The Los Angeles Lakers are changing hands once again as former Disney CEO Bob Iger and Thrive Capital founder Josh Kushner have agreed to purchase the historic NBA franchise for a record-breaking $12.5 billion, according to reports from ESPN and CNBC. The transaction comes less than a year after Dodgers owner Mark Walter bought a controlling stake in the team at a $10 billion valuation.
The Sale Terms and Ownership Shift
According to a person familiar with the matter who spoke to CNBC, the deal values the Lakers at $12.5 billion. Neither the Los Angeles Dodgers nor the WNBA’s Los Angeles Sparks are included in the sale, which remains subject to approval by the NBA’s board of governors, as reported by CBS Sports. Iger and Kushner previously explored purchasing an expansion franchise in Las Vegas before pivoting to acquire the Lakers, according to ESPN.
“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 published by CNBC and CBS Sports. “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.”
Business Ties and Background of the Buyers
The acquisition unites two prominent business partners. Bob Iger joined Thrive Capital, the venture capital firm founded by Josh Kushner, earlier this year, according to CNBC. Iger, 75, stepped down as CEO of Disney earlier this year following roughly 20 years at the helm across two separate tenures. Josh Kushner is the brother of Jared Kushner, who is married to Ivanka Trump, the daughter of President Donald Trump, as noted by CNBC.
Kushner’s prior sports ownership experience includes holding a minority stake in the Memphis Grizzlies and purchasing a stake of less than 5% in the Miami Heat last year, according to CBS Sports. Additionally, Iger and his wife, Willow Bay, acquired the professional women’s soccer team Angel City Football Club for $250 million in 2024, as reported by CNBC.
Mark Walter’s Recent Divestment
The swift sale by Mark Walter follows reports regarding regulatory and health scrutiny. In July, Bloomberg reported that federal prosecutors in Manhattan began examining the $362 billion money management arm of Guggenheim Partners, the financial firm co-founded and led by Walter, alongside investigations into potential financial improprieties at two of his insurance companies, according to CNBC and CBS Sports. Additionally, The Wall Street Journal reported last month that Walter, 66, suffered a stroke in 2024, raising questions within his business empire regarding his fitness to lead, as cited by CNBC.
Roster Rebuild and On-Court Outlook
While ownership transitions at the executive level, the Lakers are also undergoing significant roster changes on the court. LeBron James departed in free agency after eight seasons with the organization to sign with the Philadelphia 76ers, handing leadership of the squad over to Luka Dončić, according to CBS Sports. To bolster the lineup around Dončić, the franchise traded two unprotected first-round picks and two pick swaps to acquire big man Walker Kessler, alongside signing free agents Sandro Mamukelashvili, Quentin Grimes, Collin Sexton, Kevon Looney, and Matisse Thybulle, per CBS Sports.
Lakers legend Magic Johnson expressed strong support for the incoming leadership on social media. “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, according to CBS Sports.
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