Iger and Kushner Buy Lakers in Record $12.5B Deal

The Los Angeles Lakers are changing hands for the second time in less than a year. Former Disney CEO Bob Iger and venture capitalist Josh Kushner have agreed to purchase the franchise from Mark Walter at a staggering $12.5 billion valuation, according to ESPN, making it the most expensive sale of a professional sports team in history.

The deal, which still requires approval from the NBA’s board of governors at their September meeting, represents a stunning turn of events for one of the league’s most storied franchises. It also marks a dramatic pivot for Iger and Kushner, who had been pursuing an NBA expansion franchise in Las Vegas before learning over the weekend of August 8-9 that Walter might be interested in selling.

“We were involved in pursuing the new franchise in Vegas,” Iger told the California Post. “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.”

A Brief and Turbulent Tenure

Walter’s ownership of the Lakers lasted less than 10 months. He purchased a controlling interest from the Buss family in October 2025 at a then-record $10 billion valuation, a deal that was unanimously approved by the NBA’s board of governors. Now, he stands to make approximately $2.5 billion in profit in less than 14 months.

“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. “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

Walter’s decision to sell comes amid an ongoing federal investigation into his business empire. The FBI seized his phone and laptop aboard a private plane at Chicago’s Midway Airport in September 2025, as Lakers Daily reported. The investigation has since expanded to examine $16 billion in loans made by two Delaware-based insurance companies Walter controls to businesses connected to him, which were allegedly not disclosed as related-party transactions.

“Obviously, making 25% in less than a year is probably a pretty good deal for an investment manager,” Mike Vorkunov of The Athletic told NPR. “But on the other hand, Mark Walter also has some legal issues at the moment. There’s been reporting from Bloomberg that the federal government is investigating him and the companies that he owns for potential financial improprieties. And it sure seems to come at the same time as he may need money to deal with that.”

The New Owners

The acquisition brings together two of the most influential figures in American business and entertainment. Iger, 75, served two terms as Disney’s CEO and is known for his decades-long relationship with NBA Commissioner Adam Silver. He and his wife, Willow Bay, became controlling owners of NWSL team Angel City FC in 2024.

Kushner, 41, founded Thrive Capital, a venture capital firm worth more than $60 billion that has backed Instagram, Stripe, and OpenAI. He is the younger brother of Jared Kushner, President Trump’s son-in-law, though he is a registered Democrat who has publicly distanced himself from Trump politics. Kushner holds a minority stake in the Miami Heat and will need to divest it to complete the Lakers purchase.

The investment vehicle for the deal is Thrive Eternal, a permanent capital holding company launched by Thrive Capital that acquired a minority stake in the San Francisco Giants earlier this year. The purchase comes just weeks after FIFA withdrew a proposal to sell a minority stake in a commercial venture to Thrive Eternal following widespread backlash from European soccer federations.

Buss’s Role and the Lakers’ Future

Iger has stated that he and Kushner intend to honor the agreement between Walter and Jeanie Buss that keeps her as Lakers governor for at least five years. “We have every intention to honor the agreement that was made between Mark and Jeanie,” Iger told the California Post. “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.”

Luka Doncic, the Lakers’ franchise cornerstone following LeBron James’s departure to the Philadelphia 76ers, has expressed excitement about 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 posted on social media. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

Lakers legend Magic Johnson has also backed the deal. “Lakers fans, you couldn’t have two better owners,” he said. “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.”

League Reaction and Implications

The sale has sent shockwaves through the NBA. “The news shocked all of us,” one agent with a client on the Lakers’ roster told ESPN. “People don’t buy teams and turn around and sell them,” an Eastern Conference executive added. “So there are obviously other factors driving this decision outside of just the mere fact that somebody showed up to pay $12.5 billion. Those factors have to be well outside of basketball.”

The record valuation has implications for every NBA owner, whose franchises’ paper value just surged. It also raises questions about the league’s expansion process for Las Vegas and Seattle, potentially setting a higher precedent for expansion fees.

The Guardian offered a more critical perspective, noting that the deal highlights the concentration of wealth and power among a small group of ultra-wealthy individuals. “A franchise woven into a city’s identity should never become an asset vastly wealthy people move around like a chip around a poker table,” the outlet wrote. “But that is exactly what the Lakers are about to become.”

What’s Next

The sale must be approved by the NBA’s board of governors, with the next meeting scheduled for September in New York. Kushner will need to divest his Miami Heat stake, and the new owners will conduct due diligence before the deal is finalized.

For the Lakers, the transition comes at a pivotal moment. The team has not won an NBA title since 2020, and Doncic is preparing to work under his fifth different owner across his two NBA teams. As BBC Sport noted, the deal was “done in a weekend” — a testament to how quickly the landscape of professional sports ownership can shift.

Iger acknowledged the magnitude of the moment. “Grateful, appreciative, excited to own something that’s as iconic as the LA Lakers,” he said. “Josh and I are avid NBA fans. And [to] have an opportunity to own not just any NBA team, but the LA Lakers is… it’s extraordinary from a life experience perspective and business perspective. It’s still sinking in. We’re very excited.”

With the NBA board of governors set to weigh in next month, the basketball world will be watching closely to see whether this historic transaction clears its final hurdle — and what it means for the future of one of sports’ most iconic franchises.