The Los Angeles Lakers have been sold for the second time within a year, with businessmen Josh Kushner and Bob Iger acquiring the team at a groundbreaking price. The sale agreement, totaling $12.5 billion in the United States, was disclosed by an insider speaking to The Associated Press on Wednesday under the condition of anonymity due to the lack of specific details from both sides. ESPN initially reported the purchase of the NBA’s most valuable franchise by Kushner and Iger. Last year, the Lakers were appraised at $10 billion when Mark Walter secured a controlling stake from the Buss family, who had owned the team since 1979.
Expressing their appreciation for the opportunity, Iger and Kushner stated, “As lifelong NBA fans, we are deeply honored to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises globally.” The duo highlighted their commitment to upholding the team’s legacy under the leadership of Jerry and Jeanie Buss, aiming to compete at the highest level and serve the team, fans, and the city of Los Angeles.
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had previously collaborated on efforts to bring an NBA expansion team to Las Vegas. By acquiring the Lakers, they bypass the wait for possible expansion until at least the 2028-29 season. NBA legend Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the acquisition on social media, expressing confidence in the new owners’ ability to bring championships back to LA.
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 September in New York. The $12.5 billion transaction sets a new benchmark for U.S. professional sports sales and reflects the escalating values of NBA franchises. The abrupt decision by 66-year-old Walter to sell after just 10 months of ownership has triggered reactions among the Lakers’ extensive fan base.
The Lakers, a 17-time NBA championship-winning team, clinched their most recent title in 2020 and have consistently made the playoffs in recent years. The current roster centers around NBA scoring leader Luka Doncic, signed through the 2028-29 season, who expressed enthusiasm for the team’s future following news of the sale. Kushner, aged 41, holds a minority stake in the Miami Heat and previously owned a share in the Memphis Grizzlies, expanding his sports portfolio beyond basketball.
Iger, aged 75, renowned for his tenure at Disney, and his wife have ventured into sports ownership with NWSL team Angel City FC. The Lakers’ acquisition by Walter was greenlit by NBA owners in October, significantly reshaping the franchise’s future direction. As the second most successful NBA team in terms of championships, the Lakers boast a global brand identity and a strong presence in merchandise sales rankings.
