Lakers' $12.5 Billion Sale Terms Agreed: Kushner Says Funding Is Raised, With Signing and NBA Approval Still Ahead
Los Angeles Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on all outstanding terms of the sale of the franchise at a $12.5 billion valuation, sources close to the negotiations told ESPN's Ramona Shelburne on Friday. The two men met in person on Thursday at Walter's home in Florida to finalize the transaction and are expected to sign the formal agreement soon. Sources said Kushner assured Walter he has raised all the money needed to complete the sale.
Once the agreement is signed, it will go to the NBA for review, a process in which the league examines the financing and the ownership structure before the Board of Governors votes. ESPN reported that approval is expected by the end of this year or early next; the board is set to meet in November.
Kushner and former Disney chief executive Bob Iger first agreed to buy the Lakers from Walter in August. ESPN's inside account said the deal came together over 72 hours, with Kushner offering to buy Walter's shares at the $12.5 billion valuation, 25 percent more than the $10 billion valuation at which Walter bought the team from the Buss family about 14 months earlier. Kushner is expected to become the majority owner, with Iger taking a minority stake and overseeing day-to-day operations.
Two matters remain open. Front Office Sports reported that Kushner and Iger have been offering minority stakes starting at $250 million each. Separately, the Buss family trust still owns 17.8 percent of the Lakers and that stake is the subject of a dispute; ESPN reported the siblings have held settlement talks, with a court date set for December 8 if no settlement is reached.
Until the agreement is signed and the NBA approves it, control of the Lakers does not change. At $12.5 billion, the deal would be the richest valuation ever placed on a professional sports franchise.
Source: GSM · USA (original Chinese edition)
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