Source :- PERTH NOW NEWS
Venture capitalist Joshua Kushner and former Disney CEO Bob Iger are set to buy the Los Angeles Lakers, with the deal valued at a record $US12.5 billion ($A17.7 billion), according to sources familiar with the matter.
Billionaire Mark Walter bought a majority stake in the NBA team last year in a deal that valued the club at $US10 billion, with the deal only having been approved by the board of governors in October.
Walter’s financial empire faces a federal probe, according to reports last month, examining links between investments held by his insurers and affiliates. Walter is also the owner of Major League Baseball’s Los Angeles Dodgers.
“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 statement on Wednesday (local time).
“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.”
The two businessmen had previously been tied to a potential expansion NBA team in Las Vegas, but seemingly ended that campaign with Wednesday’s news, which stunned fans and industry experts.
The deal requires sign-off from the board of governors. It is also pending due diligence by Kushner’s Thrive Eternal, a new investment strategy launched by his venture capital firm Thrive Capital, a source said.
Famed sports agent Leigh Steinberg called the sale a “shocking development”, given that Walter bought the Lakers only 14 months ago for $US10 billion from the Buss family.
“It can’t just be for the premium of $2.5 billion dollars, although that’s a massive premium, a year later,” Steinberg told Reuters.
“This is one of the premier franchises in all the sports, being resold a year later, seemingly out of nowhere.”
Lakers great Earvin “Magic” Johnson expressed his delight at the move.
“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Johnson posted on social media.
“Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA.”
As CEO of Disney, Iger oversaw sports network ESPN and built relationships with the NBA while the company entered into multi-billion dollar broadcast deals for games. He retired from Disney in March.
Iger previously took a majority stake in NWSL side Angel City FC.
On the court, the Lakers are in a period of transition after the league’s all-time leading scorer LeBron James left the team in the off-season to join the Philadelphia 76ers.
Lakers guard Luka Doncic said there was “no limit to the potential for this iconic franchise”.
“I look forward to meeting Josh and Bob so we can get to work building something special in LA together,” he said on social media.
