Bob Iger and Josh Kushner strike $12.5B deal for Lakers

The Los Angeles Lakers are set for yet another ownership change after Bob Iger and Josh Kushner agreed to buy the team for $12.5 billion, ESPN reported yesterday.

The deal requires approval from the NBA’s board of governors, which could take several weeks. If approved, it would become the most expensive sale of a professional sports franchise, topping the Lakers’ previous sale about a year ago.

Billianore Mark Walter bought a controlling stake in the Lakers from the Buss family for about $10 billion last summer. Now he is selling the team to a group led by Disney’s former CEO and Jared Kushner’s brother.

Walter will retain his other sports investments, including the Los Angeles Dodgers, Chelsea and Cadillac Formula 1.

Kushner and Iger were initially involved in efforts to bring an NBA expansion team to Las Vegas. They shifted their focus to the Lakers after learning Walter might consider selling. Iger said the deal came together in just three days.

Walter’s move to sell the Lakers comes as his broader business empire faces potential legal trouble. Walter is under federal investigation over alleged tax fraud tied to billions of dollars in loans to his companies, and, according to Bloomberg, selling the team could help him raise cash to pay down those debts.

Who are the new owners
Bob Iger led Disney as CEO from 2005 to 2020, then returned to the role in 2022 and served until March 2026.

Josh Kushner founded Thrive Capital, where Iger serves as an adviser. The venture firm has invested in major companies including OpenAI, SpaceX, Spotify, SKIMS and A24.

Kushner has built a reputation for making bold investments, especially in technology and artificial intelligence. He also founded Oscar Health in 2012, which recently reported record profits.

Kushner also owns a minority stake in the San Francisco Giants and Miami Heat and must sell it before completing the Lakers purchase.