00:00Josh Kushner, Bob Iger to buy Lakers for $12.5 billion.
00:05The Los Angeles Lakers are being sold to American businessmen Josh Kushner and Bob Iger for $12.5
00:11billion, a record-breaking price, multiple sources told ESPN. The businessmen were involved in the
00:18expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to
00:24buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss
00:29family last year for a then-record franchise valuation of approximately $10 billion.
00:34As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los
00:41Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect
00:47for the leadership and vision of Jerry and Jeannie Buss, Kushner and Iger said in a statement.
00:52Our long-term commitment is to build on that foundation, compete at the highest level,
00:57and serve this extraordinary team, its fans, and the city of Los Angeles.
01:03Walter, the CEO and chairman of diversified holding company TWG Global, has been the Lakers'
01:10majority owner since last October, when his bid was unanimously approved by the NBA.
01:15Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary
01:20investment. But what I will carry with me is the community, the fans, and a city that treats
01:26this team as family. I am grateful to Jeannie Buss, the Buss family, the players, and the
01:33staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have
01:38every confidence the best is still ahead, Walter said in a statement. Walter and TWG Global have
01:45interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles
01:51Sparks, Premier League Club Chelsea, and the Professional Women's Hockey League. And through
01:56TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula One.
02:03Walter, 66, is only selling the Dodgers in this transaction, sources told ESPN. Walter, who built
02:12his financial empire in the insurance industry, is under federal investigation for alleged tax
02:17fraud by other companies tied to the billionaire. Bloomberg reported in July that U.S. prosecutors
02:23in Manhattan are examining Weather Delaware Life Insurance Company and Clear Spring Life
02:28and Annuity Company, two insurers controlled by Walter, failed to disclose that their private
02:33credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission
02:38is running a parallel investigation, according to the Bloomberg report.
02:43Kushner, 41, founded and runs venture capital firm Thrive Capital and is the co-founder and
02:50vice chairman of Oscar Health. Iger, 75, was succeeded this year as Disney's CEO by Josh
02:57Damro, ending his second term in the role. In 2024, along with Willow Bay, he became the controlling
03:04owner of NWSL team, AngelCity FC.
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