The Los Angeles Lakers have agreed to a sale to an ownership group led by venture capitalist Joshua Kushner and former Disney chief executive Bob Iger for $12.5 billion, a record price for a professional sports franchise, according to ESPN.
The deal, which still requires approval from the NBA’s board of governors, would value the Lakers $2.5 billion higher than the approximately $10 billion valuation at which Mark Walter acquired a controlling stake in the team from the Buss family last year.
Kushner and Iger confirmed the agreement in a joint statement. “ 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,” they said.
The group said it planned to build on the foundation established by Jerry and Jeanie Buss and remain committed to competing at the highest level. Walter, who became the Lakers’ majority owner in October, said owning the team had been one of the great honours of his life.
“The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” Walter said in a statement.
Lakers set to break their own record
The reported transaction would mark the second time in less than a year that the Lakers have set a record for the value of a professional sports franchise.
Walter’s purchase of the team from the Buss family was valued at about $10 billion and was the most expensive sports franchise transaction at the time.
The latest deal would take that figure to $12.5 billion. According to ESPN Research, the biggest reported professional sports franchise sales are:
- Los Angeles Lakers- $12.5 billion, 2026
- Los Angeles Lakers- $10 billion, 2025
- Seattle Seahawks- $9.6 billion, 2026
- Boston Celtics- $6.1 billion, 2025
- Washington Commanders- $6.05 billion, 2023
The Lakers have 17 NBA championships, tied for the most in league history. Their most recent title came in 2020.
Who is Joshua Kushner?
Kushner, 41, is the founder of venture capital firm Thrive Capital and co-founder and vice chairman of Oscar Health. Thrive has invested in companies including OpenAI, Instagram and Spotify.
Kushner has also been involved in professional sports ownership. He previously held a minority stake in the Memphis Grizzlies and later acquired a minority stake in the Miami Heat.
He will have to sell his Heat stake as part of the process of completing the Lakers purchase, according to ESPN. Kushner is the younger brother of Jared Kushner, who is married to Ivanka Trump. His growing involvement in sports has also included Thrive Eternal, an investment vehicle created by Thrive Capital.
Thrive Eternal was involved in FIFA’s recently abandoned plan to raise private investment in a company that would manage the commercial rights to its major events. FIFA had proposed selling a minority stake to the vehicle for $4.2 billion before abandoning the plan following criticism from football stakeholders.
Bob Iger brings media experience
Iger, 75, served as Disney‘s chief executive from 2005 to 2020 and returned to the role in 2022. He stepped down again this year. He and his wife, Willow Bay, became controlling owners of NWSL club Angel City FC in 2024.
Iger also holds a minority stake in Thrive Capital and became an adviser to the firm this year, according to ESPN. The Lakers would add another major sports property to the investment portfolios of both men.
Walter to retain other sports interests
Walter, the CEO and chairman of TWG Global, will sell the Lakers but retain his other sports investments, according to ESPN.
He is the majority owner of the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. His sports interests also include Premier League club Chelsea, the Professional Women’s Hockey League and several motorsport teams.
Walter acquired the Lakers’ controlling interest from the Buss family last year after the NBA approved the transaction. The Buss family had owned the Lakers since 1979.
Lakers enter new era
The ownership change comes at a significant point for the Lakers on the court. LeBron James left the franchise this year after eight seasons and joined the Philadelphia 76ers on a two-year contract, according to ESPN.
Luka Doncic is now the team’s main franchise player. He averaged 33.5 points per game last season, according to ESPN. The Lakers finished fourth in the Western Conference before losing to the Oklahoma City Thunder in the conference semifinals.
Doncic welcomed the incoming ownership group on social media. “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” he wrote.
NBA approval still required
The $12.5 billion agreement is not yet complete. The NBA’s board of governors must approve the proposed ownership group before the transaction can be finalised. ESPN reported that the next board meeting is scheduled for September in New York.
Iger said the group had initially been involved in discussions around an NBA expansion franchise in Las Vegas. During that process, the group was approached about the possibility of buying Walter’s Lakers stake.
According to Iger, the deal was agreed within three days. If the NBA approves the transaction, the Lakers will once again become the most expensive professional sports franchise ever sold and the benchmark will have moved by $2.5 billion in less than a year.