Kushner, Iger Agree to Buy Lakers in Record $12.5 Billion Deal

The Los Angeles Lakers are being sold for the second time in just over a year, with venture capitalist Josh Kushner and former Disney CEO Bob Iger agreeing to purchase the franchise for a record-breaking $12.5 billion, according to The Associated Press. The deal, confirmed by multiple sources, marks the largest sale of a North American professional sports team in history.

The acquisition comes barely 14 months after Mark Walter, CEO of Guggenheim Partners, purchased controlling interest in the Lakers from the Buss family at a then-record $10 billion valuation. Walter stands to make approximately $2.5 billion in profit from the transaction, which reportedly came together in just three business days.

A Rapid-Fire Deal

Kushner and Iger had been working together on landing a possible NBA expansion team for Las Vegas when they learned last weekend that Walter might be willing to sell his stake in the Lakers. Bob Iger told the California Post that the opportunity was too compelling to pass up.

“We were involved in pursuing the new franchise in Vegas,” Iger said in an exclusive interview. “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.”

In a joint statement, Kushner and Iger said: “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. 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.”

Why Walter Is Selling

Walter did not give a direct reason for selling in his statement, but the timing is notable. Multiple media outlets reported last month that Walter’s business empire is under scrutiny from federal prosecutors and the Securities and Exchange Commission in investigations related to potential insurance fraud.

The U.S. Attorney’s Office in Manhattan and the SEC 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. Delaware Life Insurance Co. restated its related-party investments from $1.4 billion, or 3% of its invested assets, to at least $17 billion, or 39%.

According to Bloomberg, TWG has been seeking fresh capital to reduce loans held by its insurance companies, and proceeds from the Lakers sale are expected to help reduce or restructure affiliated loans. Walter has not been charged with a crime, and the Lakers, Dodgers, and Sparks have not been identified as targets of the investigation.

“Owning the Los Angeles Lakers has been one of the great honors of my life—an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter said in a statement. “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

New Owners, Familiar Faces

Kushner, 41, is the founder and managing partner of Thrive Capital and co-founder of Oscar Health. He is the younger brother of Jared Kushner, son-in-law of President Donald Trump. Kushner previously owned minority stakes in the Memphis Grizzlies and currently holds a roughly 5% stake in the Miami Heat.

Iger, 75, served as CEO of The Walt Disney Company from 2005 to 2020 and again from 2022 to 2026. He and his wife, former sports journalist Willow Bay, became controlling owners of NWSL team Angel City FC in 2024 at a $250 million valuation.

Jeanie Buss will remain as team governor per the agreement between Walter and the Buss family, and Iger confirmed the new ownership group intends to honor that arrangement. “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.”

Lakers icon Magic Johnson praised the deal on social media, writing: “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.”

Star guard Luka Doncic, who is signed through the 2028-29 season, also welcomed the new ownership. “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic wrote on social media. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

A Potential Hurdle

The sale still requires approval from the NBA’s Board of Governors, with the next board meeting set for September in New York. However, ESPN insider Brian Windhorst reported that Kushner will need to sell his minority shares of the Miami Heat for the deal to go through, as NBA rules prohibit owning stakes in multiple teams.

“The Heat don’t sell shares very often,” Windhorst said on The Hoop Collective podcast. “That’s a very closely held team. That potentially could take some time.”

It took four months for Walter’s purchase of the Lakers to become official last year, and the Heat complication could significantly delay the timeline of this deal.

Record-Breaking Valuation Context

The $12.5 billion price tag represents a new summit in skyrocketing NBA franchise values. For comparison, the Boston Celtics sold last year to private equity mogul Bill Chisholm at a valuation of just over $6 billion, and Michael Jordan sold the Charlotte Hornets for a $3 billion valuation in 2023. Only two sales have valued a North American professional sports team at $10 billion or more—both involve the Lakers in the last 18 months.

The sale comes at a moment of significant transition for the franchise. LeBron James, the league’s all-time leading scorer, left the Lakers this summer to sign with the Philadelphia 76ers, leaving Doncic as the team’s centerpiece. The Lakers have made the playoffs in each of the past four seasons and won their most recent NBA championship in 2020.

What’s Next

The deal’s completion depends on NBA Board of Governors approval and Kushner’s ability to divest his Miami Heat stake. If approved, the new ownership group will inherit a franchise with 17 championships—second only to Boston’s 18—and a global brand that consistently ranks at or near the top of the league’s merchandise sales.

As The Ringer noted, the rapid succession of ownership changes reflects a broader trend in NBA ownership: the decline of traditional family ownership in favor of ultra-wealthy investors and private equity groups. There have been six NBA ownership changes in the past three years alone.

For now, the focus shifts to whether the deal clears its hurdles and what the new era of Lakers ownership will look like. As Iger said: “We’re fans. 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.”