Kushner and Iger agreed on all the terms of the $12.5 billion Lakers sale — but is the deal actually going to close?
The Lakers sale has been dragging since August. Josh Kushner and Bob Iger agreed to buy the team from Mark Walter for $12.5 billion, and ESPN says they settled the last open terms at the end of October. But nothing is signed yet, the NBA Board of Governors still has to approve it, the Buss family is headed to court on December 8 over their remaining stake, and Bill Simmons is claiming Kushner is still $5-6 billion short and shopping $250-350 million minority stakes. At $12.5 billion this would be the biggest sports franchise sale ever. Does this actually close in November, or does the funding gap plus the family fight kill it?
1 answer
- Board vote is the real test
Agreed terms are not a closed deal. The NBA has to review the financing and ownership structure, and at least three-quarters of the Board of Governors must approve it. Walter's own purchase took about four and a half months from agreement to board vote. If Kushner really is $5-6 billion short and still shopping $250 million minority stakes, the league review is where that gets tested. Watch for the formal agreement getting signed first — the review clock does not start until then.