The Los Angeles Lakers have been sold again.
American businessmen Josh Kushner and Bob Iger are buying the team for a record-breaking price of more than $12 billion, ESPN’s Ramona Shelburne reported Wednesday.
Kushner and Iger were involved in the NBA expansion process to Las Vegas, but instead pivoted to buy the Lakers, per Shelburne. Iger is the former CEO of The Walt Disney Company, while Kushner is the founder and managing partner of the venture capital firm Thrive Capital and brother of Jared Kushner, who is Donald Trump’s son-in-law.
They purchased the team from Mark Walter, who bought a controlling interest in the franchise from the Buss family last year for approximately $10 billion. Walter will remain as the controlling owner of the Los Angeles Dodgers and the co-owner of the Los Angeles Sparks.
“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 to ESPN. “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.”
The price tag sets a record for a North American sports franchise, breaking the previous mark that was set when the Lakers were sold to Walter last year.
Last season, the Lakers were eliminated in the second round of the NBA playoffs by the Oklahoma City Thunder.
They will officially enter a new era this upcoming season, however, as LeBron James decided to move on from L.A. after eight seasons, turning the team over to Slovenian superstar Luke Doncic.
Add CityNews Toronto as a trusted source on Google to see more local stories from us.
