A blockbuster $12.5b deal as Josh Kushner and Bob Iger agree to buy LA Lakers

The Los Angeles Lakers, one of the most storied and valuable franchises in professional sports, have been sold for a record-breaking $12.5 billion to businessman Josh Kushner and former Walt Disney Company CEO Bob Iger. The deal marks the second major transaction involving the team in less than a year, following its previous sale to Mark Walter in 2023. According to a confidential source speaking to The Associated Press, the agreement was finalized with no public disclosure of detailed terms. This unprecedented price tag sets a new benchmark for the value of an NBA team. The sale comes amid a rapidly evolving landscape for the league’s top franchises. Last year, the Lakers were valued at $10 billion, a record for a professional sports team, when Mark Walter acquired a controlling stake from the Buss family, who had owned the team since 1979. Now, under the ownership of Kushner and Iger, the Lakers are poised to enter a new era. Both men are well-known figures in entertainment and technology, Kushner, a venture capitalist, and Iger, a seasoned executive with decades of experience in media and entertainment. Their partnership brings a blend of financial acumen and deep industry knowledge to the team. In a joint statement, Iger and Kushner expressed their enthusiasm for taking on the responsibility of leading the Lakers. “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,” they said. They emphasized their respect for the legacy of the Buss family and their commitment to building upon that foundation. “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 acquisition also allows Kushner and Iger to bypass the lengthy process of waiting for an NBA expansion team in Las Vegas, which could come as early as the 2028-29 season. Instead, they now control one of the league’s most prestigious franchises. Lakers legend Magic Johnson, a longtime partner of Walter in the ownership of the Los Angeles Dodgers, praised the deal on social media. “Laker fans, you couldn’t have two better owners,” he wrote. “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 sale must still receive approval from the NBA’s board of governors, a process that typically takes several weeks. The next scheduled meeting of the board is set for September in New York. With the Lakers currently valued at $12.5 billion, the deal surpasses previous records. Just three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, while the Boston Celtics were recently sold to private equity mogul Bill Chisholm for just over $6 billion. Walter’s purchase of the Lakers at $10 billion in 2023 broke that mark, and now Iger and Kushner have pushed the bar even higher. Mark Walter, who sold his stake after just 10 months of ownership, has already made a significant impact on the team. Under his leadership, the Lakers have continued their success, including their recent playoff appearances and the presence of star player Luka Doncic. The Slovenian forward, signed through the 2028-29 season, has grown increasingly attached to Los Angeles and the Lakers. In a post on social media, Doncic expressed excitement about the new ownership. “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” he wrote. “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.”