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In a major coup that has left sports aficionados abuzz, Josh Kushner, founder of Thrive Capital and brother of Jared Kushner, has partnered with Bob Iger, the former CEO of The Walt Disney Company, to acquire a controlling stake in the storied Los Angeles Lakers basketball team for a staggering $12.5 billion. The unprecedented deal marks a new chapter in the storied history of the franchise, which has captivated fans for generations with its rich legacy of producing some of the game’s greatest stars.
The Lakers, one of the National Basketball Association’s (NBA) most successful and iconic teams, was previously owned by the Buss family, who purchased the team in 1979 for a mere $67 million. Following the tragic passing of Jerry Buss in 2013, his estate has been navigating the team’s ownership structure, ultimately leading to the current sale. According to reports, the new ownership group, comprised of Josh Kushner and Bob Iger, will now hold a controlling stake in the team.
While neither Josh Kushner nor Bob Iger has publicly disclosed the terms of their deal, industry insiders suggest that the sale value of $12.5 billion represents a staggering 18.6 times return on investment for the Buss family, who acquired the team four decades ago. This acquisition price sets a new benchmark for franchise valuations in professional sports, surpassing the previous record held by the Los Angeles FC Major League Soccer (MLS) team, which sold for $800 million in 2020.
Josh Kushner, a prominent figure in the world of venture capital, has built a reputation as an astute investor and business leader through his Thrive Capital firm, which has backed some of the world’s most innovative startups. Iger, meanwhile, brings a wealth of experience in leading and growing one of the world’s largest and most successful media conglomerates during his tenure as CEO of Disney.
Together, the two men have indicated a commitment to preserving the Lakers’ rich legacy while exploring innovative ways to drive the team’s growth and revenue streams. As new owners, they are expected to play key roles in shaping the team’s future strategy, including decisions related to player personnel, coaching staff, and marketing initiatives.
The successful completion of this historic deal marks a new era for the Los Angeles Lakers, with an ownership group that promises to combine business acumen, creative vision, and a deep passion for the game. As fans and stakeholders eagerly anticipate the team’s next moves, one thing is certain – the future of the Los Angeles Lakers has never looked brighter.