Josh Kushner, Bob Iger Have Finalized Terms Of Lakers Purchase

People across the NBA and the sports world in general were stunned when Mark Walter decided to sell his majority stake in the Los Angeles Lakers in August to Josh Kushner and Bob Iger. Walter had bought his majority stake just last October from the Buss family, which has owned at least some portion of the storied franchise since 1979.

It was initially thought the sale could be finalized as soon as September, but the NBA board of governors met then without voting on the pending sale. Now, Kushner and Iger have reportedly finalized the terms of the transaction, per Ramona Shelburne of ESPN.

"Los Angeles Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on all outstanding terms of the sale of the team at a $12.5 billion valuation, sources close to the negotiations told ESPN," Shelburne wrote.

"The two men met in person Thursday at Walter's home in Florida to finalize the transaction and are expected to sign the formal agreement soon, those sources said."

It will still take some time for this sale to become official, however.

"Once the agreement is signed, it will be reviewed by the NBA. That process generally takes some time as the league reviews financing and ownership structure."

In the meantime, the duo is reportedly also offering minority stakes in the Lakers to investors, per Ben Horney of Front Office Sports.

"Josh Kushner and Bob Iger have been offering Lakers minority stakes to investors starting at $250 million apiece as they build out their ownership group, Front Office Sports has learned.

"The duo, which agreed to buy the Lakers from embattled billionaire Mark Walter over the summer at a record $12.5 billion valuation, have been working to sell minority stakes for between $250 million and $300 million each, four sources familiar with the matter tell FOS. That is just the starting point, and there will be minority investors who put significantly higher amounts into the deal, two sources say."

Kushner is an entrepreneur who is a founder and managing partner of Thrive Capital, a venture capital firm. He also co-founded Oscar Health, a for-profit health insurance company, and serves as its co-chairman.

Iger is a longtime executive who was the CEO of the Walt Disney Company from 2005 to 2020 and again from 2022 until March of this year.

This article originally appeared on Lakers Wire: Josh Kushner, Bob Iger have finalized terms of Lakers purchase