Mark Walter’s time as the majority owner of the Los Angeles Lakers is up after less than a year.
After purchasing his stake in the organization for a $10 billion valuation in October, the Lakers were sold to American businessmen Josh Kushner and Bob Iger for a record price of over $12 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 said in a statement, via ESPN.
“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.”
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“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. 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 said in a statement.
Iger is the former CEO of Disney, holding that title two separate times. He stepped down in March. Kushner, the younger brother of Ivanka Trump’s husband Jared, founded Thrive Capital and Oscar Health.
Kushner and Iger were in the sweepstakes for purchasing an NBA expansion team in Las Vegas. Walter, though, is under federal investigation for alleged tax fraud.
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When Jerry Buss died in 2013, the Lakers were passed down to his children, and Jeanie has been serving as the team’s governor ever since. Reports stated she would be the governor of the team for five more years even after the sale to Walter.
The Lakers are in a new era now headlined by Luka Dončić after LeBron James’ eight-year tenure ended earlier this summer. The NBA’s all-time scorer joined the Philadelphia 76ers on a two-year contract.
The Lakers won 11 of their 17 championships under Buss ownership, with their last in 2020. Walter remains the CEO of Guggenheim Partners and the majority owner of the Los Angeles Dodgers.
Fox Business’ Scott Thompson contributed to this report.
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