The Lakers are being sold to businessmen Bob Iger and Josh Kushner for a record amount of $12.5 billion, it was announced Wednesday.
Iger is the former CEO of the Walt Disney Co., and Kushner is the younger brother of Jared Kushner, who is married to President Donald Trump’s daughter Ivanka.
The current Lakers owner, Mark Walter, purchased a majority stake in the team from the family of the late Lakers owner Jerry Buss in 2025 for approximately $10 billion, a then-record sum for an NBA franchise.
Walter is under federal investigation for alleged tax fraud involving his insurance businesses.
The deal requires the approval of the NBA’s board of governors, which is scheduled to meet in New York next month.
“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,” Kushner and Iger said in a statement Wednesday. “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.”
Walter, who also owns the Dodgers, Los Angeles Sparks and the Chelsea soccer club of the English Premier League, said in a statement to ESPN, which first reported the sale: “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. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
News of the sale came as a shock to many Laker fans, coming so quickly after Walter’s purchase of the team just last year. But Laker legend Magic Johnson — a former part-owner of the team and past president of basketball operations — gave the deal an immediate thumbs-up.
“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Johnson wrote on X. “Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA.”
Current Laker star Luka Doncic also took to X, in response to the news.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic wrote. “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting with Josh and Bob so we can get to work building something special in LA together.”
Josh Kushner, founder of the Thrive Capital investment firm, is already a minority owner of the Miami Heat and previously had a stake in the Memphis Grizzlies. He will have to divest his ownership in the Heat to purchase the Lakers.
Iger, an investor in Thrive, spent nearly two decades as president and CEO of Disney, retiring at the end of 2021. He returned to the company in late 2022 and remained as CEO until March of this year, when he stepped down and was replaced by Josh D’Amaro. Iger and his wife, Willow Bay, are majority owners of L.A.’s National Women’s Soccer League franchise, Angel City FC. Bay is the dean of the USC Annenberg School for Communication and Journalism.
According to various reports, Iger and Kushner had been weighing a possible bid for an NBA expansion team in Las Vegas.