Lakers sold to Kushner and Iger for record $12.5B after three-day secret talks

Mark Walter wasn't looking to sell the Los Angeles Lakers. Then Josh Kushner and Bob Iger called on a Sunday with a number — $12.5 billion — that he couldn't ignore. Three days of secret talks later, the NBA's most valuable franchise had a new owner for the second time in 14 months, at a price that set a record for any professional sports team in North America.

The sale, first reported by ESPN, was confirmed Wednesday when Kushner and Iger released a joint statement. The $12.5 billion valuation dwarfs the $10 billion Walter paid for his controlling stake from the Buss family just over a year ago — itself a record at the time — and nearly doubles the $6-plus billion the Boston Celtics fetched when they were sold last year.

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. 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.— Bob Iger and Josh Kushner

The deal came together with almost no public warning. Kushner and Iger had assembled a bid group for a prospective NBA expansion franchise in Las Vegas, but according to ESPN's Ramona Shelburne, the bidding there was climbing steeply — into the $7.5 billion range — and the pair grew uncertain they would win it. That uncertainty prompted a pivot: why bid on a new team when an established one might be available?

At some point, they looked around and said, 'Why are we bidding on an expansion team? Let's before we do this, let's call and see if the Lakers are available.'— Ramona Shelburne, ESPN reporter

Walter was not interested in selling when the call came, Shelburne reported. But the $12.5 billion figure gave him pause. According to Shelburne, he had to think about it — and ultimately concluded it was a business opportunity he couldn't turn down. Iger confirmed in his first public comments that he only became aware of the possibility last week, underscoring just how compressed the timeline was. Lakers staff, Shelburne said, found out about the sale at the same time reporters did.

Nobody had really looped everybody in. Because of how fast this went down, nobody has any idea what this means yet.— Ramona Shelburne, ESPN reporter

Walter, who just one week before the sale publicly pledged to bring championships back to Los Angeles, released a statement framing the transaction as a success rather than a retreat.

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. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.— Mark Walter

Walter's rapid exit comes as his business empire faces scrutiny. Multiple media outlets reported last month that federal prosecutors and the Securities and Exchange Commission are investigating his operations for tax fraud, according to ESPN. Walter has not been charged, and the sources did not directly link the investigation to the sale decision.

The sale covers Walter's controlling stake — roughly 78% of the franchise, per The Ringer's Bill Simmons — at approximately $9.5 billion. The Buss family's remaining stake of about 15%, according to a source cited by Sports Business Journal, is not part of this transaction. But that family stake has become its own flashpoint: the rapid sale has reignited disputes among the six Buss siblings, with Jeanie Buss contesting a family vote to sell under a tag-along provision from the prior transaction, according to ESPN. That dispute remains unresolved.

Iger addressed Jeanie Buss's position directly, saying the new owners intend to honor the arrangement Walter made for her to remain the team's governor for five years.

If things change, they'll change, but we're going into this with enormous respect and appreciation for who she is and what she represents in the organization.— Bob Iger

The buyers bring different but complementary profiles. Iger, 75, ran Walt Disney Company across two lengthy stints between 2005 and last March and became one of Hollywood's most recognized executives. He and his wife, former sports journalist Willow Bay, became controlling owners of NWSL club Angel City FC in 2024. Kushner, 41, founded Thrive Capital and has held minority stakes in two NBA teams — the Memphis Grizzlies previously and the Miami Heat currently. He will need to divest the Heat stake to take control of the Lakers, according to The Athletic's Dan Woike. Kushner drew international attention this summer when his holding company, Thrive Eternal, was set to anchor FIFA President Gianni Infantino's plan to sell stakes in future World Cup profits — a plan Infantino abandoned on July 31.

Questions about financing the deal surfaced immediately. CNBC's David Faber said flatly that neither Kushner nor Iger is wealthy enough to put up $12 billion individually, and that no details had emerged about how much of the purchase would be financed, where additional equity might come from, or whether Kushner's own fund could be a source.

The franchise they are buying is the NBA's most decorated active brand. The Lakers have won 17 championships — second only to Boston's 18 — and their current roster is built around Luka Doncic, the NBA's scoring champion, who is signed through the 2028-29 season. The team has made the playoffs in each of the past four seasons. Doncic responded to news of the sale on social media, saying the franchise has no limit to its potential and that he looks forward to working with the new owners.

The sale also arrives weeks after LeBron James, the league's all-time leading scorer, departed the Lakers after eight seasons to sign with the Philadelphia 76ers as a free agent. Lakers icon Magic Johnson, a partner with Walter in ownership of baseball's Los Angeles Dodgers, praised the incoming owners on social media, saying he has known Iger personally for over 40 years and that Iger has always loved the Lakers and basketball.

The deal still requires approval from the NBA's board of governors, a process that can take several weeks. The next scheduled board meeting is in September in New York. Until the sale closes, Shelburne reported, it will be business as usual at the franchise — including the operational changes Walter had already set in motion, from new front-office hires to moving G League operations from the South Bay to the Coachella Valley and adding new revenue streams including a jersey patch deal and additional sponsorships. The Lakers' regional sports network, Spectrum SportsNet, remains separately on the block to be sold by Charter Communications, according to Sports Business Journal.

Why it matters — The Lakers sale sets a new ceiling for what a professional sports franchise is worth anywhere in North America, while unresolved family disputes and unanswered questions about financing mean the story is far from over.

Sources differ on Size of the Buss family's remaining stake in the Lakers: About 15% (sportsbusinessjournal.com) vs About 17.8% (global.espn.com)

Reported by espn.com, global.espn.com, sportsbusinessjournal.com, espndeportes.espn.com, statmuse.com