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The Los Angeles Lakers are changing hands for the second time in a year. Businessman Josh Kushner and former Walt Disney Company CEO Bob Iger have agreed to purchase the franchise for $12.5 billion, a record price for a North American professional sports team, according to a person familiar with the terms who spoke to the Associated Press on condition of anonymity.
ESPN first reported the deal. The Lakers were valued at $10 billion when Mark Walter purchased a controlling stake from the Buss family last year, itself a record at the time for any professional sports franchise. Kushner and Iger have now pushed that figure to an even higher level.
“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,” Iger and Kushner said in a joint statement. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
Kushner, a venture capitalist, and Iger had previously been working together toward securing a potential NBA expansion franchise in Las Vegas. Acquiring the Lakers eliminates that wait entirely, with expansion not expected before the 2028-29 season at the earliest.
Magic Johnson and Luka Doncic React
Lakers icon Magic Johnson, a partner in Walter’s ownership of baseball’s Los Angeles Dodgers, offered his endorsement on social media.
“Laker fans, you couldn’t have two better owners,” Johnson wrote. “I’ve known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA.”
NBA scoring champion Luka Doncic, who is under contract with the Lakers through the 2028-29 season, also responded publicly.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic wrote. “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
The Slovenian star has become a vocal advocate for the city since his arrival less than two years ago.
Record Sale Price in Context
To understand the scale of this valuation, consider the recent trajectory of NBA franchise prices. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets at a $3 billion valuation. Last year, the Boston Celtics sold to private equity mogul Bill Chisholm at just over $6 billion. Walter’s $10 billion purchase of the Lakers shattered that benchmark, and the Kushner-Iger deal at $12.5 billion sets an entirely new standard.
The sale still requires approval from the NBA’s board of governors, a process that can take several weeks. The next scheduled board meeting is in September in New York.
Walter’s Rapid Exit Raises Questions
Walter’s decision to sell after only 10 months of official ownership has sent shockwaves through the Lakers’ fan base. His tenure had been marked by ambition: he expanded the basketball operations department with new front-office hires around general manager Rob Pelinka, pursued new revenue streams including jersey patch sales, and landed prominent sponsorship deals. As the lead steward of the Dodgers, Walter oversaw three World Series championships over the past six seasons.
Multiple media outlets reported last month that Walter’s business empire is under scrutiny from federal prosecutors and the Securities and Exchange Commission in connection with tax fraud investigations.
When Walter acquired his controlling interest, the deal specified that Jeanie Buss would remain as the team’s governor. With new ownership taking over, her future role within the organization she inherited from her father Jerry Buss, who died in 2013, remains unclear.
Who Are the New Owners?
The 41-year-old Kushner holds minority stakes in NBA teams, including the Miami Heat, and previously owned a stake in the Memphis Grizzlies. He drew international attention this summer when his capital holding company, Thrive Eternal, was positioned as the anchor investor in FIFA President Gianni Infantino’s plan to sell stakes in future World Cup profits, a plan Infantino abandoned on July 31. Kushner’s older brother is Jared Kushner, son-in-law of U.S. President Donald Trump.
Iger, 75, ran Disney across two lengthy stints between 2005 and last March. He and his wife, former sports journalist Willow Bay, became controlling owners of NWSL team Angel City FC in 2024, a deal that valued the club at $250 million.
The Lakers’ Standing in the NBA
The franchise’s 17 championships, dating back to its origins in Minneapolis, are the second-most in NBA history behind Boston’s 18. The Lakers rank at or near the top of the league’s merchandise-sales rankings and carry one of the most recognized brands in global sport.
The current roster is anchored by Doncic, with the team having reached the playoffs in each of the past four seasons. Their most recent title came in 2020. This sale comes weeks after LeBron James, the league’s all-time leading scorer, departed after eight seasons in Los Angeles to sign with the Philadelphia 76ers as a free agent.
Along with the Dodgers, Walter and his partners hold ownership interests in the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, the Professional Women’s Hockey League, and the new Cadillac Formula 1 racing team.
Read also: NBA Drops Full 2026-27 Season Schedule: Key Dates, Rivalries, and Broadcast Details
With Doncic locked in and a new ownership group bringing fresh capital, the Lakers’ next chapter is set to begin once the NBA board signs off. Follow TipsGG for continued coverage as this ownership transition develops.