Lakers sold to Joshua Kushner and Bob Iger for $12.5 billion in record deal

The Los Angeles Lakers have been sold to Joshua Kushner and Bob Iger in a major shakeup for the 17-time NBA champions.

An agreement was reached to purchase the Lakers for a record $12.5 billion, ESPN reported.

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“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,” a statement read. “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 statement continued.

Walter purchased the Lakers from the Buss family last year for a then-record franchise valuation of approximately $10 billion. He still owns the Los Angeles Dodgers, Los Angeles Sparks and English Premiere League side Chelsea.

The deal requires the approval of the NBA’s board of governors. The panel is scheduled to meet in New York next month.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said. “It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

Kushner, 41, founded venture capital firm Thrive Capital. The brother of Jared Kushner, the son-in-law of President Donald Trump, is a minority owner of the Miami Heat and previously had a stake in the
Memphis Grizzlies.

He attempted to buy the World Cup operations from FIFA last month before a deal was scrapped.

Iger, 75, was Disney’s CEO before his term ended earlier this year. In 2024, he became the controlling owner of NWSL team Angel City FC in Los Angeles.

Word of the deal came as a surprise, given Walter’s purchase of the team just last year. Lakers Hall of Famer Magic Johnson, a former part-owner of the team and past president of basketball operations, referenced the fan base Wednesday in a social media post.

“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Johnson wrote on X. “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.”

Luka Doncic, who joined the Lakers in a surprise deal with Dallas, also shared his thoughts 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,” Doncic said. “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 with Josh and Bob so we can get to work building something special in LA together”