The Los Angeles Lakers have now been sold twice in two years. Mark Walter acquired the franchise from the Buss Family last June for a reported price of around $10 billion. Now, Walter has decided to sell the franchise very quickly.
According to Ramona Shelbourne of ESPN, Walter decided to sell the Lakers to a group led by Bob Iger and Josh Kushner. The price of the sale is a record $12 billion, meaning Walter has already turned a major profit. Iger and Kushner were previously involved in expansion efforts in Las Vegas.
The two new co-owners of Los Angeles have now released a statement regarding their decision to buy the franchise.
GettyThe Los Angeles Lakers logo at center court.(Photo by Luke Hales/Getty Images)
New Lakers Owners Release Statement Detailing Excitement
Shelbourne posted a joint statement from both Iger and Kushner on their excitement for making this purchase.
“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. 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.”
As our Alder Almo notes, Walter’s business is currently under investigation by the Securities and Exchange Commission over disclosures involving billions of dollars in assets and loans. There is no evidence that Walter has committed any wrongdoing.
However, the timing is certainly curious. Walter has owned the Lakers for just over a year, and he has already decided to turn around and sell the franchise. He released a statement about his decision to move on from the team.
“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.”
GettyNBA Commissioner Adam Silver announces draft picks during the NBA Draft. (Photo by Arturo Holmes/Getty Images)
What the Sale Could Indicate About Future NBA Expansion
Before buying the Lakers, Iger and Kushner were heavily involved in trying to get an NBA team in Las Vegas. This pivot could indicate that those efforts were in vain. This could mean that either the NBA isn’t going to expand, or any potential expansion might not include Las Vegas.
Reports over the last couple of years have indicated that Las Vegas and Seattle are the top two cities being considered for possible expansion. However, a slew of issues in the NBA could prevent expansion. That includes multiple gambling scandals and a cap circumvention investigation.
If there was going to be a team in the near future, it stands to reason this sale wouldn’t have happened to Iger and Kushner.
New Lakers Owners Release Statement After Stunning Sale