Former Disney CEO Bob Iger and investor Josh Kushner snatch the franchise from Mark Walter in a deal that stunned the NBA.
The Los Angeles Lakers just changed hands again. Less than 15 months after Mark Walter bought controlling interest for a then-record $10 billion, the iconic franchise is heading to a new ownership group at a valuation of $12.5 billion.
Josh Kushner, founder of Thrive Capital and younger brother of Jared Kushner, and Bob Iger confirmed the purchase Wednesday. The pair had been chasing an NBA expansion team in Las Vegas. They pivoted hard when word reached them that Walter might sell. The whole deal came together in roughly three days.
A Record That Keeps Climbing
This price tags the Lakers as the most expensive U.S. professional sports franchise ever sold. It tops Walter’s own $10 billion purchase from the Buss family, approved by the NBA Board of Governors in October 2025, and edges past the $9.6 billion Seahawks sale earlier this year.
Walter walks away with a roughly $2.5 billion gain on paper. In a statement he called owning the Lakers “one of the great honors of my life” and “an extraordinary investment.” He kept the Dodgers and Sparks. Those teams stay with him.
Iger and Kushner issued their own joint statement: “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. 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.”
Jeanie Buss Stays Put
The Buss family still holds a minority stake. Iger said the new group intends to honor the prior agreement that keeps Jeanie Buss as team governor for at least five years. “We have every intention to honor the agreement that was made between Mark and Jeanie,” Iger told the California Post.
NBA approval is still required. The Board of Governors next meets in September. Due diligence by Kushner’s Thrive Eternal vehicle is also underway.