Billionaire Bob Iger and Josh Kushner buy Los Angeles Lakers from Mark Walter in record $12.5 billion deal

Josh Kushner and Bob Iger have agreed to buy the Los Angeles Lakers from Mark Walter in a deal valued at $12.5 billion, a record-breaking price that sets a new high-water mark for sports franchise sales and caps one of the most chaotic offseasons in NBA history.

Walter acquired a controlling ownership stake in the Lakers in October at a $10 billion valuation. He is now selling less than a year later, generating a $2.5 billion paper gain in under 12 months. Walter, who also owns Major League Baseball's Los Angeles Dodgers, the WNBA's Los Angeles Sparks and the entire Professional Women's Hockey League, is the chief executive officer of Guggenheim Partners, a global investment and wealth management firm.

Bloomberg reported in July that US prosecutors in Manhattan are examining whether two insurers controlled by Walter, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation. Walter's companies have denied all wrongdoing. The federal probe has not been cited as a reason for the sale.

Kushner, 41, founded venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health. He is the brother of Jared Kushner, President Donald Trump's son-in-law. Kushner holds minority stakes in the Memphis Grizzlies, the Miami Heat and the San Francisco Giants. He and Iger had previously been pursuing an NBA expansion franchise in Las Vegas before pivoting to make an aggressive offer for the Lakers.

The Kushner name carries its own subplot. Thrive Eternal, Kushner's investment fund, was the entity FIFA president Gianni Infantino wanted to sell a minority stake to run World Cup tournaments for $4.2 billion. Infantino withdrew that proposal earlier this month following fierce opposition from UEFA and other governing bodies.

Iger served as chief executive of the Walt Disney Company from 2005 to 2020 and again from 2022 to 2026. He and his wife Willow Bay are the majority owners of Angel City FC, the National Women's Soccer League franchise based in Los Angeles, which they acquired at a $250 million valuation in 2024.

"As lifelong NBA fans, we are deeply honored 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 joint statement. "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."

The sale still requires approval from the NBA's board of governors before it is complete.

The ownership chaos landed on top of an already turbulent offseason. LeBron James departed in free agency after eight seasons, ending his Lakers chapter. The team traded unprotected first-round picks in 2031 and 2033, plus pick swaps in 2028 and 2030, to acquire center Walker Kessler from Utah on a four-year, $130 million deal. Luka Doncic, now the franchise's sole championship hope, is hosting teammates in Slovenia this week for a self-funded mini-camp while the ownership picture remains unsettled.

Adding another layer, the Buss family, which owned the Lakers for 47 years before selling its controlling stake to Walter, announced it would sell its remaining 17.8% stake to the new owners. Jeanie Buss, the team's governor, is contesting that decision, saying her siblings cannot sell the family's stake without her consent.

Lakers legend Magic Johnson offered a direct endorsement. "Laker fans, you couldn't have two better owners. 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," Johnson wrote on social media.