Josh Kushner and Bob Iger have agreed to buy the Los Angeles Lakers at a $12.5 billion valuation, ESPN reported. The price is the highest ever attached to a US sports franchise, and it lands only about 10 months after the last one was set on the same team.
Mark Walter bought controlling interest in the Lakers from the Buss family in October 2025 at a valuation of roughly $10 billion, itself a record at the time. Kushner and Iger moved on Walter with an aggressive offer. "The deal came together in three days. It's that simple," Iger told ESPN.
Kushner, 41, founded the venture capital firm Thrive Capital and is co-founder and vice chairman of the insurer Oscar Health. Iger, 75, spent two terms as chief executive of Disney and was succeeded this year by Josh D'Amaro. Iger and his wife, Willow Bay, have been the controlling owners of the NWSL's Angel City FC since 2024.
Both men arrived at the Lakers by way of a different target. Kushner and Iger had been pursuing the NBA's Las Vegas expansion process before pivoting to an offer for an existing franchise.
Kushner currently holds a minority stake in the Miami Heat, which he will have to sell — the NBA does not permit an owner to hold an interest in a second team. He previously held a minority position in the Memphis Grizzlies.
Walter is not exiting sports. Through TWG Global he remains an owner of the Los Angeles Dodgers, the WNBA's Los Angeles Sparks, Chelsea FC, the Professional Women's Hockey League, and racing operations including the Cadillac Formula 1 team.
The sale is not final. It requires approval from the NBA Board of Governors, whose next meeting is scheduled for September in New York.
The buyers inherit a roster in transition. Luka Doncic is the franchise cornerstone following LeBron James's departure after eight seasons, and the Lakers spent the summer paying to keep their supporting core together, including Austin Reaves's four-year, $185 million contract.
Source: ESPN
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