This is read by an automated voice. Please report any issues or inconsistencies here.<\/p>\n
See more from the L.A. Times in Google Search. Set us as preferred<\/p>\n
Mark Walter said he loved owning the Lakers but decided recently it was time to sell.<\/p>\n
Bob Iger and Joshua Kushner wanted to own an NBA franchise and had the money for a big purchase.<\/p>\n
The framework for a deal was consummated in a matter of days, Iger said, although the sale needs to be approved by the NBA Board of Governors.<\/p>\n
Iger and Kushner paid $12.5 billion for the Lakers. Walter\u2019s flipping of the franchise netted him a $2.5-billion profit after only 14 months of ownership. It is the highest-ever price paid for a sports team and comes as Walter\u2019s business is facing a federal probe.<\/p>\n
Kushner, whose older brother Jared is President Trump\u2019s son-in-law, founded the Thrive Capital firm in 2009 and has amassed a net worth estimated by Forbes at more than $5 billion.<\/p>\n
One of Thrive\u2019s subsidiaries, Thrive Eternal, focuses on sports acquisitions, purchasing and selling a stake in the NBA\u2019s Memphis Grizzlies before acquiring stakes in the Miami Heat and the MLB\u2019s San Francisco Giants , among others.<\/p>\n
Throughout his storied career as a media executive, Bob Iger has made repeated attempts to own a major sports franchise.<\/p>\n
Kushner and Iger were also championing a potential NBA expansion team in Las Vegas through Thrive Eternal until the opportunity to simply pay cash for the league\u2019s most iconic franchise presented itself.<\/p>\n
Iger befriended the Lakers\u2019 current head coach JJ Redick when Redick played for the L.A. Clippers from 2013 to 2017. Iger has long been a Clippers fan, telling Redick on a podcast in 2021 that he grew up a New York Knicks fan and their rivalry with the Lakers made rooting for the purple and gold when he moved to L.A. in 2000 \u201cnot in my DNA.\u201d<\/p>\n
Why would he, without hesitation, become keen on the Lakers?<\/p>\n
The Lakers are the \u201cepitome of an eternal asset,\u201d Iger told Bloomberg this week.<\/p>\n
A spokesperson for Iger and Kushner said neither were available to speak to The Times until the sale of the Lakers is completed.<\/p>\n
In April, Kushner wrote on social media that Iger \u201cleads with boldness and conviction because he knows what he is building and why.\u201d Their mutual admiration began in 2018 when their wives \u2014 former models who went on to have successful business careers \u2014 became friends.<\/p>\n