Iger and Kushner Buy the Lakers for a Record-Shattering $12.5 Billion

A Deal That Rewrites the Record Books

Josh Kushner and Bob Iger had been seeking to acquire an NBA expansion team in Las Vegas — but they pivoted dramatically, making an offer to buy the Los Angeles Lakers from financier Mark Walter. The result is one of the most stunning ownership transfers in sports history. The Lakers are being sold to the two businessmen for $12.5 billion, a record-breaking price. To put that number in perspective, Jerry Buss purchased the franchise for just $67.5 million in 1979.

The purchase comes just 14 months after the Buss family — the team's longtime owners — sold a controlling stake in the Lakers to billionaire Mark Walter at a $10 billion valuation. With the move, Walter is set to make a $2.5 billion profit on the team after a little over a year. Not a bad return — but it also underscores just how rapidly the value of elite sports franchises is climbing. NBA team valuations surged 18% from 2025 to 2026, driven in part by multibillion-dollar media rights deals.

Who Are the New Owners?

Iger, 75, was succeeded this year as Disney CEO by Josh D'Amaro, ending his second term in the role. He stepped down from the top post at the Mouse House in March and took on an advisory role at Thrive Capital. In 2024, along with wife Willow Bay, he became the controlling owner of NWSL team Angel City FC — so sports ownership is not entirely new territory for him. Kushner, meanwhile, is the founder and CEO of Thrive Capital, a venture firm whose portfolio reads like a Silicon Valley hall of fame. Thrive recently raised $10 billion for a new set of funds, with investments that have included Instagram, Spotify, Patreon, Robinhood, OpenAI, and A24.

Kushner holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies — but he will have to sell his stake in the Heat to clear the way for the Lakers purchase. Walter, who built his financial empire in the insurance industry, is under federal investigation for alleged tax fraud by other companies tied to the billionaire — a cloud that likely accelerated his decision to sell.

A Deal That Came Together Fast

The Lakers sale came together very quickly in just the past few days, when Kushner and Iger reached out to Lakers ownership with a proposal. Specifically, Kushner and Iger approached Walter with the offer on Sunday. The deal will move forward pending Thrive's due diligence and the NBA approval process. Jeanie Buss and Walter had reportedly worked out an agreement that would keep Buss in her role for the next five years, and Iger confirmed Wednesday that the new ownership group would honor that agreement.

The new owners wasted no time making their intentions clear. "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 statement. Lakers star Luka Dončić also said he wants to build "something special" with the new owners, adding: "Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA."

What This Means for the NBA and Sports Business

The Lakers have long been Hollywood's basketball team, with late owner Jerry Buss turning the Forum — and then Staples Center — into a star-studded party during the team's "Showtime" era. That cultural cachet has never diminished, and the $12.5 billion price tag reflects it. The franchise isn't just a basketball team; it's a global brand, an entertainment property, and a status symbol all in one.

With two of the most well-connected figures in American media and venture capital now at the helm, the Lakers are entering a new chapter. Iger brings decades of experience building one of the world's most powerful entertainment empires, while Kushner brings the financial firepower and tech-world relationships of a firm that has backed some of the most transformative companies of the last decade. Whether that combination translates to championships on the court remains to be seen — but off the court, this ownership group may be the most formidable the franchise has ever had.