Lakers Sold for Record $12.5 Billion, Reports Say
Listen to the story
The Los Angeles Lakers, one of the most famous teams in American basketball, has reportedly been sold. According to sources quoted by news outlets, businessman Josh Kushner and former Disney chief Bob Iger will buy the team.
The reported price is about $12.5 billion, which would make it the most expensive sale of a sports team in history. This valuation shows how much money is now connected to top sports teams.
The Lakers play in the NBA, the main professional basketball league in the United States. The team has won many championships and has a huge global fan base.
Josh Kushner is known for his work in venture capital, an area of business where investors put money into new companies. Bob Iger led the Walt Disney Company for many years as its chief executive.
Reports say the two men are working together to complete this acquisition, meaning they will jointly take control of the team's ownership. So far, this information comes only from unnamed sources, not an official announcement.
Sports teams have become very attractive to rich investors in recent years, because their value keeps rising fast. This deal, if confirmed, would set a new record and could affect how other teams are priced in the future.
Vocabulary10 words
- sources
- people who give information secretly to news reporters
- valuation
- the amount something is judged to be worth
- NBA
- the top professional basketball league in the US
- league
- an organized group of sports teams
- championships
- important competitions that decide the best team
- fan base
- all the supporters of a team
- venture capital
- money invested in new, growing companies
- acquisition
- the act of buying something, like a company or team
- investors
- people who put money into something to make more money
- chief executive
- the top boss of a big company
Quiz
Answer key
1. About $12.5 billion 2. Venture capital investing 3. False
Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
The Los Angeles Lakers, one of the most famous teams in American basketball, has reportedly been _____. According to _____ quoted by news outlets, businessman Josh Kushner and former Disney chief Bob Iger will buy the team.
The reported price is about $12.5 billion, which would make it the most expensive _____ of a sports team in history.
The Lakers play in the _____, the main professional basketball league in the United States. The team has won many _____ and has a huge global fan base.
Josh Kushner is known for his work in _____, an area of business where investors put money into new companies.
Reports say the two men are working together to complete this _____, meaning they will jointly take control of the team's ownership.
Sports teams have become very attractive to rich _____ in recent years, because their value keeps rising fast.
Discussion questions
- Why do you think sports teams like the Lakers are becoming so expensive?
- What skills might a businessman like Josh Kushner bring to owning a sports team?
- Do you think it's fair that rich investors can buy famous sports teams? Why or why not?
- How might new ownership change a team like the Lakers?
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