Josh Kushner and former Disney CEO Bob Iger have agreed to buy a controlling stake in the Los Angeles Lakers from billionaire Mark Walter for $12.5 billion, setting a new record for an NBA team sale and a U.S. professional sports franchise transaction [1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12].
The deal marks a significant increase from Walter's purchase of the majority stake just under a year ago for about $10 billion, when the NBA Board of Governors unanimously approved the transaction in October 2025 [1, 2, 3, 4, 5, 6, 7, 8, 9]. Walter's sale nets him an estimated $2.5 billion profit within approximately one year [12].
Mark Walter, CEO and chairman of TWG Global—which also owns the English Premier League's Chelsea FC and MLB's Los Angeles Dodgers—said, "Owning the Los Angeles Lakers has been one of the great honours of my life... The Lakers belong to Los Angeles, and I have every confidence the best is still ahead" [2]. However, his investment empire is reportedly under federal investigation related to insurance and securities matters [10, 12].
Josh Kushner is known as the younger brother of Jared Kushner, former presidential adviser and son-in-law to Donald Trump [1, 2, 3, 4, 5, 6, 7, 8, 9, 12]. Bob Iger, who was Disney's CEO until recently, previously acquired majority ownership in the NWSL's Angel City FC and is well acquainted with professional sports ownership [1, 2, 4, 7, 8, 9]. The pair had initially pursued an NBA expansion franchise in Las Vegas before shifting focus to acquiring the Lakers [2, 3, 5, 10, 11, 12].
The Lakers are one of the most successful franchises in NBA history, having won 17 championships—second only to the Boston Celtics' 18 titles [2, 3, 4, 5]. The team was originally purchased by Jerry Buss in 1979 for $67.5 million, including venues and other assets like the LA Kings NHL team [2, 3, 5]. Lakers legend Magic Johnson, who has partnered with Walter on Dodgers ownership, praised the new owners, calling them "the best Lakers fans and owners possible" and said Iger will "bring championships back to LA" [10, 12].
Kushner and Iger expressed their commitment to the franchise, saying: "As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers... 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" [1]. Iger noted the deal moved quickly, with talks taking just a few days and the final agreement reached within 24 hours [11].
The sale still requires approval from the NBA Board of Governors, which is expected to decide at their September 2026 meeting in New York [12]. That will be the final step before Kushner and Iger officially take over the iconic franchise.
