The Los Angeles Lakers have been acquired by businessmen Josh Kushner and Bob Iger in a historic deal, marking the second major sale within a year.
The purchase agreement stands at a staggering $12.5 billion, as disclosed by a source familiar with the deal speaking to The Associated Press on Wednesday under the condition of anonymity. ESPN’s initial report revealed that Kushner and Iger are taking over the NBA’s most valuable team, which had a previous valuation of $10 billion when Mark Walter acquired a controlling interest from the Buss family. Notably, both businessmen were previously involved in efforts to secure an expansion team for Las Vegas.
In a joint statement to ESPN, Kushner and Iger expressed their deep appreciation for the opportunity to lead the iconic Los Angeles Lakers, emphasizing their admiration for the leadership of Jerry and Jeanie Buss. They outlined their commitment to building on the team’s legacy, striving for excellence, and serving the fans and the city of Los Angeles.
The acquisition of the Lakers allows Iger and Kushner to bypass any potential delays related to expansion plans, with the possibility of expansion occurring in the 2028-29 season.
However, the sale is subject to approval by the NBA’s board of governors, a process that could span several weeks, with the next board meeting scheduled for the following month in New York.
The $12.5 billion price tag sets a new benchmark in U.S. professional sports and reflects the ongoing surge in NBA franchise valuations. Just three years ago, the majority stake in the Charlotte Hornets was sold by Michael Jordan for $3 billion, while the Boston Celtics changed ownership last year at a valuation slightly exceeding $6 billion, then a record figure.
Walter’s acquisition of a controlling interest in the Lakers in June 2025 shattered previous records, and now Iger and Kushner have raised the bar even higher.
Walter’s purchase was endorsed by NBA owners in October last year. Initially, he acquired a 27% minority stake in the Lakers in 2021 before the significant 2025 transaction, contributing to the team’s $10 billion valuation, the highest ever for a professional sports franchise.
The Lakers boast a rich history, having secured 17 championships since their early days in Minneapolis, trailing only Boston’s 18 in NBA history. The team enjoys global recognition and consistently ranks high in merchandise sales across the league.
This landmark sale occurs shortly after LeBron James, the league’s leading scorer of all time, departed the Lakers following an eight-season tenure to explore free agency before ultimately signing with the Philadelphia 76ers.