Venture capitalist Josh Kushner and former Disney CEO Bob Iger are poised to make history with a proposed acquisition of the Los Angeles Lakers, a deal valued at a record $12.5 billion, according to sources familiar with the matter, on Wednesday. This landmark event has sent shockwaves through the NBA and broader sports industry, signaling a dramatic shift in ownership and potential future direction for the iconic franchise. The agreement represents a significant departure from the established structure of NBA ownership, which has seen the Lakers owned by the Los Angeles Dodgers for decades. Billionaire Mark Walter, who previously purchased a majority stake in the team last year, totaling $10 billion, was recently investigated for potential financial irregularities involving his insurance holdings and affiliates, adding another layer of complexity to the situation. Walter’s ownership of the Dodgers, a major baseball franchise, further complicates the situation, raising questions about potential conflicts of interest. The acquisition, spearheaded by Kushner’s Thrive Eternal investment strategy, was initially intended to secure a long-term future for the Lakers, but this deal appears to have fundamentally altered the landscape of the franchise’s ownership. The two businessmen had previously been connected to a potential expansion team in Las Vegas, but Wednesday’s news, which stunned fans and industry experts, seemingly ended that effort. The deal requires the approval of the board of governors, and the transaction is currently pending due diligence by Kushner’s Thrive Eternal, a venture capital firm led by Josh Kushner. As CEO of Disney, Iger oversaw ESPN and built relationships with the NBA, while the company’s entry into multibillion-dollar broadcast deals for NBA games. Iger retired from Disney in March. The Lakers, known for their rich history and passionate fanbase, are entering a period of transition following the departure of LeBron James, who recently signed a lucrative contract with the Philadelphia 76ers. The proposed transaction comes just weeks after Kushner emerged as a central figure in a controversial private equity plan involving global football governing body FIFA. FIFA announced in July that it planned to create a new commercial subsidiary, valued at about $20 billion, to hold the organization’s World Cup and other event-related businesses and sell minority stakes to outside investors. The proposed transaction could have raised more than $4 billion for FIFA, with the proceeds intended in part to fund football development programmes around the world. The proposal triggered an immediate backlash from European football officials and others who viewed private investors taking an ownership stake in the commercial operations of the world’s most popular sport and threatened to become a test of FIFA President Gianni Infantino’s leadership. FIFA later backed away from the plan after criticism, though it said it would continue consulting on the proposed structure. Kushner’s brother, Jared, is US President Donald Trump’s son-in-law, adding a potential political dimension to the situation. The deal represents a monumental shift in ownership and potential future direction for the Lakers, with implications for the NBA’s structure and the Lakers’ long-term strategy.”}” ,
Source: Al Jazeera
