Folks, I almost spilled my coffee reading this one – former Disney CEO Bob Iger and venture capitalist Josh Kushner are buying the Los Angeles Lakers for a record-breaking $12.5 billion. I mean, that’s a lot of cash, even for a team with 17 championships under its belt. According to CNN, the deal was confirmed by Iger and Kushner themselves, and it’s still pending approval from the NBA. Bless their hearts, they think they can just waltz in and buy one of the most iconic sports franchises in the world.
Iger and Kushner released a statement saying they’re “deeply honored” to become the stewards of the Lakers and that they’re committed to building on the team’s foundation and competing at the highest level. Yeah, sure, because that’s exactly what the Lakers need – new owners who are going to come in and try to fix what isn’t broken. I mean, the team has been doing just fine under Mark Walter’s ownership, and now he’s just going to sell it off to the highest bidder.
The sale comes less than a year after the NBA approved Walter as the team’s majority owner. You can’t make this stuff up – a team doesn’t usually change hands that quickly, especially not one as valuable as the Lakers. Somewhere in Atlanta, a producer thought this sounded terrifying, and now we’ve got a big story on our hands. Walter, whose company Guggenheim Investments owns the Los Angeles Dodgers, bought a majority interest in the Lakers in a deal announced just over a year ago, and now he’s flipping it for a profit.
Walter released a statement saying that owning the Lakers has been one of the great honors of his life, but I’m guessing the $2.5 billion profit he’s making on the sale might have something to do with his decision to sell. The quick sale of the team is a stunning turn of events, and even bankers involved in sports deals are saying they’ve never seen anything like it. One banker told CNN that “no one flips a premiere sports franchise in less than a year” – well, I guess Mark Walter just did.
The news of the sale comes as Walter’s financial business is mired in legal trouble, with a federal investigation reportedly sparked by an internal whistleblower complaint. CNN hasn’t independently confirmed the investigation, but it’s definitely adding to the drama surrounding the sale of the Lakers. I’m not sure what’s more surprising – the fact that Walter is selling the team or the fact that he’s getting away with it.
In conclusion, the sale of the Los Angeles Lakers to Bob Iger and Josh Kushner is a big deal, and it’s going to be interesting to see how it all plays out. With the team’s history and loyal fan base, Iger and Kushner have big shoes to fill, and they’re going to have to work hard to prove themselves as worthy owners. As I finish my coffee and put down the paper, I’m left thinking – only in America can you buy and sell a sports team like it’s a used car. 🏀💸
Armchair patriot. Believes in the free market, cold beer, and that there’s always a guy named George behind every CNN segment.
Former remote-throwing champion turned #1 couch commentator on liberal panic in the media. Born in Texas (or so his mug says), he earned a degree in Fake Newsology & Beer Philosophy from YouTube University.
