Bob Iger and Josh Kushner agree to buy Lakers at $12.5 billion valuation
Bob Iger and Josh Kushner have an agreement for Mark Walter’s Lakers stake, but NBA approval is still needed.
By Frankie Delgado · News Reporter
3 min read
Bob Iger and Josh Kushner Lakers deal is on the table: the former Disney chief and the Thrive Capital founder have agreed to acquire Mark Walter’s majority equity in the Los Angeles franchise at a reported $12.5 billion team valuation.
The agreement was announced Aug. 12, but it is not yet a completed ownership transfer. The NBA Board of Governors must approve the transaction, according to ESPN and the Associated Press.
Has the Lakers sale been finalized?
No. League approval remains outstanding, and ESPN reported that the board’s next meeting was scheduled for September in New York. That review can take several weeks.
The reported $12.5 billion figure is a valuation for the team in the sale agreement, rather than a public disclosure of every financial term or the precise amount paid for Walter’s stake. CNBC and the Associated Press each cited people familiar with the terms who were not authorized to discuss the details publicly.
Walter bought a controlling Lakers stake at a $10 billion valuation less than a year earlier, CNBC reported. The new reported valuation is therefore $2.5 billion higher, a 25% rise from that figure.
A fast change at the top
Walter became majority owner in October after NBA owners approved his bid, ESPN reported. He had first acquired a 27% minority holding in 2021, according to the Associated Press.
In a joint statement reported by CNBC, Iger and Kushner said they were honored by the chance to become stewards of the Lakers. They said they respected Jerry and Jeanie Buss’s leadership and planned to build on that foundation, compete at the highest level and serve the club’s fans and Los Angeles.
The pair had been pursuing a potential NBA expansion franchise in Las Vegas before turning to the Lakers opportunity. Iger told the California Post, in comments quoted by ESPN, that they learned Walter might be open to selling while the Las Vegas process was under way, and that the Lakers deal came together in three days.
Who would run the Lakers under the proposal?
Axios, citing a source, reported that Kushner would be the proposed control owner, with he and Iger investing individually. Axios also reported that other investors could join the ownership group.
Thrive Eternal, the sports-focused investment platform tied to Kushner and Iger, was expected to invest but would be limited to a stake of no more than 20% under NBA rules, Axios reported. The final ownership structure has not been publicly detailed.
CNBC reported that the announced transaction covers Walter’s Lakers stake only. The reporting did not establish whether it involves any of Walter’s other sports investments.
This story draws on original reporting from CNBC.