A Three-Day Miracle
The Los Angeles Lakers are set to change hands in a staggering $5 billion deal, with former Disney CEO Bob Iger and Josh Kushner buying out majority stakeholder Mark Walter in a whirlwind three-day negotiation.
The news on Wednesday caught everyone off guard, with no indication that Walter was looking to sell his share of the team, especially after he acquired it just last October.
Iger revealed that the sale came together quickly after he and Kushner pivoted from trying to land an NBA expansion franchise in Las Vegas.
"We were involved in pursuing the new franchise in Vegas," Iger said during an exclusive phone call with the California Post. "And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days. It's that simple."
The sale price is reportedly $12.5 billion, with the league expected to approve the deal in several weeks before it becomes official.
The Buss family, who previously controlled the Lakers, will retain their role in the team, with Jeanie Buss remaining as governor as agreed upon when Walter bought the franchise.
The Buss family has a long history with the team, with Dr. Jerry Buss purchasing the Lakers in 1979 and passing away in 2013, leaving ownership to his children through a trust.
The sale marks a significant shift in the Lakers' ownership structure, with Iger and Kushner taking control of the team in a major coup.
The league will now review the sale and approve it before it becomes official, a process that is expected to take several weeks.
The Lakers are one of the most iconic teams in the NBA, with a rich history and a massive global following.
The sale of the team has sparked significant interest in the sports world, with many fans and analysts eager to see what the new ownership group will bring to the team.
The new owners will face significant challenges in revitalizing the team, which has struggled on the court in recent seasons.
The sale of the Lakers is a major development in the world of sports, with significant implications for the team, its fans, and the wider sports community.
The league will now review the sale and approve it before it becomes official, a process that is expected to take several weeks.
The Lakers will continue to play their home games at the Crypto.com Arena, and fans can expect significant changes to the team's operations and management in the coming months.
The sale of the Lakers is a major coup for Iger and Kushner, who have made a significant investment in the team.
The new owners will face significant challenges in revitalizing the team, which has struggled on the court in recent seasons.
The sale of the Lakers is a major development in the world of sports, with significant implications for the team, its fans, and the wider sports community.
The league will now review the sale and approve it before it becomes official, a process that is expected to take several weeks.
The Lakers will continue to play their home games at the Crypto.com Arena, and fans can expect significant changes to the team's operations and management in the coming months.
The sale of the Lakers is a major coup for Iger and Kushner, who have made a significant investment in the team.
The new owners will face significant challenges in revitalizing the team, which has struggled on the court in recent seasons.
The sale of the Lakers is a major development in the world of sports, with significant implications for the team, its fans, and the wider sports community.
The sale is expected to be finalized in the coming weeks, pending league approval.
Source: Yahoo Sports