The Los Angeles Lakers are set for another change in ownership after a group led by Joshua “Josh” Kushner and Bob Iger agreed to acquire a controlling interest in the NBA franchise from billionaire Mark Walter in a deal valuing the team at approximately $12.5 billion.
The agreement, reported by ESPN and other outlets, would establish a new record for the highest valuation ever assigned to a professional sports team. The proposed sale comes just 14 months after Walter purchased a controlling stake in the Lakers from the Buss family for $10 billion, which was itself a record-setting transaction at the time.
The deal is still subject to approval by the NBA’s board of governors.
Lakers Set for Second Sale in 14 Months
The Lakers are being sold to American businessman Josh Kushner and Bob Iger for over $12 billion, a record-breaking price, multiple sources told @ramonashelburne. pic.twitter.com/gzVzAM2muD
— ESPN (@espn) August 12, 2026
Walter’s purchase of the Lakers from the Buss family was completed last year after the family had owned the franchise since 1979. The $10 billion valuation surpassed the previous record set by the sale of the Boston Celtics for $6.1 billion.
Now, the Lakers are being valued at $12.5 billion, representing a dramatic increase in the team’s estimated worth in less than two years.
Walter, who also owns the Los Angeles Dodgers, described his time with the Lakers as a significant part of his career and said he was confident about the franchise’s future.
“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said in a statement. “It has been 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 added that the Lakers “belong to Los Angeles” and expressed confidence that the team has a strong future ahead.
Josh Kushner and Bob Iger Address the Lakers Deal
Statement to ESPN from Josh Kushner and Bob Iger:
“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… https://t.co/IMvaW0Iolr
— Ramona Shelburne (@ramonashelburne) August 12, 2026
Josh Kushner and Bob Iger said they are approaching the transaction as lifelong NBA fans and intend to build on the foundation established by the Buss family.
“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.
“We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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.”
Kushner is the founder of venture capital firm Thrive Capital and the younger brother of Jared Kushner. Forbes currently estimates Josh Kushner’s net worth at $5.2 billion, largely based on his ownership stake in Thrive Capital, which has backed companies including OpenAI, Instagram, Spotify and Stripe. He also has previous experience as an NBA investor, having held a minority stake in the Miami Heat.
Iger, meanwhile, is the former Disney chief executive and remains closely connected to the company’s business and entertainment operations. He has also been an adviser to Thrive Capital.
Iger has also amassed a substantial personal fortune during his decades in the entertainment industry, with an estimated net worth of $690 million, although a more recent publicly verified Forbes real-time figure was not available as of August 2026. His wealth has been built largely through his long career at Disney, including substantial executive compensation during his years as CEO.
Iger Has Deep Ties to Los Angeles Sports
No, but Bob Iger and his wife, USC Annenberg dean Willow Bay, are the controlling owners of Angel City FC. https://t.co/P262SbkEaB
— Arash Markazi (@ArashMarkazi) August 12, 2026
The Lakers deal gives Bob Iger another major sports investment in Los Angeles.
In 2024, Iger and his wife, Willow Bay, acquired a controlling stake in Angel City FC of the National Women’s Soccer League. The transaction valued the club at $250 million and was the highest valuation for a women’s professional sports team at the time.
Iger has also been a regular presence at Lakers and Clippers games and developed a close relationship with the NBA during his years leading Disney, which owns ESPN and has longstanding media rights ties with the league.
His involvement in the Lakers comes as he prepares to move further away from his executive role at Disney. Iger’s second stint as the company’s CEO ended earlier this year, although he has remained a senior adviser and board member.
Walter’s Ownership Comes to an Abrupt End
Walter’s decision to sell the Lakers to Josh Kushner and Bob Iger’s ownership group marks a surprisingly short tenure as the franchise’s majority owner.
The billionaire, who serves as CEO of Guggenheim Partners, also owns the Dodgers and the WNBA’s Los Angeles Sparks. The Sparks are not included in the Lakers transaction.
Walter’s broader business empire has also attracted scrutiny. Federal investigators and the Securities and Exchange Commission have been examining insurance companies connected to his businesses, according to reports. The investigation has included questions surrounding the financial operations of companies associated with Walter. His businesses have denied wrongdoing.
Despite the circumstances surrounding the sale, Walter characterized his ownership of the Lakers positively.
“I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter,” he said. “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Lakers Enter a New Era
The proposed ownership change comes at a significant moment for the Lakers on the basketball side.
The franchise recently entered a new chapter following LeBron James’ departure after eight seasons in Los Angeles. James became a free agent before ultimately signing with the Philadelphia 76ers.
The Lakers have won 17 NBA championships, tied with the Celtics for the second-most in league history. Their combination of championships, star power, global recognition and commercial reach has made the franchise one of the most valuable properties in professional sports.
The arrival of Josh Kushner and Bob Iger could therefore signal a major new phase for the organization, particularly as the team looks to remain competitive following James’ departure.
NBA Approval Is Still Needed
lol Jeanie Buss sold a majority stake in the Lakers to Mark Walter less than 1 year ago (October 30, 2025), at what was an already inflated $10 billion valuation. so subject to NBA approval, he’s on the cusp of making $2.5B in profit (minus attorney fees and other expenses) in a… https://t.co/2Py4y8ooiI
— ☻ (@boyluan) August 12, 2026
The reported agreement does not immediately transfer control of the Lakers to the new ownership group. The sale must first receive approval from the NBA’s board of governors, with the league’s next meeting scheduled for next month in New York.
They had previously been involved in discussions surrounding a potential NBA expansion team in Las Vegas, with expansion potentially coming as early as the 2028-29 season. Josh Kushner and Bob Iger’s agreement to purchase the Lakers would instead give the pair control of an established NBA powerhouse.
If the transaction receives league approval, the Lakers will have a new majority ownership group only slightly more than a year after Walter’s record-setting purchase.
At approximately $12.5 billion, the deal would also reset the record for the most valuable sports franchise ever sold, underscoring the extraordinary financial growth surrounding the Lakers and the broader professional sports industry.
Featured image: Jamel Toppins for Forbes/The Walt Disney Company
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