The Los Angeles Lakers are changing hands again, and the number attached to the deal has stopped the sports business world in its tracks. Bob Iger and Josh Kushner have agreed to buy the Lakers for $12.5 billion, a record price for a professional sports franchise anywhere in the world, and a figure that comes barely fourteen months after the team’s previous sale.
That short turnaround is what makes this deal so unusual. Mark Walter, the Los Angeles Dodgers chairman, bought a controlling stake in the Lakers from the Buss family less than a year and a half ago at a then-record $10 billion valuation. Selling now at $12.5 billion hands Walter an estimated $2.5 billion profit in a little over a year, an extraordinary return even by the standards of modern sports ownership.
The Deal at a Glance
| Detail | Information |
|---|---|
| Buyers | Bob Iger and Josh Kushner |
| Purchase price | $12.5 billion |
| Seller | Mark Walter (bought controlling stake in 2025 for approximately $10 billion) |
| Status | Pending due diligence and NBA approval |
| Previous record sale | Boston Celtics, $6.1 billion, March 2026 |
| Original Lakers purchase | Jerry Buss bought the team for $67.5 million in 1979 |
Who Are the New Owners?
Josh Kushner is the founder of venture capital firm Thrive Capital and co-founder and vice chairman of health insurance company Oscar Health. He is the younger brother of Jared Kushner, senior adviser to President Donald Trump. Kushner already holds minority stakes in both the Miami Heat and the Memphis Grizzlies, positions he will need to divest in order to clear NBA ownership rules ahead of taking control of the Lakers.
Bob Iger needs no introduction in entertainment circles. The former Walt Disney Company CEO led the studio across two separate stints, first from 2005 to 2020 and again after being called back to replace his successor in 2022. He stepped down from the top job earlier this year and moved into an advisory role at Thrive Capital, having previously served as a venture partner at Kushner’s firm before returning to Disney. Iger and his wife, Willow Bay, also became controlling owners of NWSL club Angel City FC in 2024.
In a joint statement, the pair called it an honor to become stewards of the Lakers, praising the leadership and vision of the Buss family and pledging a long-term commitment to competing at the highest level for the city of Los Angeles.
Walter’s Remarkably Short Ownership Window
What makes this sale particularly striking is how briefly Mark Walter held control of the Lakers. His purchase of a controlling stake from the Buss family was unanimously approved by the NBA only about a year and a half ago. Selling now, at a $2.5 billion markup, represents one of the fastest and most profitable turnarounds in modern sports ownership history.
In a statement, Walter described owning the Lakers as one of the great honors of his life, saying that what he would carry with him was the community, the fans and a city that treats the team as family. He is reportedly set to retain his ownership of the Dodgers even as he exits the Lakers.
The sale also comes as Walter’s companies face a federal probe examining whether loans to his businesses were properly disclosed, though that investigation has not been cited as a factor in his decision to sell. Walter’s companies have denied any wrongdoing.
A Deal That Almost Happened by Accident
Perhaps the most surprising detail of the transaction is how it came together. Iger and Kushner were originally involved in the process surrounding a potential NBA expansion franchise in Las Vegas. During those discussions, the idea of approaching Walter about the Lakers was reportedly suggested to them, and the pair pivoted quickly, making an aggressive offer that Walter ultimately accepted.
That pivot from expansion talks to a blockbuster acquisition of one of the league’s most storied franchises says as much about the appetite for NBA ownership among ultra-wealthy investors as it does about the specific numbers involved in this deal.
The Deal Lands Amid Major Roster Change
The sale is not happening in a vacuum. It comes just weeks after one of the most significant roster changes in franchise history, with LeBron James departing the Lakers after eight seasons to sign a two-year, $8 million deal with the Philadelphia 76ers. The Lakers will now be built around six-time All-Star Luka Dončić, who led the NBA in scoring last season at 33.5 points per game.
New ownership groups often use transitions like this as an opportunity to reset organizational direction, and the timing here, with James gone and Dončić established as the new face of the franchise, gives Iger and Kushner a relatively clean slate as they take over.
An Ownership Change That Resonates Beyond Basketball
Kushner’s business interests extend well beyond sports ownership. His investment fund, Thrive Eternal, was previously in talks with FIFA over a proposed minority stake in a company set to run FIFA’s World Cup commercial operations, a $4.2 billion proposal that FIFA president Gianni Infantino ultimately withdrew earlier this month amid broad opposition from football’s global governing bodies. That FIFA episode is a reminder of how active Kushner’s investment vehicles have become across the sports industry in a short period of time.
Iger, meanwhile, brings decades of experience running one of the world’s largest media and entertainment companies, expertise that could prove valuable as the Lakers, like most modern sports franchises, increasingly operate as content and commercial businesses well beyond the basketball court itself.
Why the Price Keeps Climbing
The jump from a $10 billion valuation to $12.5 billion in roughly fourteen months reflects a broader pattern across major American sports leagues, where franchise valuations have accelerated sharply in recent years. Scarcity of available franchises, long-term national media rights deals, and growing interest from wealthy individual and institutional investors have combined to push prices for marquee teams to levels that would have seemed unthinkable only a few years ago.
The Lakers, as one of the most recognizable sports brands in the world, sit at the very top of that market. A storied championship history, a massive global fanbase and a location in one of the world’s largest media markets all combine to justify a premium that few other franchises, in any sport, can command.
What Happens Next
The deal still needs to clear Thrive’s due diligence process and secure formal approval from the NBA’s Board of Governors before it can be finalized. Kushner will also need to divest his existing minority stakes in both the Heat and the Grizzlies to satisfy league ownership rules. Those steps are procedural in most modern sports sales of this scale, but they mean the transition of control will not happen immediately.
How much are Bob Iger and Josh Kushner paying for the Lakers?
The agreed price is $12.5 billion, a record for a professional sports franchise sale.
Who is selling the Lakers?
Mark Walter, chairman of the Los Angeles Dodgers, is selling his controlling stake after buying it roughly a year and a half ago for approximately $10 billion.
Is Josh Kushner related to Jared Kushner?
Yes. Josh Kushner is the younger brother of Jared Kushner, senior adviser to President Donald Trump.
Does the sale need league approval?
Yes. The deal is pending due diligence and approval from the NBA’s Board of Governors.
Is this related to LeBron James leaving the Lakers?
The sale is not directly connected to James’s departure, but it comes shortly after he signed with the Philadelphia 76ers, giving new ownership a franchise now built around Luka Dončić.
