The Los Angeles Lakers, one of the most storied franchises in NBA history, are reportedly being sold for an unprecedented $12 billion. This monumental sale comes less than two years after Mark Walter, co-owner of the Los Angeles Dodgers and CEO of TWG Global, acquired the team from the Buss family. The deal, confirmed by ESPN, marks a significant milestone in the world of sports franchise valuations.
The prospective buyers, businessman Joshua Kushner and former Disney CEO Robert Iger, will make history with this transaction as it sets a new record for the highest amount ever paid for a North American sports franchise. This eclipses the $10 billion Walter paid when he purchased the Lakers, highlighting the increasing financial stakes in professional sports.
In a joint statement, Kushner and Iger expressed their excitement about becoming the new stewards of the Lakers, stating, "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. 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." Their commitment to maintaining the legacy of the franchise suggests a focus on both competitive success and community engagement.
The Lakers have a rich history, having been owned by Dr. Jerry Buss from 1979 until his passing in 2013. Following his death, the franchise was passed on to his six children, with Jeanie Buss becoming the controlling owner in 2017. Even after the sale to Walter, Jeanie Buss remained the team’s governor, ensuring continuity in leadership during a transitional period for the franchise.
As the Lakers prepare for a new era, they will look to build around superstar Luka Doncic, who has joined the team amid the challenge of replacing the production of NBA all-time scoring leader LeBron James. James, who led the Lakers to a championship in 2020, departed in free agency this summer to join the Philadelphia 76ers, leaving a significant void in the lineup. The franchise's ability to adapt and thrive in the post-LeBron landscape will be crucial as they aim to maintain their competitive edge in the league.
Mark Walter reflected on his time as owner, stating, "Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. 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." His sentiments underscore the deep connection between the franchise and its fanbase, a bond that the new owners will likely seek to nurture.
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