The Los Angeles Lakers are set for another change in ownership, this time with businessmen Josh Kushner and Bob Iger stepping in for a historic sum. The purchase price stands at $12.5 billion, disclosed by an anonymous source to The Associated Press on Wednesday. The acquisition of the NBA’s most valuable team was initially reported by ESPN, surpassing last year’s valuation of $10 billion when Mark Walter acquired a controlling interest from the Buss family.
Expressing their gratitude, Iger and Kushner stated, “As lifelong NBA enthusiasts, we are thrilled to take on the stewardship of the iconic Los Angeles Lakers franchise. Our objective is to uphold and enhance the legacy established by Jerry and Jeanie Buss, aiming for excellence on and off the court, benefiting the team, its supporters, and the city of Los Angeles.”
Kushner, a seasoned venture capitalist, and former CEO of Walt Disney Company, Iger had been collaborating on securing an NBA expansion team for Las Vegas. By acquiring the Lakers, they bypass the wait for potential expansion, which could occur in the earliest by the 2028-29 season.
NBA legend Magic Johnson, part of Walter’s ownership of the Los Angeles Dodgers, lauded the deal on social media, assuring Lakers fans of capable ownership. The sale is subject to approval from the NBA’s board of governors, a process that may take several weeks with the next meeting scheduled for September in New York.
The $12.5 billion transaction sets a new record in U.S. professional sports, marking a significant increase in NBA franchise valuations. Just three years ago, Michael Jordan sold the Charlotte Hornets for $3 billion, and the Boston Celtics were acquired by Bill Chisholm for slightly over $6 billion last year. Walter’s purchase of the Lakers at $10 billion last year broke the previous record, now surpassed by Iger and Kushner.
The unexpected sale by 66-year-old Walter after only 10 months of ownership has stirred reactions among the Lakers’ vast fan base. Reports surfaced last month concerning federal and SEC investigations into Walter’s business dealings. The Lakers, a 17-time NBA championship-winning team, have been consistent playoff contenders and are currently led by NBA scoring champion Luka Doncic.
Kushner, 41, previously a minority owner in two NBA franchises, gained prominence this summer through his involvement in international sports. Iger, 75, a renowned Hollywood executive, led Disney for extensive periods and, alongside his wife Willow Bay, took ownership of NWSL team Angel City FC in 2024.
Apart from the Lakers, Walter has stakes in various sports franchises, including the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, and the Professional Women’s Hockey League. The deal also raises questions about the future involvement of Jeanie Buss, who served as the Lakers’ governor under Walter’s ownership.