Lakers Sold for $12 Billion
· news
The Lakers Sellout: Billionaires Buy Up America’s Iconic Team
The Los Angeles Lakers, one of the most storied franchises in professional sports, have been sold to an ownership group led by Josh Kushner and former Disney CEO Bob Iger for a staggering $12 billion. This deal is the latest example of billionaire largesse buying out America’s cultural heritage.
In 2025, Jeanie Buss sold the team to Patrick Soon-Shiong’s private equity firm, and now it seems the team is being gobbled up by another new ownership group with no apparent connection to Los Angeles or interest in preserving its rich history. This isn’t just about money; it’s about influence and power.
Josh Kushner brings a significant amount of clout to the table due to his connections to Silicon Valley and his membership in the Murdoch-Kushner clan, which grants him access to vast networks of wealthy donors, politicians, and business leaders eager to curry favor with their new ownership group. Bob Iger, on the other hand, has extensive experience building global brands and exploiting cultural trends.
The Lakers sale raises questions about the role of private equity firms and billionaires in buying up America’s cultural institutions. This trend is not new: wealthy investors swoop in, promise to “save” the team or venue from financial ruin, only to strip it bare and sell off its assets for a quick profit.
For Los Angeles, this sale means that the city’s most iconic sports team may become just another soulless corporate entity prioritizing profits over tradition. The Lakers’ fans, who have supported the team through thick and thin, will be forced to navigate this new reality.
The Lakers sale is also symptomatic of a larger issue: billionaires buying up America’s cultural institutions at an alarming rate. Music festivals, art galleries, and even museums are being snapped up by wealthy collectors with no real interest in preserving or promoting the arts.
This trend speaks to a deeper rot within American capitalism, where profit is prioritized over people, culture, and community. As we watch these billionaires buy up more of our cultural institutions, we need to ask ourselves: what kind of country are we becoming? The Lakers sale is just the latest chapter in this tale of crony capitalism and sports franchise profiteering.
Reader Views
- RJReporter J. Avery · staff reporter
The sale of the Lakers to Josh Kushner and Bob Iger's ownership group is just another example of billionaires treating America's cultural institutions as playthings for their own amusement. What's often overlooked in these high-stakes transactions is the impact on local businesses that rely on the team's presence. The Staples Center, where the Lakers play, has a raft of restaurants, bars, and souvenir shops that cater to fans. When the team changes ownership, these small businesses are often left scrambling to adapt to new branding and sponsorship requirements, further eroding the community's stake in its own cultural heritage.
- ADAnalyst D. Park · policy analyst
The Lakers sale is a case study in the dangers of unchecked private equity influence on our cultural heritage. What's often overlooked is how these deals can create perverse incentives for owners to prioritize short-term gains over long-term sustainability and community engagement. For instance, Josh Kushner's ties to Silicon Valley may lead him to exploit the team's brand for e-sports or entertainment ventures that sacrifice local connections in favor of profit.
- CSCorrespondent S. Tan · field correspondent
This sale isn't just about buying up a sports team; it's about capturing the cultural narrative that comes with it. The Lakers have been woven into the fabric of Los Angeles for decades, and their new owners will likely wield significant influence over the city's public discourse. One key aspect to consider is how this deal affects the relationship between big business and local communities – specifically, how corporate interests shape sports culture in urban spaces. With so much at stake, it's crucial that Angelenos hold these new owners accountable for preserving the team's identity and legacy.