Lakers Sold for Record $12.5 Billion to Josh Kushner and Bob Iger

LOS ANGELES —

The Los Angeles Lakers are changing hands again, this time for a record $12.5 billion. Venture capitalist Josh Kushner and former Disney chief executive Bob Iger are buying the team from Mark Walter, who has owned it for just 14 months, according to ESPN and CNBC, which each cited people familiar with the deal. The price makes it the most expensive sale of a U.S. sports franchise on record.

Walter bought a controlling stake in the Lakers from the Buss family last October at a valuation of about $10 billion, a price the NBA's board of governors approved unanimously. Selling now at $12.5 billion means Walter is walking away with a return of roughly 21 percent, according to Fortune's calculation.

"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," Kushner and Iger said in a joint statement, adding that they have "immense respect for the leadership and vision of Jerry and Jeanie Buss."

Kushner and Iger had been pursuing an NBA expansion franchise in Las Vegas before turning their attention to the Lakers. Iger told the California Post the whole deal came together in three days once someone suggested Walter might sell. "We immediately decided that, given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it," Iger said.

The sale still needs sign-off from the NBA's board of governors, a process ESPN reported can take several weeks, with the board's next meeting scheduled for September in New York. It does not include Walter's stakes in the Dodgers, the WNBA's Los Angeles Sparks or the PWHL, according to CNBC. Kushner, who holds a minority stake in the Miami Heat, will have to sell that stake to clear the way for the purchase, ESPN reported.

Walter's business faces federal scrutiny

The sale comes as Walter's broader business empire is under federal investigation. Bloomberg reported in July that prosecutors in Manhattan and the Securities and Exchange Commission are examining whether two insurance companies Walter controls, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., properly disclosed billions of dollars in loans tied to his conglomerate, TWG Global. The Wall Street Journal reported the inquiry began after an internal whistleblower complaint and is looking at whether the activity amounted to fraud. A TWG spokesperson told the Journal that Walter "has always acted in good faith."

Lakers legend welcomes new owners

Lakers great Magic Johnson said fans should be thrilled. "Laker fans, you couldn't have two better owners," Johnson wrote on social media, adding that he has known Iger for more than 40 years. Lakers guard Luka Doncic, now the face of the franchise after LeBron James left for the Philadelphia 76ers in free agency, said he is looking forward to meeting the new owners. "I know that no matter what, there is no limit to the potential of this iconic franchise," Doncic wrote on X.