Record deal: Bob Iger and Joshua Kushner buy control of the Lakers

Walter purchased control of the Lakers from the Bass family in June of last year, in a deal that valued the club at $10 billion – an amount that held its own at the time. The Bass family, which has owned the group since 1979, is left with a minority stake. The current deal reflects a 25% increase in the value of the Lakers in less than a year.

● Not just Jared’s brother: Joshua Kushner is one of the most influential venture capitalists in the world
● An offer that can be refused: the sale of control in Maccabi Tel Aviv and the clause that decides deals

“As lifelong NBA fans, we are deeply honored by the opportunity to become responsible for the Los Angeles Lakers, one of the most iconic sports clubs in the world,” Iger and Kushner said in a joint statement. The two added that they have great respect for the leadership and vision of Jerry and Jeanie Bass, and that their long-term commitment is to build on the foundations they laid, compete at the highest level and serve the team, its fans and the city of Los Angeles.

The sale comes as Walter’s business empire is under federal investigation in the US. According to the “Wall Street Journal”, the authorities are examining, among other things, whether private credit transactions involving companies under his control involved fraudulent acts. Walter’s businesses have denied any wrongdoing.

Walter, 66 and CEO of Guggenheim Partners, also owns the Los Angeles Dodgers of Major League Baseball, as well as an investor in the English soccer club Chelsea. When he acquired control of the Lakers last year, the NBA announced that Ginny Bass, the daughter of legendary owner Jerry Bass, would continue to serve as the team’s representative governor for at least five years.

Not the first collaboration

For Iger and Kushner, this is not the first business collaboration. Earlier this year, Iger joined Thrive Capital, the venture capital fund founded by Kushner, as a senior advisor. Iger, 75 years old, retired in February of this year from the position of CEO of Disney after two terms that totaled about 20 years at the head of the entertainment giant. He is also a known basketball fan and over the years was regularly seen at the games of the Lakers and the Los Angeles Clippers. During his time at Disney, he worked closely with NBA commissioner Adam Silver, among other things due to Disney being a major broadcast partner of the league.

“Owning the Los Angeles Lakers has been one of the greatest honors of my life,” Walter said following the deal. According to him, “It was an extraordinary investment, but what I will take with me is the community, the fans and the city that treats this team like family.” He added that he is sure that “the best is yet to come.”