Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner are reportedly planning to purchase the Los Angeles Lakers from current owner Mark Walter. The deal, which would see Walter sell the team less than a year after his purchase for $10 billion, represents a significant shift for one of the NBA's most iconic franchises.
Walter's potential sale comes as he is reportedly facing a federal investigation into his financial dealings. The reported sale price would yield Walter a profit of approximately $2.5 billion.
Joshua Kushner, brother to former White House advisor Jared Kushner, has previously drawn attention for his investments. His minority stake purchase in the San Francisco Giants earlier this year faced criticism from some progressive groups. However, the Lakers deal has not yet encountered similar political opposition in Los Angeles. This lack of political turbulence is seen by some as a positive signal for investors considering ventures in California, suggesting a potential willingness to prioritize investment over partisan differences.
The incoming ownership group faces the challenge of revitalizing a Lakers team that has underperformed in recent seasons despite boasting high-profile players. The departure of LeBron James is expected to free up salary cap space, potentially positioning the team for a significant overhaul. Observers hope that Iger, known for his success in entertainment, can help infuse the team with renewed energy and recapture the celebrated "Showtime" era, reminiscent of the Magic Johnson and Kareem Abdul-Jabbar years. This echoes Magic Johnson's own successful tenure as an owner for the Los Angeles Dodgers.
