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss."
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