Just over a day has passed since the iconic Los Angeles Lakers were acquired by former Walt Disney CEO Bob Iger and entrepreneur Josh Kushner. However, a new development could delay the completion of the sale.
According to ESPN’s basketball insider Brian Windhorst, Josh Kushner must divest his minority stake in the Miami Heat to officially take ownership of the Lakers. This requirement could significantly slow down the transaction process.
“The Heat don’t often engage in selling shares,” Windhorst shared on Thursday during an episode of The Hoop Collective podcast.
“Owning this team is a tightly held privilege, which might mean the divestment could take some time,” he added.
In late 2024, Kushner acquired a 5% interest in the Miami Heat following the sale of his minority ownership in the Memphis Grizzlies, which he had held since 2019.
As Windhorst mentioned, the Heat don’t sell pieces of the team too often, and it remains undisclosed who he bought his stake in the team from. But it is believed not to be majority owner Micky Arison, who has controlled the franchise since 1995.
Iger and Kushner’s purchase of the Lakers on Wednesday morning came at a record-breaking $12.5 billion sale from Mark Walter, who also owns the Los Angeles Dodgers.
Walter previously owned the team for 14 months, after purchasing a majority of the shares from Jeanie Buss, who will remain the team’s governor for five years following the sale.
It took four months for Walter’s purchase of the Lakers to become official, when he was introduced as team’s new owner last October.
With this potential hiccup slowing down the sale, we may be looking well into the winter before an official announcement is concluded.