The Los Angeles Lakers are set to change hands in a record-breaking transaction that shatters the record for the most expensive sports franchise in history.
According to a report by ESPN, venture capitalist Josh Kushner and former Disney CEO Bob Iger have agreed to acquire the iconic NBA franchise for an eye-watering figure in excess of $12 billion (£9.4 billion).
A Dizzying Valuation
The deal comes less than a year after billionaire Mark Walter bought a controlling interest in the team from the long-standing Buss family in a takeover that valued the team at $10 billion (£7.8 billion). If approved by the NBA Board of Governors, this latest sale will mark a $2 billion (£1.6 billion) surge in valuation in under 12 months.
To put that staggering $12bn (£9.4bn) figure into context, it dwarfs the largest club acquisitions in European football – more than double the $6bn (£4.7bn) sale of Manchester United or the $5.2bn (£4.1bn) purchase of Chelsea in recent years.
Kushner and Iger had initially been putting together an investment group to bid for a brand-new NBA expansion franchise based in Las Vegas. However, the pair pivoted to launch an aggressive, unmatchable offer to secure one of the world’s premier sports brands outright.
“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,” Kushner and Iger said in a statement.
“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.”
Who Are the LA Lakers and How Have They Fared?
One behind rivals the Boston Celtics for the most championships in NBA history (17 titles), the Lakers have traditionally been the home of the game’s greatest icons, from Magic Johnson and Kobe Bryant to LeBron James.
On the court in recent years, the Lakers’ fortunes have been a mixed bag:
- 2020 Champions: They lifted their 17th NBA championship inside the Orlando ‘bubble’ during the pandemic.
- Playoff Struggles: Following their 2020 triumph, the team endured inconsistent campaigns, including a couple of early postseason exits and missing the playoffs entirely in 2022.
- Transition Era: Despite remaining one of the biggest commercial draws in global sport, the franchise has been navigating a period of roster transition as they aim to build a new championship-caliber era.
With Kushner and Iger taking the reins, the historic West Coast powerhouse looks set to usher in a new era off the court backed by unprecedented financial firepower.
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