LOS ANGELES—Investor Joshua Kushner and former Walt Disney Co. Chief Executive Bob Iger have agreed to buy the Los Angeles Lakers from controlling owner Mark Walter for $12.5 billion, a record valuation for a U.S. professional sports team, according to reports confirmed by multiple news organizations.
The transaction, which would value the franchise about 25% higher than the $10 billion valuation attached to Walter’s acquisition last year, still requires approval from the National Basketball Association’s Board of Governors. The deal is also subject to due diligence by Kushner’s investment group, Thrive Eternal.
Walter acquired controlling interest in the Lakers in October 2025 after the NBA approved the transaction. The Buss family, which had held majority ownership since Jerry Buss bought the team in 1979, retained an ongoing minority interest, while Jeanie Buss remained the franchise’s governor.
The proposed sale would give Kushner, founder of investment firm Thrive Capital, and Iger, who led Disney from 2005 to 2020 and again from 2022 until his departure, control of one of the NBA’s most prominent franchises. The two had previously explored pursuing an NBA expansion team in Las Vegas, according to the Los Angeles Times.
The transaction comes after a rapid period of change for the Lakers. The team built its roster around Slovenian star Luka Doncic after acquiring him from the Dallas Mavericks in 2025, while longtime star LeBron James left the franchise for the Philadelphia 76ers in June 2026.
The sale also comes less than a year after Walter’s acquisition, underscoring the sharp rise in valuations for major North American sports franchises. Reuters reported that the Lakers transaction is part of a broader surge in sports-team values, driven by media rights, fan engagement and the limited availability of top-level franchises.
For Walter, the proposed transaction would represent a substantial increase over the valuation attached to his 2025 purchase. His wider business empire has also faced scrutiny, with federal prosecutors and securities regulators reportedly examining his insurance businesses and related loans, according to the Los Angeles Times.
The Lakers sale remains subject to NBA approval, with the league’s Board of Governors expected to consider the transaction before ownership can formally change hands.
