Add The California Post on Google The LA Lakers will soon have two new owners — and that’s good news for fans. It’s also “Showtime” for the whole state of California.
Bob Iger, of Disney fame, and Joshua Kushner, the founder of Thrive Capital, plan to purchase the team from Mark Walter, who only bought it just last year.
It marks a new chapter in the history of one of the most storied franchises in the NBA.
Like many Angelenos, the Lakers didn’t start here. They began in Minnesota. But they have come to define the identity of the city.
Magic Johnson versus Larry Bird. Kareem Abdul-Jabbar and the “Showtime” crew. The big men: Shaquille O’Neal, LeBron James. The incredible career, and tragic end, of Kobe Bryant. The celebrities: Jack Nicholson at courtside, Jessica Alba looking her best.
The Lakers have always been a flashy team, for a flashy city. But they needed a change.
Walter bought the team for $10 billion, so he is making a cool $2.5 billion almost overnight. Not a bad trade — though he may have been in a rush to sell, as he reportedly faces a federal investigation over his financial dealings.
Another storyline is political: Kushner is the brother of Jared Kushner, who is President Donald Trump’s son-in-law and former White House adviser.
Left-wing protesters complained when Kushner, a Democrat, bought a minority stake in the San Francisco Giants baseball club earlier this year.
But so far, there has been no political turbulence in LA over Kushner’s role. That’s a good sign for other investors — and not just in professional sports.
Maybe California is starting to realize that we need more investment, not less — and we can’t chase investors away over petty, partisan political differences.
Iger and Kushner are paying top dollar for the Lakers. But they’re also “buying the dip,” in a basketball sense.
The Lakers, one of the NBA’s most storied franchises, have been underachievers for the past several years. It seems they begin every season with an All-Star cast, and high hopes, only to fall far behind teams with fewer big stars.
So with LeBron James leaving for the Philadelphia 76ers, clearing space under the salary cap, the Lakers are perfectly poised for a shakeup.
Hopefully the new owners will bring a new infusion of energy and enthusiasm to the team.
One thing Bob Iger knows is how to put on a show. And maybe he can bring back the “Showtime” spirit from the days of Kareem Abdul-Jabbar and Magic Johnson.
Johnson did it for the Dodgers, buying the team and creating a new baseball dynasty.
Here’s hoping that Iger and Kushner can do the same for the Lakers, and bring new glory to a legendary basketball team.
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