Iger and Kushner’s $12.5bn bid for the Lakers is under negotiation, NBA approval required
Bob Iger and Josh Kushner have lodged a $12.5bn bid to acquire the Los Angeles Lakers, a move reported on 21 August 2026 that remains under negotiation and will require approval from the NBA’s board of governors.
The Lakers rose to prominence through eras such as Showtime in the 1980s and the Shaq-Kobe period, becoming a global sports brand through on-court success and entertainment crossover. Jerry Buss purchased the franchise for $16m in 1979 and remained majority owner until his death in 2013, when his children assumed control; at the time of Buss’s death the team was valued at $1bn. The franchise’s evolution from a sporting side into a commercial brand is a recurring theme in reporting on the proposed sale.
If the Iger–Kushner transaction proceeds, reports say it would make the Lakers the most valuable franchise in basketball. The Buss family still hold a minority stake and the siblings are reported to be contesting whether to sell their 17.8% share to the prospective buyers, a dispute that has added a familial subplot to the negotiations.
The proposed takeover follows a majority purchase by Mark Walter and Todd Boehly announced in June 2025 at a $10bn valuation, with the Buss family retaining a minority stake. Media accounts note Walter’s contemplated sale would represent a roughly $2.5bn increase on that valuation just 14 months after he took control of the team.
The NBA formally opened to institutional investment in 2022, and commentators point to a trend of private equity and other institutional buyers increasing their presence in sport. The article cites examples of long-standing owner families maintaining control — the Indiana Pacers since 1983 and the Chicago Bulls since 1985 — and notes that Mark Cuban sold his majority stake in the Dallas Mavericks in late 2023 after 24 years and has since said he regrets the sale.
Reporting on the financial mechanics says Iger and Kushner will need complex deal structures to assemble the purchase, with financing likely involving a mix of debt and cash and multiple investors to comply with league limits, including the rule that no individual fund can hold more than 20% of a single team. The piece also cites a Forbes estimate placing Iger’s net worth at $690 million in 2019.
Josh Kushner is described as the driving force behind the bid; he is the founder and managing partner of Thrive Capital, whose portfolio reportedly includes OpenAI, Stripe and Anduril. The investment is planned to go through a Thrive Capital affiliate, Thrive Eternal, created earlier this year; the fund’s mission statement, quoted in the coverage, describes its aim to invest in "assets with qualities that cannot be replicated by technology," including "iconic franchises and cultural institutions rooted in tradition, identity, and shared experience." The reporting also notes Kushner’s involvement came weeks after a separate initiative, FIFA Forward Enterprise, which he helped devise with Gianni Infantino, was described as having gone up in flames.
The immediate next steps are clear in the reports: the sale remains subject to negotiation and must secure approval from the NBA’s board of governors, while the Buss siblings must decide whether to dispose of their reported 17.8% minority stake to the Iger–Kushner group.