The Los Angeles Lakers are being sold for the second time in a year, with businessmen Josh Kushner and Bob Iger agreeing to buy the franchise for a record £9.3 billion ($12.5 billion).
The sale price was confirmed by a person familiar with the terms who spoke to The Associated Press on condition of anonymity on Wednesday because neither side disclosed specific details of the latest stunning development involving one of North America’s biggest sports teams.
ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise. The Lakers were valued at $10 billion last year, a record for a professional sports team, when Mark Walter purchased a controlling stake from the Buss family, which had owned the team since 1979.
“As lifelong NBA fans, we are deeply honoured 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 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 former Walt Disney Company chief executive Iger had been working together on a potential NBA expansion team in Las Vegas. By buying the Lakers, they do not have to wait for the possibility of expansion, which could come in the 2028-29 season at the earliest.
Lakers icon Magic Johnson, a partner in Walter’s ownership of baseball’s Los Angeles Dodgers, praised the deal 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.”
The sale still requires approval from the NBA’s board of governors, a process that can take several weeks. The next board meeting is scheduled for September in New York.
The $12.5 billion price tag is not only a record for US professional sports but also a new high in the rapidly rising value of NBA franchises. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets at a $3 billion valuation, while the Boston Celtics were sold last year to private equity investor Bill Chisholm at a valuation of just over $6 billion.
Walter’s agreement to purchase a controlling stake in the Lakers at a $10 billion valuation last summer shattered that record. Now Iger and Kushner have pushed the benchmark even higher.
The 66-year-old Walter’s decision to sell after just 10 months of official ownership is reverberating throughout the team’s huge fan base, which appeared to be overwhelmingly excited about his purchase last year. Walter has overseen the Dodgers during the most successful period in franchise history, with three World Series championships in the past six seasons as one of baseball’s biggest spenders.
Multiple media outlets reported last month that Walter’s business empire was under scrutiny from federal prosecutors and the Securities and Exchange Commission as part of tax fraud investigations.
The Lakers are 17-time NBA champions, with their most recent title coming in 2020. They have reached the playoffs in each of the past four seasons, with their current roster built around NBA scoring champion Luka Doncic, who is contracted through the 2028-29 season. The Slovenian superstar has embraced Los Angeles and the Lakers less than two years after joining the franchise.
“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 on social media after learning of the sale. “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 41-year-old Kushner has been a minority owner of two NBA teams, but he entered the international sports spotlight this summer when his investment firm, Thrive Capital, was set to become the “anchor investor” in FIFA president Gianni Infantino’s plan to sell stakes in future World Cup profits. Infantino abandoned the idea on 31 July.
Kushner’s older brother is Jared Kushner, the son-in-law of US President Donald Trump.
Josh Kushner currently owns a minority stake in the Miami Heat and previously owned a stake in the Memphis Grizzlies.
The 75-year-old Iger became one of Hollywood’s best-known executives during his two lengthy spells running Disney between 2005 and March 2026, when he stepped aside. Iger and his wife, former sports journalist Willow Bay, became the controlling owners of NWSL club Angel City FC in 2024 in a deal that valued the club at $250 million.
Walter’s purchase of the Lakers was approved by NBA owners last October. He originally bought a 27% minority stake in the team in 2021 before taking control last year.
The Lakers’ 17 championships, dating back to the franchise’s origins in Minneapolis, are the second-most in NBA history behind Boston’s 18. The club is also a global brand, consistently ranking near the top of the league in merchandise sales.
The record sale comes just weeks after LeBron James, the NBA’s all-time leading scorer, left the Lakers after eight seasons to become a free agent. James ultimately decided to sign with the Philadelphia 76ers.
Walter and his team had already begun making extensive changes to the Lakers, who were often viewed as an outdated franchise in several areas during the Buss family’s decades of ownership.
The Lakers strengthened their basketball operations department with new front-office hires around long-serving general manager Rob Pelinka. They also expanded their commercial operations, pursuing new revenue streams through jersey-patch sales and additional major sponsorship deals.
When Walter bought his controlling stake in the Lakers, the agreement stipulated that Jeanie Buss would remain as the team’s governor. Under the new ownership, it remains unclear whether Buss will continue in a role with the team she inherited alongside her siblings from her father, Jerry Buss, who died in 2013.
Along with the Dodgers, Walter and his various partners also have 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 team.
