The Lakers are set to be sold for the second time in less than a year. And former Disney mogul Bob Iger and investor Joshua Kushner are taking over the iconic Los Angeles NBA franchise in a surprise deal that also raises questions about the team’s current ownership.
A source in the financial world says that Kushner’s Thrive Capital had been looking into major sports deals in recent months, but that the Lakers are a crown jewel asset that many didn’t even know was on the market.
“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,” stated Josh Kushner and Bob Iger to ESPN. “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.”
After 45-plus years of ownership by the Buss family the team had been sold to Mark Walter, the financier who also has controlling stakes in Los Angeles Dodgers and the WNBA’s Los Angeles Sparks and Chelsea F.C. Given Walter’s stewardship of the Dodgers — the team has won back to back World Series and is a frontrunner for a threepeat this year — the move was greeted warmly at the time in L.A., even if there was some wistfulness at the end of the Buss era that brought Showtime and the Shaq-Kobe championships.
But Walter’s empire has come under scrutiny of late, stemming from deals made by his asset-management giant Guggenheim Investments. In July, The Wall Street Journal reported that the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission were investigating his firm’s $16 billion in loans for potential fraud.
The NBA Board of Governors approved Walter’s deal to buy the Lakers in October. Ten months later, Walter is moving on, stating to ESPN: “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
More to come.
