Mark Walter Agrees to Sell Los Angeles Lakers to Josh Kushner and Bob Iger Amid Federal Probe
Key Takeaways
- •Mark Walter has agreed to sell the Los Angeles Lakers to a group including Josh Kushner and Bob Iger for more than $12 billion, which would represent the highest sale price for a sports franchise in history.
- •Walter acquired the franchise from the Buss family only one year earlier for $10 billion, making the rapid resale at an approximate $2 billion premium particularly notable.
- •Federal prosecutors, the FBI, and the SEC are investigating Walter's financial firms for alleged improprieties connected to insurance subsidiaries following a whistleblower complaint.
- •Josh Kushner is the brother of Jared Kushner, President Donald Trump's son-in-law, while Bob Iger is the former CEO of The Walt Disney Company who oversaw major acquisitions including Pixar, Marvel, and 21st Century Fox.
- •The proposed sale remains subject to approval by the NBA's board of governors, which requires financial due diligence and a three-fourths majority vote among the 30 team governors.
Mark Walter, the owner of the Los Angeles Dodgers who is currently under federal investigation for potential fraud, has agreed to sell the Los Angeles Lakers to a group including Josh Kushner and Bob Iger. Kushner is the founder and managing partner of Thrive Capital and the brother of Jared Kushner, President Donald Trump's son-in-law. Iger is the former Chief Executive Officer of The Walt Disney Company, where he oversaw major acquisitions including Pixar, Marvel, and 21st Century Fox.
The transaction is reportedly valued at more than $12 billion, which would represent the highest sale price for a sports franchise in history, surpassing other landmark deals across major U.S. leagues.
The agreement comes just weeks after Walter visited the White House and only one year after he acquired the franchise from the Buss family for $10 billion. The rapid resale at a premium of roughly $2 billion underscores the soaring valuations of premier professional sports teams, which have attracted growing interest from private capital and high-net-worth investors. The Buss family had owned the Lakers since 1979, when the late Jerry Buss purchased the team, overseeing an era that produced multiple NBA championships.
Federal prosecutors, the Federal Bureau of Investigation (FBI), and the Securities and Exchange Commission (SEC) are examining Walter's financial firms for alleged improprieties connected to insurance subsidiaries. According to reports, the investigation was initiated following a whistleblower complaint.
Journalist Aaron Rupar noted the timing on X: "So Mark Walter, who was at the White House recently, is under investigation by the Trump administration and just so happened to abruptly sell one of America's premier sports franchises to the brother of Trump's son in law." (X post)
The proposed sale remains subject to approval by the NBA's board of governors before it can be finalized. League vetting of prospective owners typically includes financial due diligence and character assessments, and approval requires a three-fourths majority vote among the 30 team governors.
Source: Raw Story
