Well THAT was unexpected.
After decades of family ownership, the Lakers will change ownership for the second time in less than a year and a half, with news breaking Wednesday that Mark Walter will be selling the team to a group led by venture capitalist Josh Kushner and former Disney head Bob Iger.
The valuation is reportedly $12.5 billion, meaning Walter flipped the franchise for a tidy profit, having purchased 14 months ago for $10 billion.
So why now?
Theories abound. It could be related to Walter's health, having reportedly suffered a stroke in 2024 that has been challenging to recover from. It could be related to the federal investigation of his companies for insurance fraud. It could be Walter just doesn't love owning a basketball team in the same way he loves owning a baseball squad (he's keeping the Dodgers). Or it could be the aforementioned $2.5 billion.
We'll learn more with time, but in the here and now there are significant questions about what comes next. The Lakers are in the middle of a significant remodel, tied very closely to Walter's ownership of the Dodgers. What happens to all of that? How long will it take for this sale to go through, and for new-new ownership to put its stamp on the organization? Do they have a similar operating philosophy to what the Lakers presumably were getting, via the Dodgers?
It's a lot!
HOSTS: Andy and Brian Kamenetzky
Photo Credit: Jayne Kamin-Oncea-Imagn Images
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