Josh Kushner and Bob Iger will acquire the Lakers for $12.5 billion. Multiple ESPN sources describe the price as record-breaking.
The businessmen led the expansion efforts to bring an NBA team to Las Vegas. In a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter. Walter bought a controlling interest in the team from the Buss family last year for about $10 billion.
“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. 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.”
Walter serves as the CEO and chair of TWG Global, a diversified holding company. Since October, he has been the Lakers’ majority owner, with the NBA’s unanimous approval of his bid.
“Owning the Los Angeles Lakers has been one of the great honors 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 in a statement. “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.”
The sale will need approval from the NBA’s board of governors, and that process can take several weeks. The NBA’s board of governors will hold its next meeting in September in New York.
“We were involved in pursuing the new franchise in Vegas. And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And 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. The deal came together in three days,” Iger told the California Post. “It’s that simple.”
Luka Doncic, the Lakers’ franchise cornerstone after LeBron James’s departure, posted on social media. He said he looks forward to meeting Kushner and Iger.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise,” Doncic posted to X. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
In addition, Walter and TWG Global have interests in multiple professional sports organizations. They include the Los Angeles Dodgers, the Los Angeles Sparks, Chelsea from the Premier League, and Professional Women’s Hockey League. Through TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula 1. Walter, 66, is selling only the Lakers in this transaction, sources told ESPN.
Walter built his financial empire in the insurance industry. He is under federal investigation for alleged tax fraud. The investigation involves other companies tied to the billionaire.
Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation, according to the Bloomberg report.
Kushner, 41, founded venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health. Kushner holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies. He will have to sell his stake in the Heat to clear the way for the Lakers purchase.
Iger, 75, was succeeded this year as Disney CEO by Josh D’Amaro, ending his second term in the role. In 2024, along with wife Willow Bay, he became the controlling owner of NWSL team Angel City FC.
