What do you do when you retire from being the CEO of Disney? You buy an NBA team!
©New York Times
It’s been a year of change for the Los Angeles Lakers. First, LeBron James leaves the team to join the Philadelphia 76ers, and now there’s an ownership change. You may recognize the name of the person who bought the Los Angeles Lakers. It’s somebody by the name of Bob Iger!
Breaking news just dropped that Josh Kushner and Bob Iger are buying the Los Angeles Lakers for $12.5 billion, according to ESPN. This is a record-breaking price, which is to be expected considering this is one of the most popular NBA franchises of all time.
©Disney
Reports say that Bob Iger was involved in the expansion process in Las Vegas, but pivoted to make an aggressive offer to buy the Lakers from Mark Walter. Mark Walter had just purchased the team from the Buss family last year for a then-record franchise valuation of approximately $10 billion.
©Fox (Bob Iger and NBA Commissioner Adam Silver)
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
©ESPN
Walter, who sold the team, also made a statement. “Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
©ESPN
The sale still needs to be approved by the NBA’s board of governors, and that process can take several weeks. The next board meeting is set for next month in New York. Assuming it goes through, this will be an interesting and fun next step for the former Disney CEO.
©Disney
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What are your thoughts on Bob Iger’s post-retirement side quest? Let us know in the comments!