Former Disney CEO Bob Iger and venture capitalist Josh Kushner have agreed to purchase the Los Angeles Lakers for $12.5 billion, a record valuation for a U.S. professional sports franchise. The deal, first reported by ESPN and confirmed by multiple outlets, would surpass the $10 billion valuation attached to Mark Walter’s purchase of a controlling interest in the Lakers from the Buss family last year. The transaction remains subject to NBA approval and completion of due diligence.
Kushner and Iger confirmed the news, stating they were “deeply honored for the opportunity,” and adding: “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.”
The agreement marks a dramatic change in ownership after Walter held control of the franchise for less than a year. Iger, the former Walt Disney Co. chief executive, and Kushner, founder and managing partner of Thrive Capital, had recently been pursuing a potential NBA expansion franchise in Las Vegas. Instead, the pair shifted their focus to the Lakers and made an aggressive offer for Walter’s stake. Their interest in the team follows Iger’s long-standing involvement in sports and entertainment, including his investment in Angel City FC, while Kushner has expanded his investment portfolio into sports and other cultural assets.
The Buss family’s 46-year ownership era ended with Walter’s acquisition last year, although Jeanie Buss was expected to remain the Lakers’ governor for at least five years under the previous agreement. Iger and Kushner have indicated that they intend to respect that arrangement and build on the franchise’s history. Lakers legend Magic Johnson has also welcomed Iger’s involvement, citing the former Disney executive’s longstanding passion for basketball.
The Lakers remain one of the NBA’s premier franchises, with 17 championships and a global fan base. The team is entering another transition after LeBron James departed for the Philadelphia 76ers, leaving Luka Dončić as the centerpiece of the roster. The change in ownership also comes as the organization continues renovations and works through changes in its basketball and front-office operations.
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