Josh Kushner and Bob Iger Agree to Buy Los Angeles Lakers for Record $12.5 Billion/ TezzBuzz/ WASHINGTON/ J. Mansour/ Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers for a record-breaking $12.5 billion. The agreement comes only 10 months after NBA owners approved Mark Walter’s acquisition of the franchise at a $10 billion valuation. The sale requires NBA approval and leaves questions about Jeanie Buss’ future role with the team.
Quick Look
- Josh Kushner and Bob Iger agreed to buy the Lakers for $12.5 billion.
- The price would set a record for a U.S. professional sports franchise.
- Mark Walter purchased control of the Lakers at a $10 billion valuation last year.
- Walter is selling after only 10 months of official ownership.
- Kushner and Iger previously explored pursuing an NBA expansion franchise in Las Vegas.
- Kushner owns a minority stake in the Miami Heat and previously invested in the Memphis Grizzlies.
- Iger and his wife, Willow Bay, control Angel City FC of the NWSL.
- The NBA Board of Governors must approve the transaction.
- Jeanie Buss’ future role with the Lakers remains uncertain.
- The team’s roster is now centered on Luka Doncic following LeBron James’ departure.
Deep Look
Kushner and Iger agree to record Lakers purchase
The Los Angeles Lakers are changing owners for the second time in a year, with businessmen Josh Kushner and Bob Iger agreeing to buy one of North America’s most prominent sports franchises.
The agreement values the Lakers at $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because the parties had not disclosed the deal’s financial details.
ESPN first reported that Kushner and Iger were purchasing the NBA franchise.
If approved, the transaction would establish a new record for a U.S. professional sports team and mark another dramatic increase in NBA franchise valuations.
Lakers’ value rises by $2.5 billion in one year
The Lakers were valued at $10 billion last year when Mark Walter acquired a controlling interest from the Buss family, which had owned the franchise since 1979.
That transaction was itself a record for a professional sports franchise. The proposed sale to Kushner and Iger raises the Lakers’ valuation by another $2.5 billion after less than a year.
The latest deal illustrates how quickly the financial value of leading NBA teams has risen.
Only three years ago, Michael Jordan sold his majority interest in the Charlotte Hornets at a $3 billion valuation. The Boston Celtics were sold last year to private equity executive Bill Chisholm at a valuation slightly exceeding $6 billion.
Walter’s $10 billion Lakers purchase decisively surpassed that figure. The $12.5 billion agreement with Kushner and Iger now moves the record significantly higher again.
NBA owners must approve the transaction
The sale cannot be completed until it receives approval from the NBA Board of Governors.
That review process can take several weeks. The board’s next scheduled meeting is in September in New York.
League officials will examine the ownership structure, financing and qualifications of the prospective buyers before governors vote on the transaction.
Until that process is complete, Walter remains the Lakers’ controlling owner.
Kushner and Iger previously pursued Las Vegas team
Kushner and Iger had been collaborating on a potential bid for an NBA expansion franchise in Las Vegas.
The league has discussed future expansion, but a new team is not expected before the 2028-29 season at the earliest.
Purchasing the Lakers would allow Kushner and Iger to enter NBA ownership without waiting for the league to authorize expansion or competing for a newly created franchise.
It would also give them immediate control of one of basketball’s most recognizable and commercially valuable teams.
Walter decides to sell after only 10 months
Walter’s decision to sell the Lakers after just 10 months of official ownership surprised the team’s enormous fan base.
His purchase had generated broad excitement because of his record with the Los Angeles Dodgers. Under Walter’s ownership, the Dodgers entered the most successful stretch in franchise history, winning three World Series championships over six seasons.
The Dodgers also became baseball’s most aggressive spendersfueling expectations that Walter would bring a similarly ambitious approach to the Lakers.
Walter initially purchased a 27% minority interest in the basketball franchise in 2021. NBA owners approved his acquisition of the controlling stake last October.
Walter’s business interests reportedly face scrutiny
Multiple media organizations reported last month that Walter’s business operations were under examination by federal prosecutors and the Securities and Exchange Commission in tax-fraud investigations.
The reports have added attention to his unexpected decision to sell the Lakers so soon after taking control.
The source familiar with the new agreement did not publicly connect the reported scrutiny to the sale.
Walter and his investment partners hold interests in several prominent sports organizations. Those include the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, the Professional Women’s Hockey League and Cadillac’s new Formula 1 team.
Kushner brings previous NBA investments
Kushner, 41, is a venture capitalist whose capital holding company is called Thrive Eternal.
He currently owns a minority interest in the Miami Heat and previously held a stake in the Memphis Grizzlies. The purchase of the Lakers would move him from minority investor to controlling ownership of the league’s most valuable franchise.
Thrive Eternal had also been positioned to become the “anchor investor” in FIFA President Gianni Infantino’s proposal to sell interests in future World Cup profits.
Infantino abandoned that plan on July 31 following significant opposition within international soccer.
Kushner is the brother of Jared Kushner, the son-in-law of President Donald Trump.
Iger expands his sports ownership portfolio
Iger, 75, became one of the entertainment industry’s most influential executives during two lengthy periods leading the Walt Disney Company between 2005 and March 2026.
Disney’s ownership of ESPN gave Iger extensive exposure to the sports media and broadcasting industries during his corporate career.
Iger and his wife, former sports journalist Willow Bayare already the controlling owners of Angel City FC in the National Women’s Soccer League.
The Lakers acquisition would place Iger at the center of another major Los Angeles sports organization and one of the world’s most powerful basketball brands.
Jeanie Buss’ future role remains unclear
When Walter acquired his controlling interest, the agreement stipulated that Jeanie Buss would remain the Lakers’ governor and continue representing the franchise in league matters.
It is not yet clear whether Buss will retain that position after Kushner and Iger take control.
Buss inherited the Lakers with her siblings following the death of their father, Jerry Buss, in 2013. Jerry Buss purchased the franchise in 1979 and presided over its transformation into a dominant global sports and entertainment brand.
The Buss family’s sale to Walter last year ended decades of controlling ownership, although Jeanie Buss maintained an important leadership position.
The latest transaction creates fresh uncertainty about whether the family will retain any meaningful role.
Lakers remain one of basketball’s defining franchises
The Lakers have won 17 NBA championships since the franchise originated in Minneapolis.
That total ranks second in league history behind the Boston Celtics’ 18 titles. Generations of stars—including George Mikan, Jerry West, Kareem Abdul-Jabbar, Magic Johnson, Kobe Bryant and LeBron James—have helped make the team one of the world’s best-known sports brands.
The Lakers consistently rank at or near the top of the NBA in merchandise sales and maintain a global following that extends far beyond Los Angeles.
Their history, market position and commercial reach are central to the unprecedented $12.5 billion valuation.
Sale follows LeBron James’ departure
The ownership agreement comes only weeks after James left Los Angeles following eight seasons with the Lakers.
The NBA’s career scoring leader entered free agency and ultimately signed with the Philadelphia 76ers.
James helped Los Angeles win its most recent championship in 2020. The Lakers have also reached the playoffs in each of the past four seasons.
His departure marked the end of an era and left the franchise preparing for a new competitive phase at the same time it undergoes another ownership transition.
Luka Doncic becomes the centerpiece
The Lakers’ current roster is built around NBA scoring champion Luka Doncic.
Doncic is under contract through the 2028-29 season, giving the incoming ownership group one of the league’s premier players as the foundation of the franchise.
Kushner and Iger would inherit a team with enormous commercial strength, championship expectations and a global fan base accustomed to superstar players.
The proposed sale now awaits NBA approval, with the league’s September Board of Governors meeting providing the next major step toward completing the largest franchise transaction in U.S. professional sports history.
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