The Los Angeles Lakers are being sold for the second time in less than a year, with former Disney CEO Bob Iger and investor Joshua Kushner taking over the NBA franchise in a deal that raises questions about the team's recent ownership transition.
A financial source said Kushner's Thrive Capital had been exploring major sports deals in recent months, but that the Lakers were a crown jewel asset many did not know was available. Iger and Kushner said in a statement that they are "deeply honored for the opportunity to become stewards" of the franchise and pledged a long-term commitment to compete at the highest level while respecting the leadership and vision of the Buss family.
The Lakers were sold to financier Mark Walter by the Buss family in October after more than 45 years of ownership, with NBA Board of Governors approval. Walter also holds controlling stakes in the Los Angeles Dodgers, the WNBA's Los Angeles Sparks, and Chelsea F.C. Walter told ESPN he was "grateful" to the Buss family and others for welcoming him to the franchise.
Walter's exit comes as his asset-management firm, Guggenheim Investments, faces scrutiny from the U.S. Attorney's Office in Manhattan and the Securities and Exchange Commission over potential fraud tied to $16 billion in loans, according to reporting by The Wall Street Journal in July. The Guggenheim group acquired the Dodgers and Dodgers Stadium from owner Frank McCourt in 2012 for $2.15 billion and subsequently built a championship team with the highest payroll in Major League Baseball.