Lakers Sold for $12.5 Billion in Abrupt Deal
The Los Angeles Lakers have been sold for $12.5 billion, marking a significant increase from the $10 billion purchase price just 14 months ago. The sale was announced this week, with Mark Walter, the previous owner, making a profit of $2.5 billion.
The purchasing group includes former Disney CEO Bob Iger and venture capitalist Joshua Kushner. The deal reportedly came together rapidly, with Kushner approaching Walter about the sale only last Friday. The group had initially considered investing in a proposed Las Vegas expansion team but opted for the established Lakers brand instead.
Before the sale can be finalized, Kushner must divest his stake in the Miami Heat, and the NBA's Board of Governors needs to approve the transaction. Iger has indicated that they will honor the previous agreement allowing Jeanie Buss to remain as team governor for five years.
