NBA team Los Angeles Lakers set for record $12.5 billion sale to Josh Kushner, Bob Iger
Los Angeles, August 12
The NBA team Los Angeles Lakers are set to be sold to businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion, reported ESPN.
If this deal happens, that would make the NBA franchise the most expensive sports team ever sold.
Kushner and Iger emerged as unexpected buyers after initially being involved in the process to secure an NBA expansion franchise in Las Vegas. They instead made an aggressive offer for the Lakers, who were acquired by Mark Walter from the Buss family last year at a valuation of approximately $10 billion.
"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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement, according to ESPN. "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 proposed transaction still requires approval from the NBA's Board of Governors, with the next board meeting scheduled for September in New York.
Walter, who became the Lakers' majority owner last October after his bid was unanimously approved by the NBA, will sell only his Lakers stake in the transaction, according to ESPN.
His broader sports portfolio through TWG Global includes interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League.
"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. 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," Walter said in a statement, as per ESPN.
The reported $12.5 billion valuation would represent a substantial rise from the approximately $10 billion valuation attached to Walter's purchase last year and set a new benchmark for the sale of a professional sports franchise.
Kushner, 41, is the founder and CEO of venture capital firm Thrive Capital and co-founder and vice chairman of Oscar Health. He also has a minority stake in the Miami Heat, which he would need to sell to comply with NBA ownership rules before completing the Lakers transaction.
Iger, 75, served two separate terms as Disney's chief executive and stepped down from the position earlier this year. Along with his wife Willow Bay, he became the controlling owner of NWSL club Angel City FC in 2024.
The Lakers' ownership change comes little more than a year after the Buss family agreed to sell a controlling interest in the franchise to Walter, ending the family's decades-long ownership of one of the NBA's most storied teams.
— ANI
Reader Comments
It's interesting how quickly Mark Walter is selling after just buying the team last year. I wonder if he spotted a quick profit opportunity or if there's something else going on. The Buss family must be feeling some type of way seeing their legacy change hands so rapidly. As an NBA fan in India, I just hope this doesn't disrupt the team's stability.
Josh Kushner is Jared Kushner's brother, right? Quite a family - one brother involved in Middle East politics and the other buying the Lakers. 🤯 Bob Iger from Disney too! They should know a thing or two about entertainment and showmanship. Maybe we'll see more Lakers content on Disney+ Hotstar?
I can't help but notice the stark contrast - in India, our sports leagues are struggling to find stable ownership and sustainable business models, while in the US, franchises are being sold for $12.5 billion. The gap in sports infrastructure and commercialisation between the two countries remains massive. That said, this validates that sports franchises are serious investment assets.
As someone who follows NBA from India since the early 2000s, the Lakers have always been special. The timing is odd though - the team hasn't been competitive lately and ticket prices in LA are already crazy. I hope the new owners focus on basketball operations and not just the business side. Lakers deserve better than being a Wall Street flip. 💜💛
The fact that Walter bought it for $10 billion and is now selling for $12.5 billion just a year later shows these aren't just sports teams anymore - they
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