The Los Angeles Lakers are changing hands once again, this time in a historic $12.5 billion deal that shatters the record for the most expensive sale of a sports franchise anywhere in the world.
The buyers are a group led by venture capitalist Josh Kushner and former Walt Disney Company CEO Bob Iger. The pair, who had reportedly been involved in efforts to secure an NBA expansion team in Las Vegas, pivoted to acquire the Lakers after approaching current owner Mark Walter with an offer last Sunday.
Walter, who also owns the Los Angeles Dodgers, had bought a controlling stake in the Lakers from the Buss family for $10 billion in June 2025, and then it was its own record. His brief tenure as Lakers owner is now ending with a staggering $2.5 billion profit in just over a year.
In a joint statement, Kushner and Iger expressed deep respect for the franchise's legacy. "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," they said. "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."
Iger confirmed that the new ownership group intends to honor the existing agreement that keeps Jeanie Buss as the Lakers' governor for the next five years.
Despite selling the Lakers, Walter is expected to retain ownership of the Dodgers. His decision to sell comes as he faces a federal probe into whether he properly disclosed loans tied to his companies, though the investigation has not been cited as a reason for the sale.
Kushner, the brother of Jared Kushner, son-in-law to U.S. President Donald Trump, already holds minority stakes in the Memphis Grizzlies and Miami Heat, both of which he would be required to divest under NBA ownership rules.
The Lakers' most celebrated legend, Magic Johnson, publicly endorsed the sale on social media, signaling his support for Iger's involvement.
The franchise is coming off a 53-29 season that ended in the Western Conference semifinals. However, the offseason was rocked by LeBron James's departure to the Philadelphia 76ers on a two-year contract, leaving Luka Dončić as the team's centerpiece.
The deal values the Lakers at nearly 185 times what Jerry Buss paid for the team in 1979 ($67.5 million), cementing the franchise as not just basketball royalty but one of the most valuable properties in all of global sports.