LOS ANGELES — Former Walt Disney Chief Executive Bob Iger and venture capitalist Joshua Kushner have agreed to acquire the Los Angeles Lakers from billionaire Mark Walter for $12.5 billion, a record valuation for a U.S. professional sports team, according to people familiar with the transaction and reports confirmed by multiple news organizations.
The deal, which would transfer control of one of the NBA's most valuable franchises only about a year after Walter acquired a controlling stake, remains subject to approval by the NBA's board of governors and completion of due diligence, according to Reuters.
The $12.5 billion valuation is $2.5 billion above the $10 billion valuation attached to Walter's purchase of a controlling interest from the Buss family in 2025. The transaction represents another major ownership change for the Lakers after decades of control by the Buss family.
Iger and Kushner had previously been pursuing a potential NBA expansion franchise in Las Vegas. They shifted their focus to the Lakers after learning Walter was willing to sell, according to reports. The pair said they intend to build on the franchise's existing foundation.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Iger and Kushner said in a statement reported by ESPN. They said they had “immense respect” for the leadership and vision of Jerry and Jeanie Buss and pledged a long-term commitment to the team, its supporters and Los Angeles.
Iger, who left Disney's chief executive role in 2026 after two separate periods leading the entertainment company, has extensive experience in media and sports. Kushner is the founder of investment firm Thrive Capital and has been involved in professional sports ownership.
The proposed sale comes as the Lakers enter another period of transition on the court. The franchise acquired Luka Dončić from the Dallas Mavericks in 2025 and saw veteran star LeBron James leave for the Philadelphia 76ers in June 2026 after eight seasons in Los Angeles.
The transaction does not yet constitute a completed transfer of ownership. The next confirmed step is review and approval by the NBA's board of governors, after which the sale can proceed toward closing.
