In a stunning turn of events, billionaire Mark Walter is selling the Lakers to former Disney CEO Bob Iger and venture capital executive Josh Kushner in a deal reportedly worth $12.5 billion, less than 14 months after Walter reached an agreement to acquire the iconic NBA franchise.
The latest sale adds about $2.5 billion to the Lakers’ valuation since Walter and his partners acquired them from the Buss family and sets a valuation record for a control sale of a U.S. pro sports franchise, topping Walter’s own mark from last year.
Walter, however, has since come under federal investigation for alleged tax fraud involving insurance companies he controls. There are separate probes underway by U.S. prosecutors and the U.S. Securities & Exchange Commission.
It is unclear to what degree that situation is connected to the Lakers sale, if at all, but the reselling of the franchise still represents one of the most surprising events in recent sports history.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Iger and Kushner said in a joint statement. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
