Josh Kushner and Bob Iger agree to buy Los Angeles Lakers in $12.5 billion deal, AP says
Josh Kushner and Bob Iger have agreed to buy the Los Angeles Lakers for $12.5 billion, an Associated Press source told reporters on Wednesday in Los Angeles, with ESPN first reporting the deal. The source spoke on condition of anonymity because the parties had not publicly disclosed the terms at the time.
The sale would mark the second ownership change for the Lakers within a year after Mark Walter acquired control from the Buss family. The team had been valued at $10 billion when Walter’s purchase took place last year, a figure that set a record for a North American professional franchise at the time.
Iger and Kushner issued a joint statement saying, “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,” and adding, “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.” The pair had been working together on pursuing an NBA expansion team in Las Vegas, and the deal avoids waiting for expansion that could come no earlier than the 2028-29 season.
Lakers icon Magic Johnson praised the new ownership on social media, writing, “Laker fans, you couldn’t have two better owners,” and adding, “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.” The franchise is a 17-time NBA champion that won its most recent title in 2020 and has reached the playoffs in each of the past four seasons.
The Lakers’ current roster is described in the report as being built around Luka Doncic, who is signed through the 2028-29 season; Doncic posted on social media, “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” and added, “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
The $12.5 billion price is reported as a record for U.S. professional sports and raises the valuation ceiling for NBA franchises. The article notes prior high-profile transactions including Michael Jordan’s majority stake sale in the Charlotte Hornets at a $3 billion valuation three years ago and last year’s Boston Celtics sale to Bill Chisholm at just over $6 billion, with Walter’s $10 billion purchase last summer previously setting the bar.
Mark Walter, 66, surprised observers by moving to sell after roughly 10 months of official ownership; he had originally purchased a 27% minority stake in 2021 before buying control last year and his takeover was approved by NBA owners in October. The report cites Walter’s stewardship of the Los Angeles Dodgers, with three World Series championships in the past six seasons, and lists his broader holdings that include the Dodgers’ related interests in the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, the Professional Women’s Hockey League and the Cadillac Formula 1 team.
The report also outlines backgrounds for the incoming buyers and recent related items: Kushner, 41, has been a minority owner of multiple NBA teams, currently holds a minority stake in the Miami Heat and previously owned a stake in the Memphis Grizzlies; his capital firm, Thrive Eternal, was slated to be the “anchor investor” in a FIFA plan that Gianni Infantino later abandoned on July 31. The story notes Kushner’s brother is Jared Kushner, son-in-law of U.S. President Donald Trump, and that Iger, 75, served as Walt Disney Company CEO until last March and, with his wife Willow Bay, became controlling owners of Angel City FC in 2024 at a valuation of $250 million. The report says media outlets last month reported Walter’s business empire was under scrutiny by federal prosecutors and the Securities and Exchange Commission in tax fraud investigations, and it records that LeBron James left the Lakers after eight seasons to sign with the Philadelphia 76ers.
The sale still requires approval from the NBA’s board of governors, a process that can take several weeks, and the next board meeting is scheduled for September in New York.
