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Josh Kushner, the billionaire founder of venture capital firm Thrive Capital, has agreed to buy the Los Angeles Lakers alongside former Disney chief executive Bob Iger in a deal that values the franchise at $12.5 billion.
The purchase, announced this week, ranks as the largest sale of a professional sports team on record, according to reports. Kushner and Iger are acquiring the majority stake from Mark Walter, the Guggenheim Partners chief executive and Los Angeles Dodgers owner who took control of the Lakers less than a year ago.
Walter bought his controlling interest in October at a valuation of about $10 billion, then the highest ever for a sports franchise. The new agreement lifts that figure by $2.5 billion in under a year, underscoring the surging value of marquee sports assets as media rights and franchise scarcity draw in the ultra-wealthy.
Kushner, 41, built Thrive Capital into one of the most influential technology investors of the past decade, with early or large positions in companies including Instagram, Stripe and OpenAI. Forbes estimates his net worth at about $5.2 billion, making him the wealthiest member of a family better known for its political ties. He is the younger brother of Jared Kushner, a son-in-law and former adviser to President Donald Trump.
Iger led Disney as chief executive from 2005 to 2020 and again from 2022, overseeing acquisitions of Pixar, Marvel, Lucasfilm and much of 21st Century Fox. His involvement pairs one of the most prominent names in American media with one of the most active investors in technology.
The Lakers rank among the most valuable and storied teams in the National Basketball Association, with 17 championships and a history that includes Magic Johnson, Kobe Bryant and LeBron James. The franchise commands a global following that extends well beyond Los Angeles, a reach that helps explain the record price.
Sports valuations have climbed sharply in recent years as billionaires and institutional investors compete for a limited number of trophy assets. NBA teams in particular have benefited from rising media revenue and a new national television agreement, pushing franchise prices to levels that were unthinkable a decade ago.
The transaction remains subject to approval by the league's other owners, a process that is typically completed within months. Neither Kushner nor Iger has detailed plans for the team's management once the deal closes.
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