Venture capitalist Josh Kushner and former Disney CEO Bob Iger have agreed to purchase the Los Angeles Lakers from billionaire Mark Walter, valuing the historic NBA franchise at a record $12.5 billion, according to reports from ESPN and Aljazeera. The transaction sets a new benchmark for North American sports franchise valuations, arriving just a year after Walter purchased a controlling interest in the team from the Buss family at a then-record valuation of approximately $10 billion.
Record-Breaking $12.5 Billion Agreement Reached for Los Angeles Lakers
The deal took industry observers and fans by surprise. Previously, Kushner and Iger had been involved in pursuing a potential NBA expansion team in Las Vegas before pivoting to make an aggressive offer for the Lakers, as reported by ESPN. The agreement requires formal sign-off from the NBA’s board of governors and remains pending due diligence by Thrive Eternal, a new investment strategy launched by Kushner’s venture capital firm Thrive Capital, according to Aljazeera. The board’s next meeting is scheduled for September in New York.
Leadership Statements and Context on the Transition
In a joint statement, the incoming co-owners expressed their perspective on taking over the franchise: “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,
” ESPN and Aljazeera reported. The buyers added that they hold immense respect for the leadership and vision of Jerry and Jeanie Buss, aiming to build upon that foundation and compete at the highest level for the city of Los Angeles.
Lakers legend Earvin “Magic” Johnson publicly congratulated the incoming ownership group on social media, noting his long personal relationship with Iger and expressing confidence in their ability to bring championships back to Los Angeles, as detailed by Aljazeera. The sale arrives while the team navigates a period of transition on the court, following the departure of all-time leading scorer LeBron James to the Philadelphia 76ers during the offseason.
Backgrounds of the New Co-Owners
Both buyers bring extensive business and sports backgrounds to the organization. Bob Iger retired from The Walt Disney Company in March, having previously overseen sports network ESPN and built relationships with the NBA during multibillion-dollar broadcast negotiations, according to Aljazeera. Iger and his wife, Willow Bay, also previously acquired a controlling stake in National Women’s Soccer League side Angel City FC.
Josh Kushner, whose personal wealth is estimated at $5.2 billion by Forbes, founded Thrive Capital and has established a broad footprint in sports investments and technology. According to Frontofficesports, Kushner became a minority owner of the Miami Heat in late 2024, previously held a piece of the Memphis Grizzlies, and acquired a stake in the San Francisco Giants earlier in the year. His wife, model Karlie Kloss, also holds a stake in the WNBA’s New York Liberty.
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