Billionaire Mark Walter is reportedly selling the Los Angeles Lakers to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a record-breaking $12.5 billion.
"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 told ESPN in a statement Wednesday. "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."
The pair had been involved in the NBA's expansion process in Las Vegas before unexpectedly shifting their focus to the Lakers and making an aggressive offer to buy the team, sources told ESPN. The shocking sale comes just one year after Walter, the CEO and chairman of diversified holding company TWG Global, acquired a controlling stake in the Lakers from the Buss family for an estimated $10 billion valuation, setting a record at the time.
"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," Walter, who purchased the franchise just last year, said in a statement to ESPN. "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."
Walter, 66, has investments across several professional sports teams. Through TWG Global, he has interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League soccer club Chelsea and the Professional Women's Hockey League. He also owns several auto racing teams through TWG Motorsports, including Cadillac's Formula 1 team.
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"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 told ESPN in a statement Wednesday. "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."
The pair had been involved in the NBA's expansion process in Las Vegas before unexpectedly shifting their focus to the Lakers and making an aggressive offer to buy the team, sources told ESPN. The shocking sale comes just one year after Walter, the CEO and chairman of diversified holding company TWG Global, acquired a controlling stake in the Lakers from the Buss family for an estimated $10 billion valuation, setting a record at the time.
"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," Walter, who purchased the franchise just last year, said in a statement to ESPN. "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."
Walter, 66, has investments across several professional sports teams. Through TWG Global, he has interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League soccer club Chelsea and the Professional Women's Hockey League. He also owns several auto racing teams through TWG Motorsports, including Cadillac's Formula 1 team.
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