Bob Iger, the former CEO of Disney, and his business partner Josh Kushner have acquired the majority ownership of the Los Angeles Lakers in a deal valued at $12.5 billion. The transaction was finalized remarkably quickly, with Iger stating that the agreement was reached within three business days.
Iger revealed that he and Kushner had initially been pursuing an expansion franchise in Las Vegas. However, they were approached with the opportunity to purchase a stake in the Lakers from Mark Walter, who had acquired majority ownership just over a year prior. Recognizing the value and iconic status of the Lakers franchise, Iger and Kushner quickly shifted their focus.
"We were involved in pursuing the new franchise in Vegas," Iger told the California Post in an exclusive call. "And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days. It’s that simple."
Walter had purchased the majority stake from the Buss family for a then-record valuation of $10 billion. As part of that previous agreement, Jeanie Buss was slated to remain the team's Governor for at least five years. Iger indicated that he and Kushner intend to honor this arrangement.
"We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise," Iger said. "And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they’ll change, but we’re going into this with enormous respect and appreciation for who she is and what she represents in the organization."
Iger has spoken with Jeanie Buss and Lakers coach JJ Redick, noting a prior relationship with Redick from his time as a Clippers season ticket holder. He has not yet spoken with Lakers star Luka Doncic. Redick, who previously played for the Clippers from 2013-2017, will now lead the Lakers.
Describing his feelings about the acquisition, Iger expressed gratitude, appreciation, and excitement. "[To] have an opportunity to own not just any NBA team, but the LA Lakers is…it’s extraordinary from a life experience perspective and business perspective. It’s still sinking in. We’re very excited."
Iger emphasized that it is too early to speculate on future plans or potential changes under their ownership. He stated that they are fans who respect the value created by the franchise and intend to build upon its existing strengths. "Our intention is to build this great franchise from a position of strength in many respects as an organization. We’re smart enough to know what we know and what we don’t know. It’s just premature to speculate at all about what we plan to do, because frankly, we haven’t made any plans yet. Again, we go into this with an appreciation of who the Lakers are. And we just want to build value from today on."
Iger concluded by reiterating the novelty of the situation: "This is very new."