Source: Fortune
Summary
Bob Iger, former CEO of Disney, and Josh Kushner, founder of Thrive Capital, are buying the Los Angeles Lakers for $12.5 billion, the highest price ever paid for a U.S. sports franchise. The team was previously owned by Mark Walter, who purchased a controlling stake from the Buss family 14 months ago at a $10 billion valuation. Iger and Kushner said they are “deeply honored” to become stewards of the iconic franchise. The deal is seen as a sports entertainment venture, with Iger’s experience in building Disney’s franchise and Kushner’s success in venture capital.
Our Reading
The numbers tell one story.
The Lakers’ sale price is $12.5 billion, a 21% return for Mark Walter in just 14 months. Bob Iger and Josh Kushner are buying the team, with Iger bringing his Disney experience and Kushner his venture capital expertise. The deal is a sports entertainment venture, with the Lakers being a prime example of a franchise built as entertainment as much as basketball. Iger’s love of basketball is well-documented, and Kushner has a track record of investing in iconic brands. The Lakers’ new owners are expected to bring championships back to LA.
The Buss family’s legacy is being passed on to a new generation of owners who understand the value of entertainment and franchise-building.
Author: Evan Null
