The Los Angeles Lakers have been sold for the second time within a year to businessmen Josh Kushner and Bob Iger for a groundbreaking price. The sale agreement is reported to be $12.5 billion US, as per a source familiar with the deal. This acquisition marks a significant development for one of North America’s premier sports teams.
Initial reports from ESPN revealed that Kushner and Iger are acquiring the NBA’s most valuable franchise. The Lakers’ value reached $10 billion last year when Mark Walter acquired a controlling stake from the Buss family, who had owned the team since 1979.
In a joint statement, Iger and Kushner expressed their deep honor in becoming the stewards of the iconic Los Angeles Lakers franchise. They emphasized their commitment to building upon the existing foundation, competing at the highest level, and serving the team, its fans, and the city of Los Angeles.
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had previously collaborated on efforts to secure an NBA expansion team for Las Vegas. By acquiring the Lakers, they bypass the wait for a potential expansion team as early as the 2028-29 season.
Legendary Lakers figure Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the deal on social media, praising the new owners and expressing confidence in their ability to bring championships back to Los Angeles.
The sale is subject to approval from the NBA’s board of governors, a process that could take several weeks. The upcoming board meeting in September in New York will address this matter.
The $12.5 billion price tag sets a new benchmark in U.S. pro sports and further elevates NBA franchise values. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for $3 billion, while the Boston Celtics were acquired last year for slightly over $6 billion.
Walter’s acquisition of the Lakers at a $10 billion valuation last year surpassed previous records, and now Iger and Kushner have raised the bar even higher. Walter’s decision to sell after a brief tenure is resonating among the team’s fan base, which had welcomed the purchase enthusiastically.
Recent reports have indicated that Walter’s business interests are under scrutiny by federal prosecutors and the Securities and Exchange Commission for alleged tax fraud.
The Lakers, a 17-time NBA champion team, clinched their most recent title in 2020 and have maintained a strong presence in the playoffs over the past four seasons. Their current roster features NBA scoring champion Luka Doncic, signed through the 2028-29 season, who expressed excitement about the franchise’s potential under the new ownership.
Kushner, aged 41, previously held minority stakes in two NBA teams and gained international attention for his involvement in sports investments. Iger, aged 75, is renowned for his leadership at Disney and owns a controlling interest in NWSL team Angel City FC.
Walter’s purchase of the Lakers received NBA approval last October. Alongside the Lakers, Walter and his partners hold ownership stakes in various sports entities, including 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.