Media reports of Bob Iger’s future “ownership” of the Los Angeles Lakers appear to have been greatly exaggerated, On The Money has learned.
Three weeks ago, a flurry of headlines from major outlets – the New York Times, the Wall Street Journal, the LA Times, you name it – reported that “Bob Iger and Josh Kushner,” in that order, will be buying the iconic NBA franchise.
The natural implication would be that Iger is poised to own at least 50% of the team under terms of the $12.5 billion, blockbuster deal, which was cut with embattled Guggenheim Partners boss Mark Walter.
The deal is still under review by the NBA, but the fact is, it’s Kushner – the 41-year-old brother of President Trump’s son-in-law, Jared – who will be the lone controlling shareholder of the Lakers, sources close to the situation said. Under NBA rules that requires him to personally own at least 15% of the franchise, so Kushner himself will plunk down at least $1.875 billion to get the deal done.
How much will 75-year-old Iger be investing? That’s what a lot of folks in Tinseltown are wondering.
Consider the fact that Forbes hasn’t weighed in on Iger’s net worth since 2019, when it pegged it at about $690 million. It’s not clear what Iger is worth now, but given that much of his wealth has been tied up in underperforming Disney shares, most doubt it’s more than $1 billion.
Kushner, meanwhile, has seen his fortune skyrocket to $16.7 billion this year, according to Forbes – up from $5 billion last year – as his venture firm Thrive Capital’s shares in OpenAI have gone through the roof.
Here’s the reality: Iger is indeed poised to become a major player with the Lakers when it comes to being a face of the team and an executive overseeing its operations – general manager, maybe. But he won’t be the “governor” in NBA parlance who makes the final decisions, a source close to the talks told me.
“Bob will not be the control person,” one person close to Kushner told me. “It is expected that Bob will be a minority owner, an alternate governor, and lead the management of the team day-to-day, but not the governor of the team.”
Another source close to the NBA who asked not to be identified: “There can only be one governor per team and that will be Josh Kushner. He will be putting up the 15% ownership stake.”
Iger, meanwhile, will be among a consortium of investors who are buying smaller slugs in a deal led by Kushner to acquire Walter’s 64% stake in the Lakers. Walter’s business partner Todd Boehly, who also owns the UK’s Chelsea Football Club and a chunk of the LA Dodgers, currently remains a limited partner in the Lakers, sources said.
In many respects, Iger looks like the perfect Lakers co-owner, having run Disney and its ESPN subsidiary and having crafted TV rights deals with the NBA in the past. He is known to be close to NBA Commissioner Adam Silver.
The latter should be a positive when owners change hands since the league must bless the purchase. And yes, Silver really wants the Lakers to be sold from its current ownership given Walter’s financial issues, which likely sparked the sale just 14 months after he bought the team.
Both parties have been scrambling to set the record straight on exactly who will be controlling the Lakers since news broke last month that suggested that Iger and Kushner are going to split their ownership stake in the Lakers.
Indeed, if this deal is going to proceed smoothly, the participants might want to improve their communication. Last month’s flurry of Iger-Kushner headlines set tongues wagging in sports business circles, with some asking how Silver could possibly justify allowing Iger a controlling role in the team.
“I can’t see Adam bending the rules, but none of this makes sense,” said one top sports-media executive who also owns a major franchise.
Another top executive notes that Silver and Iger are close. Before naming D’Amaro his successor at Disney, Iger and the board reportedly considered Silver for the job. Disney also was one of three media companies in 2024 that paid up for an 11-year media rights deal with the NBA, with the company forking over $2.6 billion a year in one of the most lucrative sports packages in history.
“These guys have a lot of history,” the executive noted – tactfully, one might argue.
Through a spokeswoman, Iger declined to comment as did Kushner. An NBA spokesman said Silver had no comment. Walter didn’t return a request for comment.