The Los Angeles Lakers are changing hands again, and this time the price tag has shattered every previous record in professional sports. On August 12, 2026, it was confirmed that venture capitalist Josh Kushner and former Disney CEO Bob Iger have reached an agreement to buy the storied franchise from current owner Mark Walter at a staggering $12.5 billion valuation. The announcement stunned the sports and business worlds alike, arriving less than a year after Walter himself set the previous record by purchasing controlling interest in the team.
How the Deal Came Together
According to people familiar with the matter, the Lakers sale came together remarkably fast, with Kushner and Iger reaching out to Lakers ownership with a formal proposal just days before the announcement. The two men had actually been pursuing a different basketball ambition altogether: an NBA expansion franchise based in Las Vegas. In a stunning pivot, they abandoned that plan and instead made an aggressive offer to acquire one of the most recognizable teams in American sports outright.
Mark Walter, who also owns the Los Angeles Dodgers, purchased a controlling stake in the Lakers from the Buss family in October 2025 for a then-record valuation of approximately $10 billion. Selling just over a year later at $12.5 billion represents one of the fastest and most lucrative franchise flips in modern sports history. Reports indicate that neither the WNBA’s Los Angeles Sparks nor the Dodgers are included in this transaction; the sale is limited strictly to Walter’s stake in the Lakers.
Who Is Josh Kushner
Josh Kushner is the founder of Thrive Capital, a prominent venture capital firm, and a co-founder of Oscar Health. He is also the younger brother of Jared Kushner, who is married to President Donald Trump’s daughter Ivanka. Kushner is not new to professional sports ownership. He currently holds a minority stake in the NBA’s Miami Heat and was previously a minority owner of the Memphis Grizzlies. Because NBA rules prohibit cross-ownership conflicts, Kushner will be required to divest his stake in the Heat in order to move forward as the controlling owner of the Lakers.
Sources indicate that if the deal is approved, Kushner will serve as the Lakers’ controlling owner, while Iger is expected to take on a deeply involved leadership role within the organization.
Bob Iger’s Role in the Ownership Group
Bob Iger, 75, served two separate stints as CEO of the Walt Disney Company, first from 2005 to 2020 and again from 2022 until stepping down earlier in 2026, when he was succeeded by Josh D’Amaro. Iger is already a partner of Kushner’s, having joined Thrive Capital as a member earlier this year. He is also the majority owner, alongside his wife Willow Bay, of Angel City FC, a National Women’s Soccer League franchise based in Los Angeles, a stake the couple acquired in 2024 for 250 million dollars.
Iger and Kushner released a joint statement following the announcement, saying they are “deeply honored” to become stewards of the Lakers and expressing respect for the “leadership and vision of Jerry and Jeanie Buss.” They added that their long-term commitment is to build on the franchise’s foundation, compete at the highest level, and serve the team, its fans, and the city of Los Angeles.
What Happens Next: NBA Approval
The deal is not yet finalized. It still requires formal approval from the NBA’s Board of Governors before Kushner and Iger officially take control of the franchise. Given the scale and record-setting nature of the transaction, the league’s vetting process is expected to draw significant attention in the coming weeks.
Reaction From the Team and Fans
Lakers superstar Luka Doncic, who has become the face of the franchise following LeBron James’s departure to the Philadelphia 76ers in July 2026, publicly welcomed the new ownership group on social media. Doncic said that being a Laker “means everything” to him and that he is excited to get back on the court and bring a championship to Los Angeles. He added that he looks forward to meeting Kushner and Iger to build “something special” together.
A Storied Franchise Changes Hands Again
With 17 championships to their name, the Lakers remain one of the most successful and valuable franchises in NBA history. The team’s roots trace back to 1946, when it was founded as the Detroit Gems before eventually relocating and becoming the Los Angeles institution fans know today. This latest sale, at more than $12 billion, cements the Lakers as the most valuable franchise sale in the history of American professional sports, surpassing even Walter’s own record-setting purchase just months earlier.
As the Kushner-Iger era prepares to begin pending league approval, all eyes will be on how the new ownership group shapes the franchise’s direction both on and off the court in the years ahead.
Stay tuned for more updates on the Lakers ownership transition, and drop your thoughts in the comments below on what this record-breaking sale means for the franchise’s future.