Terms agreed in Florida
Los Angeles Lakers owner Mark Walter and Josh Kushner, who founded Thrive Capital, have officially agreed on all outstanding terms regarding the sale of the team. The massive transaction sets the total valuation of the Lakers franchise at 12.5 billion dollars.
The final agreement was reached after the two men met in person on Thursday. The meeting took place directly at Mark Walter's home located in Florida, where they sat down together to resolve the remaining details of the transaction. Both sides are expected to sign the final formal agreement very soon.
Months of preparation
The agreement marks the end of several months of negotiations. Josh Kushner and former Disney chief executive officer Bob Iger previously reached a deal with Mark Walter to buy the Lakers at the 12.5 billion dollar price tag.
Since that initial agreement, all involved parties have spent the past few months working out the detailed terms of the transaction. Sources close to the negotiations stated that Kushner assured Walter directly that he has successfully raised all of the necessary money needed to complete the purchase.
NBA review process
Once the formal agreement is signed by both sides, the document will be sent directly to the NBA for an official league review.
This standard league review process generally takes some time to complete. NBA administrators must carefully review both the overall financing and the full proposed ownership structure of the franchise before the sale can be finalized.
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