Iger and Kushner acquire Lakers in $12.5bn deal from Guggenheim’s Walter
The $12.5 billion transaction sets a new benchmark for sports valuations and marks a rapid turnover for the Los Angeles-based team, which was acquired by Mark Walter just 14 months prior.
Bob Iger and Josh Kushner have agreed to purchase the Los Angeles Lakers basketball franchise for $12.5 billion, establishing a new benchmark for NBA team valuations. The deal transfers ownership of the historic Los Angeles-based club from Mark Walter of Guggenheim Partners, who acquired the franchise approximately 14 months ago for $10 billion.
The transaction represents a swift change in control for the team. Walter, who previously explored acquiring an expansion franchise in Las Vegas with Kushner and Iger before pivoting to the Lakers, has sold the core basketball asset. The agreement specifically excludes Walter’s other sports holdings, which include the Los Angeles Dodgers and the Los Angeles Sparks, keeping those entities separate from the current deal.
The sale takes place amidst a US inquiry into Guggenheim Partners, the insurance empire led by Walter. While the timing of the transaction coincides with the regulatory scrutiny, the source material indicates a temporal correlation rather than a confirmed causal link between the inquiry and the decision to sell. The specific nature and scope of the US inquiry remain undetailed in available reports.
Iger, the former chief executive of Disney, and Kushner, the founder of venture capital firm Thrive Capital and co-founder of Osc, had previously considered entering the sports market through an expansion team in Las Vegas. Their pivot to secure the Lakers signals a significant shift in their investment strategy. The new principals have issued a joint statement affirming their commitment to the franchise’s legacy and long-term competitiveness.
The financial structure of the deal highlights a substantial appreciation in value over a short period. Walter’s acquisition at $10 billion has now yielded a $2.5 billion gain on paper, assuming the $12.5 billion price is finalised. The exact timeline for the completion of the sale has not been specified, leaving the market to watch for regulatory approvals and closing conditions.
