Bob Iger Speaks Out on Record Lakers Purchase, Pursuit of Vegas NBA Expansion Team

Bob Iger purchased the majority ownership of the Los Angeles Lakers from Mark Walter for a historic $12.5 billion on Wednesday, and the former Walt Disney Company CEO said he initially sought a different NBA venture.

Iger told Khobi Price of the New York Post that he was pursuing a Las Vegas expansion team before deciding to purchase the Lakers.

"We were involved in pursuing the new franchise in Vegas," Iger said. "And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days.

"It's that simple."

The purchase comes less than a year after Walter became the Lakes' majority stakeholder. Then, the team was valued at $10 billion. Walter also owns the Los Angeles Dodgers and will remain the franchise's majority stakeholder.

Businessman Josh Kushner also purchased the Lakers alongside Iger.

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Kushner and Iger said in a statement to ESPN. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

When the Buss family sold the Lakers to Walter, it was announced that Jeanie Buss would remain as the team's governor for at least five years. Iger said he plans to honor that agreement.

"We have enormous respect and appreciation for Jeanie, her father and what they've contributed to this franchise," Iger said. "And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they'll change, but we're going into this with enormous respect and appreciation for who she is and what she represents in the organization."

According to Price, Iger has met with head coach J.J. Reddick, with whom he built a relationship when Reddick was on the Los Angeles Clippers from 2013 to 2017. Iger was a Clippers season ticket holder during that time.

The purchase comes amid major changes to the Lakers' roster. LeBron James left the team this summer and joined the Philadelphia 76ers, leaving the franchise in the hands of Luka Doncic.

Before Iger purchased the team, the Lakers had made strides in improving the roster, highlighted by a sign-and-trade to bring in Walker Kessler.

As for what's next, Iger told fans it's too early to speculate what the future holds.

"We're fans," Iger said. "We respect the value that's been created, both on the court and off. Our intention is to build this great franchise from a position of strength in many respects as an organization. We're smart enough to know what we know and what we don't know. It's just premature to speculate at all about what we plan to do, because frankly, we haven't made any plans yet. Again, we go into this with an appreciation of who the Lakers are. And we just want to build value from today on."

While Iger is out on an expansion team to Las Vegas, that doesn't mean a new team isn't coming. NBA commissioner Adam Silver said last month that the league believes an expansion decision could be made at the end of the year, noting that Seattle and Las Vegas have interested ownership groups.