bob iger

In 2012, on the day after Mark Walter and his partners bought the Dodgers, I sat next to Walter in a conference room. To the sports fan, Walter was virtually anonymous: a super rich guy who had made his money running investment and insurance companies.

Walter’s purchase valued the Dodgers and its related assets at a then-record $2.15 billion. That value stunned the sports world. Mark Cuban had bowed out of the bidding, believing the Dodgers were not worth even $1 billion.

I asked Walter why he believed it made business sense to pay three times as much as any major league team had sold for.

“I think you have a few moments in life where you have the opportunity to own an asset and really be a custodian of something that should be multigenerational and iconic,” he said then. “I understand it’s a lot of money. But it’s not as if you can go buy another one tomorrow. … We hope we never, ever are going to sell it.”

That was essentially the point that someone who travels within the inner circles of pro sports made to me Wednesday morning, as news broke that Walter had sold the Lakers to Bob Iger, the former Disney chief, and Joshua Kushner.

The Steinbrenner family has owned the New York Yankees for 53 years. Jerry Jones has owned the Dallas Cowboys for 37 years. The Buss family owned the Lakers for 46 years.

These trophy assets are few and far between. Walter had agreed to sell the Lakers after less than one year of ownership — and not through a comprehensive bidding process, but to an inquiring caller during the weekend?

“This has more red flags than a May Day parade,” an industry insider said, speaking on condition of anonymity so as not to jeopardize his professional relationships.

The deal, which valued the Lakers at $12.5 billion, was motivated by the spiraling price for an NBA expansion team in Las Vegas, according to ESPN’s Ramona Shelburne. After all, if Iger and Kushner might have to pay $10 billion for a startup team, why not call and see if Walter might accept a bit more for one of the marquee franchises in American sports?

Was this a blind call or was Walter looking to sell?

“It was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers,” Iger told the California Post.

What did Dodgers president Stan Kasten have to say about that?

“I never knew that. He never said that to me,” Kasten said. “I think he was surprised by it. That’s what he has expressed to me. Mark had no plan to do this. This just came up, and he thought about it and said yes.”

Why might Walter have been interested in selling?

Mark Walter acknowledges a fan before a game against the Cubs in Chicago this month.

(Melissa Tamez / Associated Press)

Only he can say for sure, but his companies are under federal investigation for failing to disclose and properly account for billions of dollars of loans among related entities. Bloomberg reported Wednesday that Walter’s holding company is trying to raise money that could help pay off or at least pay down those loans, and the Financial Times reported that company assets could be sold or restructured.

No charges have been filed, and investigations can conclude without charges. No allegations of wrongdoing have been made against Walter.

Is there a baseball angle to this?

Among the investment firms Walter’s holding company approached about “deals to raise cash,” according to Bloomberg: the asset management firm owned by New York Mets owner Steve Cohen.

Cohen’s firm passed, according to the Financial Times.

When Walter and his partners bought the Dodgers, the runners-up: the bid team of Cohen and Los Angeles Times owner Patrick Soon-Shiong.

“No, that never came up. And Mark and I discussed it,” Kasten said. “So, no, we don’t have any reason to think that. I certainly have no reason to think that.”

What does Walter’s sale of the Lakers mean for the Dodgers?

“It means nothing for the Dodgers,” someone who speaks regularly with Walter said, speaking on condition of anonymity. “He owned them long before the Lakers and will own them long after.”

If Walter should later sell the Dodgers, what might have the greatest impact on the team?

Shohei Ohtani has an out clause in his contract if Mark Walter sells the team.

(Eric Thayer / Los Angeles Times)

Shohei Ohtani’s 10-year, $700-million contract with the Dodgers includes an unusual escape clause: If Walter is no longer the controlling owner, or if Andrew Friedman is no longer running the Dodgers’ baseball operations department, Ohtani can opt out of the contract.

Would he?

Way too soon to tell. If major league owners get their way in collective bargaining, the proposed salary cap would mean Ohtani at $70 million could eat up just about one-third of any team’s payroll. And, in his third year with the Dodgers, he has yet to complete a full season as a pitcher, and a left knee in which manager Dave Roberts says Ohtani suffers from “wear and tear” could make him less of a two-way player as the contract winds down.

On the other hand, playing salary might be less of an issue for him than for any other player in baseball. Ohtani is making more than his annual salary from sponsorships and endorsements — an estimated $125 million this year — and he famously deferred $68 million of each year’s salary so the Dodgers could spend more freely on players that could help him and the team win. After six losing years with the Angels and two World Series championships in two years with the Dodgers, a losing team might not entice Ohtani, no matter how much room it might have under a proposed cap.

Iger used to run Disney. How did Disney’s experience owning the Angels and Mighty Ducks go?

Disney chairman Michael Eisner, left, NHL commissioner Gary Bettman, NHL chairman Bruce McNall and Mighty Ducks chairman Jack Lindquist blow duck calls announcing the name of the team in 1993.

(Doug Pizac / Associated Press)

Disney dressed the Angels in uniforms derided by one player as “pinstripe pajamas,” put cheerleaders on the dugout roof and installed a loud “countdown to first pitch.” This all seemed awful at the time but, given the plagues of in-game hosts and teams sporting jerseys in colors far beyond home white and road gray, perhaps Disney was just ahead of its time. And, for the first few years of the franchise, Mighty Ducks gear was some of the hottest merchandise in American sports.

Ultimately, Disney wanted the Angels and Mighty Ducks to launch an “ESPN West” regional sports channel. When that channel collapsed, Disney no longer needed the teams and eventually sold them. The Angels were such a minimal part of Disney’s portfolio that then-chief executive Michael Eisner showed up in the clubhouse and the players had no idea who he was.

Who owned the Angels when they won their only World Series championship?

Angels players wave to fans during the World Series title parade in Anaheim in 2002.

(Jean-Marc Bouju / Associated Press)

Disney. The company hired an investment banker to sell the team in the final month before the Angels won the 2002 World Series and agreed to sell to Arte Moreno in the first month of the following season.

One more try: Why did Walter really sell the Lakers?

“I think it was opportunistic and he found something that made sense to him,” Kasten said. “Mark’s a very sensible guy. But that’s really the only way I can explain it.

“You’ll have to talk to Mark about a more in-depth explanation, and good luck.”

Times staff writer Maddie Lee contributed to this report.

The Lakers are being sold … again?

The Lakers are being sold … by the Dodgers owner who was supposed to save them?

The Lakers are being sold … to one guy who owns an underachieving women’s professional soccer team and another guy who owns a piece of the hated San Francisco Giants?

What in the name of Luka is going on here?

Los Angeles sports fans awoke Wednesday to the news that one of their two crown jewels was being sold for the second time in a year, a transaction valued at $12.5 billion and accompanied by at least that many worries.

This doesn’t feel good. This doesn’t feel right. Something stinks here, and it might just be the future of a franchise that once seemed in such good hands.

On Wednesday it was stunningly and ingloriously fumbled, and for what?

There are two main unknowns here, and both should send shivers through a Laker fan base that could be watching their team become the Portland Trail Blazers.

First, why did Mark Walter sell just 10 months after buying? Yes, he made a $2.5 billion profit, but 10 months? Who owns a major sports franchise for just 10 months?

Second, what sort of owners will Bob Iger and Josh Kushner be? Iger is known for running Disney, and Kushner is known for running with President Trump’s son-in-law, who happens to be Kushner’s brother, Jared.

So crazy. So scary.

Does all this mean the Dodgers are also for sale? Will courtside seats be converted to spinning teacups? Is President Trump going to show up for a ceremonial opening tip?

Mark Walter, chairman and controlling owner of the Dodgers, acknowledges a fan before a game in Chicago on Aug. 4.

(Melissa Tamez / Associated Press)

Lots to dig in here, starting with Walter, who brought much hope to the struggling franchise after buying it from the Buss family last summer.

In his short tenure the Lakers racked up a bunch of off-court wins. They revamped their scouting department, increased a focus on analytics and rid themselves of LeBron James without the usual noise of an ugly breakup.

Under Walters, the Lakers didn’t fire Rob Pelinka, didn’t fire JJ Redick, brought back Austin Reaves, and actually set the team up for a pretty exciting playoff run next season.

Walter was clearly building the Lakers into the image of the Dodgers, which makes it so shocking that he would so easily cast them aside.

Could this be the result of outside forces? Walter is under federal investigation for tax fraud by companies controlled by the billionaire, and perhaps he sold the Lakers as a peace offering to the feds. The fact that he sold to somebody so close to President Trump could also help his federal case.

Remember last month when Walter embarrassingly groveled at Trump’s feet during the Dodgers visit to the White House, even giving the president a championship ring? It feels like the Lakers sale to a group co-led by Kushner is an outgrowth of that pandering.

Sources told The Times’ Bill Shaikin that the Dodgers are not for sale, but if Walter was troubled enough to sell arguably America’s most glamorous sports franchise after owning it for less time than it takes for Edwin Díaz to walk to the mound, who knows if the Dodgers are really safe?

In Walter, the Lakers had a proven champion who forged a partnership with the fans and rewarded them with sustained success.

In Iger and Kushner, the Lakers have two rich guys who have never been the majority owners of a team, never run a team and never done much more than cheer for a team.

Iger, 75, an entertainment genius who ran Disney for much of the last 20 years, has failed in his previous attempts to buy a sports team. A decade ago, he was in the finals to bring an NFL team to Los Angeles, but lacked the gravitas to pull it off.

In 2024, Iger and his wife, USC journalism dean Willow Bay, bought a controlling stake in the Angel City Football Club in the National Women’s Soccer League. But the team has yet to make any sort of local splash, missing the playoffs in each of the last two seasons.

Former Disney CEO Bob Iger, in white shirt, has been a longtime basketball fan. In 2025 he sat courtside for a Clippers game at Intuit Dome.

(Allen J. Schaben / Los Angeles Times)

Kushner, meanwhile, is a 41-year-old billionaire venture capitalist who is best known for his brother’s father-in-law and his super-model wife Karlie Kloss. He owns a minority stake in not only the Giants, but the Miami Heat, which he must sell.

There is no indication whether they will be good owners, and they will clearly have to hire a seasoned NBA executive to serve as president to run the show. The identity of this person will be the first sign of their seriousness in restoring a championship culture, but there will be other signs as well, and not all could be positive.

There should be fear that these new wonders will follow the path of the most recently minted NBA owner, Portland’s Tom Dundon, who unapologetically cheapened the organization by doing everything from firing 70 business employees to bucking NBA tradition by refusing to pass out free T-shirts to the fans during playoff games. He even showed the door to both the club’s radio and TV play-by-play announcers in a dramatic cost-cutting move that could be a blueprint for other struggling teams.

Which is to say, nobody has any idea how Kushner and Iger will run things. They have no history here. They have no experience. They have no credibility. This isn’t Disney. This isn’t some hedge fund.

These are the 17-time NBA champion Lakers. This is a national monument forged on the sweat of everyone from Jerry West to Magic Johnson to Kobe Bryant.

This is a community’s heartbeat. This is a region’s touchstone.

Handle with care.

A city will be watching.

So instead of the Dodgerfication of the Lakers, we’re getting the Disneyfication of the Lakers.

Hakuna Matata?

Yes, it’s weird and distressing, watching billionaires play catch with our ballclubs.

But this high-stakes game of hot potato that resulted in Bob Iger and Joshua Kushner acquiring the Lakers for $12.5 billion from Mark Walter less than a year after the Dodgers owner bought the NBA team?

For the Lakers, it really could end happily ever after.

Because we’re realizing you probably shouldn’t put all your proverbial eggs — or both of a city’s most beloved sports teams — in one guy’s basket. Especially if that one guy happens to be at the center of a federal loan investigation.

And if all it took, really, to get Walter to relinquish his ownership of the Lakers was $2.5 billion more than the reported figure he paid for them, then he wasn’t the right owner for the franchise anyway.

He wasn’t actually going to spin blue into purple and gold.

And Disney did give us some pretty great stories under Iger, didn’t it?

A native New Yorker, Iger, 75, grew up a Knicks fan. But he has also long been an L.A. basketball fan — though he has identified as a Clippers supporter. (Sorry, Clips, I think you’re down a fan.)

Lakers great Magic Johnson said he’s known Iger since the Showtime era, and gushed in an interview Wednesday with The Times’ Broderick Turner: “The great thing for Laker fans is Bob Iger loves basketball, loves the Lakers and I think that we couldn’t have a better person.

“Somebody that don’t know the Lakers, the tradition, that don’t know the city, that don’t know the passion that the fans have for the Lakers here in L.A.? Then I would have been like, ‘Oh man. They gotta learn all that.’

Bob Iger, then chief executive of Disney, addresses the media during the Star Wars: Galaxy’s Edge media event in 2019.

(Allen J. Schaben / Los Angeles Times)

“Well there’s no learning curve for Bob.”

And Angelenos know Iger. We don’t know Kushner except for his family ties. But Iger, we do.

Walter isn’t selling the Lakers to some rich guys without any L.A. cred. He’s selling to a basketball fan whom we’ve seen courtside at Lakers games. Someone who joined us in sharing our heartbreak on social media when Kobe Bryant died in 2020, calling him “a friend and a fan of ours, full of life and taken from us too soon.”

We recognize Iger; he’s the Disney guy. We know him for his successful tenures as chief executive of that beloved company, which were highlighted by innovative storytelling, savvy investment and expansion — including into sports. We know he helped turn ESPN into a TV juggernaut.

Before the sale to Walter, the Buss family, which owned and ran the Lakers for 46 years, was having trouble keeping up in a booming NBA. Player salaries are capped, but ownership’s resources matter much in terms of creating a competitive infrastructure of coaches, basketball operations, medical and scouting staffs.

So we were looking forward to seeing sweeping improvements when Walter took control and provided the organization with a much-needed financial infusion. After all, his Dodgers have won three World Series crowns and clinched the National League West in 12 of 13 seasons since 2012, when he and his partners bought the club for a then-MLB record $2.15 billion.

But as of Wednesday morning, we were still looking.

We thought the new Lakers’ regime would get to work without a second to spare. Yeah, they added a second row of seats courtside. And laid off more than a dozen employees.

We expected they’d beef up their scouting department. But they moved the G League team from the South Bay way out to the Coachella Valley, so even the most ardent fans in L.A. will have a hard time keeping an eye on the team’s prospects.

We expected, under Walter, that the Lakers would give their basketball brain trust an obvious boost.

But they’ve only flirted with filling the job of second assistant general manager. And they failed to poach anyone from the league’s most innovative front offices like the Dodgers did when they hired Andrew Friedman. Their big get was Rohan Ramadas, from the … New Orleans Pelicans, a team that made the playoffs only twice in the last eight seasons.

Iger and Kushner can do better. They better do better.

Joshua Kushner, founder and chief executive of Thrive Capital, speaks onstage during the Big Bets panel at the Fortune Global Forum 2024.

(Jemal Countess / Getty Images for Fortune Media)

I think they will.

This isn’t a fly-by-night proposition for Iger, who headed an effort by the Chargers and Raiders to build a stadium in Carson before Stan Kroenke built $5-billion SoFi Stadium in Inglewood.

In 2024, Iger and his wife, Willow Bay, who is dean of the USC Annenberg School for Communication and Journalism, acquired a controlling stake in the Angel City Football Club of the National Women’s Soccer League for $50 million, pushing its valuation to $250 million, a record for a women’s sports team.

Angel City hasn’t been winning, but they doubled the staff and wasted no time setting up a sizable new performance center at California Lutheran University in Thousand Oaks. The WNBA’s Sparks, which Walter has owned since 2014, are still waiting for their own practice facility, which is now finally under construction in El Segundo.

“As lifelong NBA fans,” Kushner and Iger said in a statement, “we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.”

Iger knows as much as anyone about successfully stewarding an iconic brand.

Now he could be the Imagineer to bring the 17-time champion Lakers back to the happiest place on earth — the NBA’s mountaintop.

Bob Iger’s purchase of the Lakers isn’t the former Disney boss’s first foray into ownership of a professional sports franchise in Southern California: Twenty-five months ago Iger and his wife, Willow Bay, dean of the Annenberg School for Communication and Journalism, acquired a controlling interest in soccer club Angel City for $50 million.

And while the NWSL is a long way from the NBA — and $50 million is a long way from the $12.5 billion the basketball team sold for Wednesday — the Iger family’s management of the women’s soccer team may hint at what’s in store for the Lakers.

Spoiler alert: it’s not all good.

Iger’s investment pushed Angel City’s valuation to $250 million, making it the world’s most valuable women’s professional sports franchise. And six months after taking over the team, Bay cut the ribbon on a multi-million-dollar training complex at Cal Lutheran University in Thousand Oaks, which added to the team’s worth.

“Bob and I were very clear about investing the resources in this team and the people who lead and manage it. And most certainly the women who play for it,” Bay said at the time. “We know how important it is to do our best to bring a championship to this city.”

Yet also under Iger and Bay’s leadership, Angel City’s average attendance has fallen more than 20% and the team has yet to make the playoffs or post a winning record. The roster does not have a superstar player or even a regular starter on the women’s national team — with the salary of defender Gisele Thompson, the team’s highest-paid player, ranked 19th in the 16-team league. And the club is on its fourth manager, including interim coaches, and its second president of business operations in two years as Bay maneuvers to put her own stamp on the team.

However Mark Parsons, Iger and Bay’s hand-picked sporting director, lauds the team’s new owners, saying his staff has doubled in his 20 months at Angel City and the club is finally headed in the right direction.

“They gave us the resources,” said Parsons, who previously built struggling teams into NWSL finalists in Washington and Portland. “They’ve delivered upon that. We are investing in sporting staff and resources and facilities and consultants and experts around the world to support our athletes.

“Probably as good as anyone right now.”

Parsons said he speaks frequently with Bay, who has been hands-on in running Angel City. Iger will likely be the more active partner in managing the Lakers.

“Willow is one of the best leaders I’ve ever been around in my life, never mind my career,” Parsons said. “Spending time with Willow and Bob is an education in leadership and life. They are really special leaders.

“The best compliment I could give them is when I was in my final interview, who they were in that moment was the same people I’ve met when we’ve had good moments or stressful moments to navigate together.”

Former Walt Disney Co. Chief Executive Bob Iger and Thrive Capital founder Joshua Kushner have hired investment bankers and discussed making a bid for the National Basketball Assn. expansion team in Las Vegas, according to people familiar with their plans.

The bid would be for a majority investment in the team, according to the people, who asked to not be identified because the discussions are private. The NBA’s board of governors approved the exploration of a potential franchise expansion in Las Vegas and Seattle in March.

Iger and Kushner are discussing making the bid through Thrive Eternal, a company set up by Kushner’s firm to invest in iconic brands and cultural assets. The company operates as a holding company, structured to raise new capital and make investments into businesses without a set exit timeline. Iger is involved with Thrive as an advisor.

It’s unclear what the size of the bid and the valuation of the franchise would be. Representatives for Thrive Capital and Iger declined to comment.

Iger, who took over as CEO of Disney from 2005 to 2020 and then again from 2022 to March of this year, had a tenure marked by acquiring marquee entertainment franchises and expanding them, including Pixar, Marvel Entertainment, Lucasfilm and 21st Century Fox. The executive previously bought a controlling stake in Angel City Football Club, a women’s soccer team, with his wife, Willow Bay. A big basketball fan, he’s had a lot of experience with the NBA through Disney’s ESPN sports networks.

Kushner, meanwhile, has been building an investment portfolio of tech startups for decades, from investing early into OpenAI and Instagram, and working on dozens of incubations through his venture firm, Thrive Capital. The venture firm has total assets under management of more than $50 billion, according to a regulatory filing. Earlier this year, the firm raised more than $10 billion for its largest fund ever. The NBA discussions show the latest iteration in how Thrive is expanding beyond its roots of investing in technology startups, into also influencing culture through entertainment and sports.

Announced in April, Thrive Eternal, which operates a permanent capital vehicle, raised its initial capital from existing Thrive investors. “These are assets with qualities that cannot be replicated by technology,” Kushner said in a social media post. “In a world shaped by abundant intelligence where creation scales and distribution fragments, we believe they will matter even more.”

Thrive Eternal’s first investment, though not a controlling stake, was backing a Major League Baseball team, the San Francisco Giants. The capital of that deal is set to go toward the Giants’ Oracle Park and its surrounding real estate, according to a person familiar with the matter, Bloomberg previously reported.

Mascarenhas writes for Bloomberg.