Less than a year ago, billionaire Los Angeles Dodgers owner Mark Walter purchased the Lakers from the Buss family at a valuation of $10 billion. On Wednesday, in a stunning development, he turned around and sold the franchise.
ESPN’s Ramona Shelburne reports Walter has sold the Lakers to Josh Kushner and Bob Iger for $12.5 billion. The news comes amid a federal law enforcement probe into the financials of Walter and his companies.
“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said in a statement to ESPN. “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 and Iger were reportedly involved in the NBA’s expansion process into Las Vegas. Now they take over the most famous franchise in the NBA, helmed by international superstar Luka Dončić. It’s an utterly shocking turn of events given Walter’s extremely successful tenure as the owner of the Dodgers and how much money he paid to land majority control of the Lakers.
Kushner, 41, is the founder and managing partner of a venture capital firm named Thrive Capital; he previously purchased a small stake in the Heat. Iger was the CEO of Disney for about 20 years in total between 2005 and ’26. He officially stepped down from the position in October.
“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,” the pair said in a statement. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement. "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.”
New Lakers owners: what do you have to know about Bob Iger, Josh Kushner?
About 24 hours ago everybody presumed the Lakers were in reliable hands given Walter’s extraordinary success (and unusual willingness to invest) in MLB. Now that future is gone, and instead the Iger/Kushner duo will helm the organization going forward.
What do you need to know about these two owners?
For Kushner, this is not his first foray into NBA ownership. He reportedly acquired a minority stake in the Heat back in 2024, and before that owned a minority stake in the Grizzlies, purchased in ’19. It is key to note that Kushner must now sell this stake—as a controlling owner he is not permitted to own stakes in other teams. In the larger sporting world, Kushner was involved in FIFA’s recent failed attempt to sell stakes in the World Cup and other international tournaments. His investment firm was threatened with legal action by UEFA.
Iger’s career as a media executive means he’s familiar with the sports arena through that lens. He was involved in the famous Al Michaels trade that sent the legendary broadcaster to NBC in exchange for the rights to Oswald the Lucky Rabbit, and ESPN was under the Disney umbrella throughout his time with the company. He and his wife, Willow Bay, purchased a majority stake of the NWSL team Angel FC in 2024. Now he’s adding the Lakers to the portfolio.
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