Now Reading: Iger and Kushner buy Los Angeles Lakers for record $12.5 billion
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Iger and Kushner buy Los Angeles Lakers for record $12.5 billion
Former Disney CEO Bob Iger and venture capitalist Josh Kushner have agreed to buy the Los Angeles Lakers for $12.5 billion, the highest price ever paid for a North American sports team,…
The Story in Brief
Former Disney CEO Bob Iger and venture capitalist Josh Kushner have agreed to buy the Los Angeles Lakers for $12.5 billion, the highest price ever paid for a North American sports team, according to a person familiar with the deal. The sum is a 25% jump from the $10 billion valuation at which Mark Walter bought the team last year. Only three years ago, Michael Jordan sold the Charlotte Hornets for $3 billion.
The deal still needs approval from three-quarters of the NBA's board of governors, which meets next month. Walter had faced reported federal scrutiny over his business holdings, including a phone seizure last autumn. Iger and Kushner had been exploring an NBA expansion team for Las Vegas before pivoting to the Lakers. Kushner must sell his minority stake in the Miami Heat to complete the purchase.
The Indian Opinion
Indian fans watching NBA values jump 25% in a year may wonder if valuations rest on solid ground or speculative froth. Mark Walter exits amid tax fraud investigations. The real test arrives next month when NBA governors vote. Can the new owners sustain the Lakers' global brand without forcing Indian viewers to pay more for streaming access?
Sources (3): english.mathrubhumi.com, thehindu.com, timesofindia.indiatimes.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
