Lakers Sold To Josh Kushner And Bob Iger For A Record $12.5 Billion, Sources Tell ESPN

LOS ANGELES — The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for $12.5 billion, a record price for a professional sports franchise, multiple sources told ESPN, marking the second change in controlling ownership for the storied NBA team in less than a year.

Kushner and Iger had previously been involved in exploring an NBA expansion franchise in Las Vegas, but in a stunning shift, the two pivoted to make an aggressive offer to purchase the Lakers outright from Mark Walter, who had bought a controlling interest in the team from the Buss family last October for a then-record franchise valuation of approximately $10 billion.

In a joint statement, Kushner and Iger described the opportunity as a career milestone. “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,” they said. “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, in his own statement, reflected on his brief but eventful tenure atop the franchise. “Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said, adding that he would carry forward his appreciation for the team’s community and fan base, and expressing confidence that “the best is still ahead” for the franchise under new ownership.

According to Axios, Kushner and Iger work together on a sports-focused investment platform called Thrive Eternal, which is expected to invest in the deal but is limited under NBA ownership rules to holding no more than a 20% stake in the team. Kushner and Iger are each expected to invest individually as well, with Kushner serving as the franchise’s control owner, according to a person familiar with the arrangement. Additional investors are expected to join the ownership group before the deal is finalized.

The sale covers only the Lakers themselves. Neither the WNBA’s Los Angeles Sparks nor the Los Angeles Dodgers, both also owned by Walter, are part of the transaction, according to multiple reports, and Walter will retain control of both franchises along with his other sports holdings. Walter, 66, built his fortune in the insurance industry and serves as chief executive and chairman of TWG Global, a diversified holding company with stakes across multiple professional sports organizations, including the Dodgers, the Sparks, Premier League club Chelsea and the Professional Women’s Hockey League. Through TWG Motorsports, Walter also owns several auto racing teams, including the Cadillac Formula 1 team.

The sale comes as Walter faces a federal investigation tied to allegations of tax fraud involving other companies under his control. Bloomberg reported in July that federal prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to properly disclose that their private credit holdings backed other ventures tied to the billionaire. The U.S. Securities and Exchange Commission is separately running a parallel investigation into the matter, according to the Bloomberg report.

Kushner, 41, is the founder and managing partner of venture capital firm Thrive Capital and serves as co-founder and vice chairman of Oscar Health. He is the younger brother of Jared Kushner, son-in-law of President Donald Trump, and was previously a minority owner of the Memphis Grizzlies before purchasing a stake of less than 5% in the Miami Heat last year. His wife, supermodel Karlie Kloss, holds a limited partnership stake in the WNBA’s New York Liberty.

Iger, 75, stepped down this year as chief executive of The Walt Disney Company, succeeded by Josh D’Amaro after a tenure that included two separate stints leading the entertainment giant, from 2005 to 2020 and again from 2022 to 2026. In 2024, alongside Willow Bay, Iger became the controlling owner of the National Women’s Soccer League’s Angel City FC.

The proposed sale still requires approval from the NBA’s board of governors, a process that can take several weeks to complete. The board’s next scheduled meeting is set for next month in New York, where the transaction is expected to be formally considered.

The Lakers have been owned by the Buss family since 1979, when Dr. Jerry Buss purchased the team from Jack Kent Cooke, subsequently building it into one of the most successful and popular franchises in American professional sports. The team’s 17 championships rank second only to the Boston Celtics’ 18 for the most in NBA history, with 12 of those titles won during the Los Angeles era.

The ownership change comes amid a period of significant transition for the Lakers on the court as well. The team is entering a new era led by six-time NBA All-Star Luka Dončić following the offseason departure of longtime superstar LeBron James, who left the Lakers this summer to sign with the Philadelphia 76ers after eight seasons in Los Angeles. The Lakers finished fourth in the Western Conference last season before being eliminated by the Oklahoma City Thunder in the conference semifinals.

With the deal still pending league approval, further details on the transaction, including the full composition of the incoming ownership group, are expected to emerge in the weeks ahead as the sale moves through the NBA’s formal review process.