Lakers Ownership Shifts as Mark Walter Sells Stake to Joshua Kushner and Bob Iger
A rapid $12.5 billion sale of a significant stake in the Los Angeles Lakers was finalized after owner Mark Walter faced a federal investigation and liquidity concerns.
Los Angeles Lakers owner Mark Walter has agreed to sell a substantial stake in the basketball team for $12.5 billion to a group led by Joshua Kushner and Bob Iger. The deal, which was reportedly accepted within 72 hours of an offer, comes as Walter navigates a federal investigation and addresses liquidity issues.
The transaction elevates Kushner, founder of Thrive Capital, and Iger, the CEO of The Walt Disney Company, to prominent positions within the Lakers' ownership structure. Further details regarding the exact percentage of the stake being sold and the specific roles Kushner and Iger will assume are expected to be disclosed as the deal progresses.
The swiftness of the sale highlights the urgent financial pressures Walter was reportedly experiencing. While the exact nature of the federal investigation has not been publicly detailed, its impact appears to have accelerated Walter's decision to divest from the storied NBA franchise. The significant valuation underscores the enduring appeal and financial power of the Lakers within the sports and entertainment landscape.