Former Disney CEO Bob Iger set to court LA Lakers in US$12.5bn deal

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Former Disney CEO Bob Iger is set to become an owner of the Los Angeles Lakers, teaming up with venture capitalist Joshua Kushner to purchase the NBA franchise in a record US$12.5 billion deal.

Citing sources familiar with the matter, Reuters reported that Iger and Kushner are set to acquire the Lakers from billionaire Mark Walter, who purchased a majority stake in the team last year in a deal valuing it at US$10 billion.

The proposed transaction marks a swift change in ownership for one of the world's most recognisable sports franchises, with Walter's purchase from the Buss family having only received approval from the NBA's board of governors in October.

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In a joint statement, Iger and Kushner reportedly described themselves as "lifelong NBA fans" and said they were "deeply honored" by the opportunity to become stewards of the Lakers.

They added that their long-term commitment would be to build on the foundation established by Jerry and Jeanie Buss, compete at the highest level and serve the team, its fans and Los Angeles.

The acquisition would deepen Iger's ties to the sports business following his decades-long career at Disney. During his tenure as chief executive, Iger oversaw sports network ESPN and built relationships with the NBA as Disney entered into multi-billion-dollar broadcast agreements with the league. He retired from Disney in March.

Iger has also previously invested in sport, taking a majority stake in National Women's Soccer League side Angel City FC.

Lakers legend Earvin "Magic" Johnson welcomed the prospective owners, saying in a social media post that fans "couldn't have two better owners". Johnson, who said he has known Iger personally for more than 40 years, added that the former Disney chief has "always loved the Lakers and basketball".

The reported deal comes as the NBA continues to grow its presence in Asia Pacific, including through a multi-year collaboration with Sport Singapore (SportSG) and the Singapore Tourism Board (STB) unveiled last year to bring a series of NBA events to Singapore.

As part of the partnership, the NBA, SportSG and STB launched a multi-day basketball and entertainment festival in Singapore, culminating in the "NBA rising stars invitational". The league's first regional high school basketball tournament featured boys' and girls' teams from 10 countries and territories across APAC and was held at the Kallang Alive Precinct from 25 to 29 June.

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