Kushner and Walter Finalize Lakers Deal Terms; Board Vote Still Ahead
Funds are raised and terms are settled, but NBA approval and a Buss family court fight stand before the $12.5 billion sale can close.
By Amina Howard ·
Joshua Kushner and Mark Walter wrapped up the terms of Kushner's $12.5 billion bid for the Lakers at Walter's Florida home on Thursday, according to a source briefed on the matter who was not authorized to speak publicly. The same source said Kushner, who founded Thrive Capital, has raised "all the money necessary" to complete the purchase he is pursuing with Bob Iger.
Front Office Sports reported Friday morning that Kushner and Iger have been marketing minority stakes to investors at valuations between $250 million and $300 million each.
The transaction still requires NBA review of the logistics surrounding Kushner and Iger's ownership group. The league's Board of Governors must then approve the transfer, which could happen in November or take a few months.
A separate dispute is playing out in court. Five Buss siblings are seeking to sell their 17.8% stake, a move Lakers governor Jeanie Buss opposes, and the matter is scheduled to be heard in December at L.A. Superior Court. The sale from Walter to Kushner and Iger would mark the Lakers' second change of control in two seasons, following decades of Buss family ownership.
Kushner would become majority owner of the franchise if the purchase is completed.
