Kushner and Walter Finalize Lakers Sale Terms
The Thrive Capital founder has raised the full $12.5 billion required to close the transaction with former owner Mark Walter.
By Trevor Wilson ·
Joshua Kushner and Mark Walter finalized all terms for the $12.5 billion sale of the Los Angeles Lakers on Thursday.
A source familiar with the negotiations, who spoke to the Southern California News Group without authorization to speak publicly, confirmed the meeting took place at Walter’s residence in Florida. Kushner, the founder of Thrive Capital, is set to become the majority owner alongside Disney CEO Bob Iger. The source stated that Kushner has secured all necessary funding to complete the purchase.
The ownership transition follows a period of intense activity surrounding the franchise. For years, the Buss family controlled the Lakers. A dispute currently exists within that family regarding the sale of a minority stake. Five Buss siblings are attempting to sell their 17.8% share. Jeanie Buss, the Lakers governor, has opposed the move. This legal battle will be heard in Los Angeles Superior Court in December.
Front Office Sports reported on Friday morning that Kushner and Iger are offering minority stakes to potential investors. Those stakes are valued between $250 million and $300 million. The NBA must now review the logistics of the new ownership group. The league’s Board of Governors must approve the change.
The approval process could conclude as soon as November, though it may take several months. The team is preparing for a second ownership change in two seasons. The transaction moves the franchise from Walter’s control to Kushner and Iger. The final steps involve league review and board consent.
Source: Pasadena Star-News
