The anticipated sale of Mark Walter's majority stake in the Los Angeles Lakers to Josh Kushner and Bob Iger is currently under review, leaving fans eager to understand how the transition will affect the storied franchise. As the sale progresses, questions arise regarding the operational dynamics of the team under the new ownership.
Josh Kushner, known for co-founding Thrive Capital and Oscar Health, will take on the role of the controlling shareholder. His connection to the Trump family, being the brother of Jared Kushner, adds a layer of public interest to the ownership change. Bob Iger, who previously served as the CEO of the Walt Disney Company, brings a wealth of corporate experience but is expected to play a less hands-on role in the day-to-day operations of the Lakers.
According to Charles Gasparino of the New York Post, Kushner's financial commitment will be substantial, as he is required to personally own at least 15% of the franchise to comply with NBA regulations. This means he will invest approximately $1.875 billion to finalize the deal, which comes at a record valuation of $12.5 billion for the Lakers. This valuation marks a significant increase from Walter's purchase of his stake from the Buss family for $10 billion just last October.
While Kushner is set to be the primary decision-maker, Iger's role will be more peripheral. Sources indicate that Iger will serve as a minority owner and an alternate governor, focusing on management rather than governance. "Bob will not be the control person," stated a source close to Kushner, emphasizing that Kushner will be the sole governor of the team.
This clarification comes in contrast to earlier reports suggesting that Iger might have a more active involvement in the team's operations. The governance structure appears to be firmly established, with Kushner positioned to lead the franchise's direction.
In a related development, shortly after the agreement for the sale was reached, five of the six Buss siblings voted to sell their remaining 17.8% stake in the team to Kushner and Iger. The only dissenting voice was Jeanie Buss, who currently holds the title of governor for the Lakers. She has expressed interest in retaining her position by maintaining at least a 15% ownership stake in the team.
When Walter acquired his stake, it was agreed that Jeanie Buss could remain as governor for a five-year period. This arrangement adds another layer of complexity to the ownership transition, as the Buss family's legacy in the franchise spans nearly five decades. As the sale process unfolds, fans and analysts alike will be watching closely to see how the new ownership will shape the future of the Lakers.
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