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The Los Angeles Lakers Sell To Josh Kushner And Bob Iger For $12.5 Billion
Under new ownership // Illustration by Kate Walker
Thrive Capital’s Josh Kushner and former Disney CEO Bob Iger are paying $12.5 billion to buy the Los Angeles Lakers from controlling owner Mark Walter.
Why It Hits: The Lakers are the trophy asset among trophy assets in the world of sports, thanks to their championship history, starry fanbase, and cultural power. The record sale is further proof that the bidding for sports rights, demand for sports experiences, and endless sponsorship deals still have room to grow… with even more franchises expected to command valuations once reserved for corporations.
Behind The Deal: Even without LeBron James, the Lakers are still the hottest team in sports.
The $12.5 billion deal, which still needs to be approved by the NBA, will make Kushner and Iger co-owners of the team.
The deal is incredible considering Mark Walter paid a record $10 billion for the team just 14 months ago… but the embattled Guggenheim Partners CEO is trying to pay down loans tied to his insurance companies, which are the subject of a DOJ probe.
Kushner and Iger were originally looking to purchase the new expansion team being put together in Las Vegas, but shifted their focus to the Lakers when it looked like there was an opening for a deal.
Final Shot: Iger, who rejoined Thrive Capital after his second stint running Disney, has been building his post-Mouse House career in the world of LA sports. He and his wife, Willow Bay, bought Angel City FC a couple of years ago. With the Lakers season kicking off in October and the women’s World Cup happening next summer, Iger is slated to get a starring role in the coverage as if he never left Hollywood.
For Kushner, the Lakers deal is a great headline change from where his name had recently been popping up — as the buyer of Gianni Infantino’s much-maligned plan to sell a stake in FIFA. Talk about shifting the narrative.
Prediction: It’s only a matter of time until ESPN, which Disney owns, greenlights a 30 for 30 segment on Iger.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.