Lakers Sold to Iger, Kushner for Record $12.5 Billion

The Los Angeles Lakers are being sold again. Just 14 months after Mark Walter agreed to purchase the franchise at a then-record $10 billion valuation, the team is being sold to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a staggering $12.5 billion, according to The Athletic. The deal, first reported by ESPN, would make the Lakers the most expensive professional sports franchise ever sold.

The sale marks an unprecedented period of ownership turnover for one of the NBA’s most iconic franchises, which was controlled by Jerry Buss or his children for more than four decades before Walter’s brief stewardship. ESPN first reported the sale agreement Wednesday morning, and the deal reportedly came together in just three days after Iger and Kushner were tipped off that Walter might be interested in selling.

A Record-Breaking Valuation

At $12.5 billion, the sale would shatter the previous record set by Walter’s own purchase of the Lakers in 2025, which was the most expensive in professional sports history at the time. For context, a private equity deal completed by the New York Yankees this week valued the MLB franchise at approximately $10 billion, and among NFL teams, only the Dallas Cowboys and Los Angeles Rams were valued higher than $12.5 billion in a Sportico report released this week—but those were estimates rather than actual sale prices.

“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,” Iger and Kushner said in a joint statement. “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.”

Walter, who also owns the Los Angeles Dodgers, the Los Angeles Sparks, Chelsea FC, and the Professional Women’s Hockey League, called owning the Lakers “one of the great honors” of his life. “What I will carry with me is the community, the fans, and a city that treats this team as family,” he said in a statement. “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

Why Is Walter Selling?

The timing of the sale—just 14 months after purchasing the team—has raised questions about Walter’s motivations. The billionaire is under federal investigation by the U.S. Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission regarding alleged loan fraud involving insurance companies he owns, as CBS Sports reported. Federal investigators are examining how around $16 billion in loans extended to companies tied to Walter or his conglomerate TWG Global wound up on the books of insurance companies he owns after passing through a third entity.

The investigation was opened after an internal whistleblower complaint, and Walter’s phone was reportedly seized by the FBI last year. Bloomberg reported that TWG has been making “aggressive efforts to reduce the affiliated loans on the balance sheet of its insurers or to restructure some of them,” suggesting the $2.5 billion profit from the Lakers sale could provide substantial liquidity. It remains unknown whether the sale was tied to the investigation.

The New Owners

Iger, 75, served two stints as Disney’s CEO (2005-2020 and 2022-2026), overseeing the acquisitions of Pixar, Marvel, Lucasfilm, and the majority of 21st Century Fox. He was succeeded by Josh D’Amaro as CEO in March 2026. This is not Iger’s first foray into sports ownership—in 2024, he and his wife, Willow Bay, acquired a controlling stake in NWSL club Angel City FC at a $250 million valuation.

Kushner, 41, is the founder of venture capital firm Thrive Capital and the younger brother of Jared Kushner, President Donald Trump’s son-in-law. He holds a minority stake in the Miami Heat and previously owned a minority share of the Memphis Grizzlies. He will need to sell his Heat stake to clear the way for the Lakers purchase. Kushner has been at the center of controversy surrounding FIFA President Gianni Infantino’s aborted plan to sell a stake in FIFA’s competitions to private investors, including Kushner’s Thrive Eternal, for $4.2 billion. UEFA has stated it is considering legal action in connection with the proposals.

Speaking to the New York Post, Iger explained how the deal came together: “We were involved in pursuing the new franchise in Vegas. 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.”

Jeanie Buss to Remain as Governor

Iger has stated that the new ownership group will honor the agreement made between Walter and Jeanie Buss, who will remain as the team’s governor for at least five years. “We have enormous respect and appreciation for Jeanie, her father and what they’ve contributed to this franchise,” Iger told the Post. “And we have every intention to honor the agreement that was made between Mark and Jeanie.”

The Buss family had controlled the Lakers since Jerry Buss purchased the team in 1979 for $16 million as part of a $67.5 million deal that included the Los Angeles Kings and The Forum. Under Buss’s ownership, the Lakers won 10 championships and featured superstars including Magic Johnson, Shaquille O’Neal, and Kobe Bryant. Jeanie Buss became controlling owner and governor in 2017 after her father’s death.

On-Court Transition

The ownership change comes amid significant roster turnover. LeBron James, the NBA’s all-time leading scorer, left the Lakers in free agency this summer to join the Philadelphia 76ers at age 41. Luka Dončić, acquired from the Dallas Mavericks in February 2025, is now the team’s franchise cornerstone.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Dončić wrote on social media. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

The Lakers have made significant offseason moves, including trading two unprotected first-round picks and two first-round pick swaps for Walker Kessler, and signing free agents Sandro Mamukelashvili, Quentin Grimes, Collin Sexton, Kevon Looney, and Matisse Thybulle. Since their last championship in 2020, the Lakers have won only three playoff series and advanced past the second round just once.

Lakers legend Magic Johnson offered his endorsement of the new owners, writing on social media: “Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years—he has always loved the Lakers and basketball and he will bring championships back to LA.”

What’s Next

The sale has not been finalized and requires approval from the NBA’s Board of Governors. The next board meeting is set for September in New York, and the approval process can take several weeks. Neither the WNBA’s Los Angeles Sparks nor the Los Angeles Dodgers are part of the sale, according to sources with knowledge of the deal.

The Lakers will have had three different ownership groups in roughly 14 months, an unprecedented situation for a marquee NBA franchise. As BBC Sport noted, the deal represents the largest sale of a professional sports franchise in history. The question now is whether the new ownership group can provide the stability and vision needed to return the Lakers to championship contention—and whether the sale will bring closure to the questions surrounding Walter’s financial empire.

For Iger, the purchase represents a new chapter after his long career at Disney. “Grateful, appreciative, excited to own something that’s as iconic as the LA Lakers,” he said. “It’s still sinking in. We’re very excited.”