Mark Walter and Thrive Capital founder Josh Kushner have agreed on all outstanding terms for the sale of the Los Angeles Lakers. According to ESPN’s Ramona Shelburne, the finalized deal values the franchise at $12.5 billion, making it the largest sale in sports franchise history. The agreement remains subject to NBA review once it is signed.
The terms were finalized less than a year after Walter agreed to acquire the Lakers from the Buss family for $10 billion. The valuation increased on August 12, when Kushner and former Disney CEO Bob Iger reached an agreement with Walter to join the purchasing group.
The ownership transition was accompanied by a dispute within the Buss family. Walter’s original purchase agreement included a clause allowing Jeanie Buss to remain the team’s governor for at least five years. However, ESPN’s Shams Charania reported that Iger and Kushner later moved to acquire the family’s remaining 17.8 percent stake directly. The purchase reduced Jeanie Buss’s ownership below the threshold required to retain the governor role.
Jeanie Buss challenged the legality of her siblings’ vote to sell the remaining shares, prompting an ownership dispute. The record-setting transaction would conclude the Buss family’s governance of the Lakers.
On the court, the Lakers have reached the playoffs in six of the past seven years, including their 2020 championship season. Led by Luka Dončić and Austin Reaves, the team has opened the current season with a 4-1 record through five games.
Sources: Hypebeast.