One of Hollywood’s biggest names is making a historic splash for one of Los Angeles most iconic brands.
Former Disney CEO Bob Iger and Thrive Capital founder Josh Kushner are buying the NBA’s Los Angeles Lakers for $12.5 billion, according to a source familiar with the matter.
The NBA’s Board of Governors must sign on the deal. Kushner and Iger confirmed the news in a statement shared with Business Insider. News of the deal was first reported by ESPN.
“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,” the pair said. “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.”
Billionaire Mark Walter, who also owns the MLB’s Los Angeles Dodgers, purchased a controlling interest in the Lakers from the Buss family just last year.
With 17 NBA titles and a foothold in the US’s second-largest city, the Lakers are a global media icon. In December, Forbes estimated the Lakers at $10 billion, making them the fifth-most valuable sports franchise in the world.
Kushner, whose brother Jared is President Donald Trump’s son-in-law, has recently made waves with his moves into sports. Thrive Capital, Josh Kushner’s VC firm, was at the center of a controversial $20 billion investment proposal for FIFA, soccer’s world governing body responsible for the World Cup. FIFA President Gianni Infantino is now facing scrutiny for his handling of the entire episode.
The purchase locks up one of the biggest names in sports, whose history spans from Jerry West, Kareem Abdul-Jabbar, and Magic Johnson to Kobe Bryant and Shaquille O’Neal, and, most recently, “The King” and NBA all-time leading scorer LeBron James. Following James’ departure to Philadelphia via free agency, the Lakers are looking to build around NBA All-Star Luka Dončić.
Iger and his wife, Willow Bay, own a controlling interest in Angel City FC, LA’s National Women’s Soccer League (NWSL) franchise. Kushner is no stranger to the NBA. According to The Athletic, he owns a minority stake in the Miami Heat and previously owned a minority share in the Memphis Grizzlies.
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