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https://www.espn.com/nba/story/_/id/...buy-lakers-12bSources: Josh Kushner, Bob Iger to buy Lakers for $12.5B
The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, a record-breaking price, multiple sources told ESPN.
The businessmen were involved in the expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year for a then-record franchise valuation of approximately $10 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. "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."
Largest sale prices for a pro sports franchise
Walter, the CEO and chair of diversified holding company TWG Global, has been the Lakers' majority owner since last October when his bid was unanimously approved by the NBA
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Walter, who built his financial empire in the insurance industry, is under federal investigation for alleged tax fraud by other companies tied to the billionaire.
Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation, according to the Bloomberg report.
Kushner, 41, founded and runs venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health. Kushner is the brother of President Donald Trump's son-in-law Jared Kushner, who runs Thrive Eternal, the investment fund FIFA wanted to sell a minority stake of to run its World Cup tournaments for $4.2 billion. FIFA president Gianni Infantino withdrew that proposal earlier this month.
Josh Kushner also holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies. He will have to sell his stake in the Heat to clear the way for the Lakers purchase.
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