The Los Angeles Lakers are set for another stunning change in ownership, with billionaire investor Josh Kushner and former Disney CEO Bob Iger agreeing to buy the NBA franchise for a reported $12.5 billion. ESPN reported the agreement, citing multiple sources.
If completed, the transaction would become the most expensive sale of a professional sports team ever, putting the Lakers at the top of a rapidly escalating market for elite sports franchises.
The deal would also mean the Lakers are changing hands for the second time in barely a year.
From Las Vegas expansion bid to Lakers blockbuster
Kushner and Iger were initially pursuing an entirely different NBA opportunity.
The pair had been involved in efforts to secure an NBA expansion franchise in Las Vegas. Instead, they made an aggressive move for one of the league's most valuable and recognizable teams when the opportunity to acquire the Lakers emerged.
That decision has transformed what began as an expansion bid into a record-setting franchise purchase.
Kushner and Iger described the Lakers as an extraordinary responsibility and said their intention was to build on the foundation established by the Buss family.
"As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," they said, according to ESPN.
They added that their long-term goal was to compete at the highest level while serving the team, its supporters and Los Angeles.
Lakers valuation jumps again
The reported $12.5 billion price tag represents a remarkable increase from the valuation attached to Mark Walter's acquisition of controlling interest in the Lakers last year.
Walter's purchase was valued at roughly $10 billion, meaning the latest reported transaction would place the franchise around $2.5 billion higher in little more than a year.
The numbers highlight just how dramatically the value of major sports franchises has climbed.
The Lakers are not simply one of the NBA's most successful teams. They are a global sports brand with enormous commercial reach, a history filled with championships and legendary players, and one of the strongest identities in professional basketball.
A $12.5 billion transaction would set a new benchmark for the sports industry.
NBA approval is still required
Despite the agreement, the ownership change is not yet complete.
The proposed transaction must receive approval from the NBA Board of Governors, with the next board meeting scheduled for September in New York.
Until that process is completed, Walter remains the Lakers' majority owner.
Walter became the team's controlling owner after the NBA unanimously approved his purchase from the Buss family last year, bringing an end to the family's decades-long control of the franchise.
Mark Walter to retain his wider sports empire
Walter's exit from the Lakers does not mean he is leaving the sports business.
His TWG Global portfolio includes interests in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea FC and the Professional Women's Hockey League.
In a statement reported by ESPN, Walter reflected on his brief period with the Lakers and the significance of the franchise to Los Angeles.
"Owning the Los Angeles Lakers has been one of the great honours of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said.
"The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," he added.
Who is Josh Kushner?
Kushner, 41, is the founder and CEO of venture capital firm Thrive Capital and a co-founder and vice chairman of Oscar Health.
His connection to professional basketball is not entirely new. He also owns a minority stake in the Miami Heat.
That investment creates an additional step before he can complete the Lakers transaction: he would need to sell his Heat stake to comply with NBA ownership rules.
His move from an attempted expansion investment to ownership of the Lakers would represent a dramatic jump into one of the world's most recognizable sports properties.
Bob Iger brings Hollywood experience
Iger, 75, brings a very different background to the partnership.
The longtime entertainment executive served two separate terms as CEO of Disney and stepped down from the role earlier this year.
He also already has experience in Los Angeles sports ownership. Iger and his wife, Willow Bay, became controlling owners of NWSL club Angel City FC in 2024.
His involvement could give the Lakers ownership group an unusual combination of sports, entertainment and media expertise.
A new chapter after the Buss era
The proposed sale comes just over a year after the Buss family agreed to sell a controlling interest in the Lakers to Walter.
That transaction ended one of the longest and most consequential ownership eras in professional sports. The Buss family had controlled the franchise for decades, overseeing some of the most successful chapters in Lakers history.
Now, the team could be heading into another new era almost immediately.
If NBA owners approve the $12.5 billion deal, Josh Kushner and Bob Iger will take control of one of basketball's most powerful franchises—and the Lakers will become the most expensive sports team ever sold.
The extraordinary price also sends a message well beyond Los Angeles: in the modern sports economy, the value of an iconic team can rise at a breathtaking pace.
