Big Number
$10 billion. That is how much Forbes estimated the Lakers’ value at in January, when the team ranked No. 18 on Forbes’ list of the world’s most profitable sports teams.
Read more AI Companies Are Buying—And Destroying—Antique Books. Here’s Why.
Key Background
Walter, who is the controlling owner of the Los Angeles Dodgers and the Los Angeles Sparks, agreed to sell the Lakers to Kushner and Iger last week for $12.5 billion just 14 months after he purchased the team when it was valued at $10 billion. Federal investigators are probing whether insurance firms owned by Walter improperly funnelled money to other companies of his. The timing of the investigation and his sale of the Lakers provoked conspiracy theories claiming the federal inquiry may have benefited Kushner, who is the brother of President Donald Trump’s son-in-law Jared Kushner. Sports team owners typically keep or stay in business with their teams for decades, further fueling speculation around Walter’s decision to sell. Amid concerns that Josh Kushner, a Democrat, was benefiting from his link to the president, the White House said he “has nothing to do with President Trump or his administration.”
Further Reading
Why Mark Walter—Facing Federal Scrutiny And Trump Conspiracy Theories—May Have Sold The Lakers (Forbes)
Read more Billionaire José Feliciano’s $3.9 Billion San Diego Padres Acquisition Approved
Mark Walter May Sell Chelsea Stake After Sudden Lakers Sale, Report Says (Forbes)
Read more Actress Hayden Panettiere Was Found In Cardiac Arrest, Coroner’s Office Says