The Los Angeles Lakers are set to change ownership for the second time in under a year, with notable businessmen Josh Kushner and Bob Iger acquiring the legendary NBA franchise for a record-breaking $12.5 billion. This figure, revealed by a source familiar with the deal who wished to remain anonymous, marks a significant increase from the team's previous valuation of $10 billion when Mark Walter purchased a controlling stake from the Buss family in 2022. The Lakers have long been regarded as one of North America's premier sports teams, and this sale underscores the escalating values of NBA franchises.
Initial reports by ESPN highlight that Kushner, a venture capitalist, and Iger, the former CEO of the Walt Disney Company, aimed to establish an NBA expansion team in Las Vegas before deciding to purchase the Lakers. This acquisition allows them to bypass the lengthy wait for potential expansion, which is projected to occur no sooner than the 2028-29 season.
The agreement still requires approval from the NBA's board of governors, a process that typically spans several weeks. The next board meeting is scheduled for September in New York, where the sale will be discussed.
The $12.5 billion sale price not only sets a new record for U.S. professional sports but also signals a substantial increase in NBA franchise valuations. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a valuation of $3 billion, and the Boston Celtics changed hands for just over $6 billion last year. The previous record of $10 billion set by Walter's acquisition of the Lakers last summer has now been surpassed by the sale to Iger and Kushner.
Walter's decision to sell the Lakers after a mere ten months of ownership has taken many by surprise, especially given the enthusiasm among fans following his purchase. Walter has been credited with leading the Los Angeles Dodgers through one of the most successful periods in franchise history, including three World Series championships in six seasons.
However, reports have emerged recently indicating that Walter’s business empire is currently under scrutiny by federal prosecutors and the Securities and Exchange Commission due to tax fraud investigations, potentially influencing his decision to divest from the Lakers.
Josh Kushner, who has previous ownership experience with both the Miami Heat and Memphis Grizzlies, is the founder of Thrive Eternal, which was positioned to be a significant investor in FIFA’s plan for shared World Cup profits before the idea was shelved in July. Notably, Kushner is the brother of Jared Kushner, the son-in-law of former U.S. President Donald Trump.
Bob Iger, aged 75, is a prominent figure in Hollywood, having led Disney through two terms from 2005 until last March and is currently the controlling owner of NWSL team Angel City FC alongside his wife, former sports journalist Willow Bay.
Mark Walter initially obtained a 27 percent minority stake in the Lakers in 2021, later acquiring a controlling interest for a record $10 billion in 2022. His ownership structure included mandates for Jeanie Buss to continue as the team's governor; however, her future role remains uncertain with the imminent change in ownership.
The Lakers have a storied history, having won 17 championships since their inception in Minneapolis, ranking them second in NBA history behind the Boston Celtics, who have 18 championships. As a global brand, the Lakers consistently rank among the top teams in merchandise sales.
In related developments, the franchise has recently seen the departure of LeBron James, the league's all-time leading scorer, who left the Lakers after an eight-season stint to join the Philadelphia 76ers. The Lakers' most recent championship was secured in 2020, and they have reached the playoffs in each of the last four seasons, with their roster currently centered around NBA scoring champion Luka Doncic, who is under contract through the 2028-29 season.
