The Los Angeles Lakers are set for their second ownership change in roughly a year after Josh Kushner and former Disney CEO Bob Iger agreed to acquire the NBA franchise in a deal valued at $12.5 billion. The proposed transaction would establish a new U.S. professional sports valuation record if it receives NBA approval.
Key Takeaways
- Josh Kushner and Bob Iger have agreed to acquire the Los Angeles Lakers in a transaction valued at $12.5 billion.
- The transaction still requires approval from the NBA Board of Governors before the ownership transfer can be completed.
- The valuation exceeds the roughly $10 billion figure attached to Mark Walter’s acquisition of a controlling stake in 2025.
- Kushner and Iger had previously explored involvement in a potential NBA expansion franchise in Las Vegas before pursuing the Lakers.
- The proposed transaction arrives during a broader organizational transition that includes changes in ownership, business leadership and the Lakers’ roster.
The Los Angeles Lakers ownership agreement puts one of the NBA’s most recognizable franchises at the center of another major transaction less than a year after control shifted away from the Buss family.
Kushner and Iger agreed to purchase the Lakers from Mark Walter at a valuation of $12.5 billion, according to reports from Reuters, The Associated Press and ESPN. The price would surpass the approximately $10 billion valuation attached to Walter’s 2025 acquisition of a majority stake.
The deal is not yet complete. It remains subject to the NBA’s ownership review and approval process, an important distinction as the franchise enters another potential transfer of control.
Kushner and Iger acknowledged the significance of the proposed transaction in a joint statement, saying they were “deeply honored for the opportunity to become stewards of the Los Angeles Lakers.”
Los Angeles Lakers Deal Raises the Franchise Benchmark
At $12.5 billion, the proposed Los Angeles Lakers transaction would establish a new high for a U.S. professional sports franchise, according to AP and Reuters reporting. The figure is particularly notable because the Lakers had already set a major valuation benchmark when Walter acquired controlling ownership in 2025.
The NBA Board of Governors unanimously approved Walter’s purchase of the Lakers’ majority interest on October 30, 2025. The Buss family retained an ongoing interest in the franchise, while Jeanie Buss was set to remain the team’s governor for at least five years following the closing of that transaction.
The new agreement emerged only months into Walter’s period as majority owner, creating an unusually compressed sequence of ownership changes for a franchise that had spent decades under Buss family control.
The Lakers also operate within a broader commercial structure that extends beyond basketball results. Ticketing, sponsorships, media exposure, merchandising and fan engagement all form part of modern team operations. A recent change in Lakers business operations added Lon Rosen as president of business operations following Tim Harris’ departure.
The ownership price does not establish how the team will perform on the court or how its commercial results will develop. It does, however, provide a measurable indication of the price attached to control of the franchise under the terms reported publicly.
Ownership Changes Continue After Walter’s 2025 Purchase
The Lakers’ ownership history had been comparatively stable before the recent sequence of transactions. The Buss family held majority control beginning in 1979, when Jerry Buss acquired the franchise, until the sale of the controlling interest to Walter was approved in 2025.
Walter had already been involved with the Lakers before becoming majority owner. The NBA described him as a longtime participant in its sports ownership structure when announcing approval of the 2025 sale.
Kushner and Iger’s entry developed through a different route. The pair had previously explored the possibility of participating in an NBA expansion franchise in Las Vegas. Reuters reported that they shifted toward acquiring the Lakers when that opportunity became available.
The league formally authorized exploration of potential expansion to Las Vegas and Seattle in March 2026, but that process is separate from the Lakers transaction. Acquiring an existing franchise would place Kushner and Iger inside the NBA’s current ownership structure rather than requiring the creation of a new team.
The size of the Lakers agreement also adds another data point to NBA franchise business models, where team values are connected to multiple commercial activities in addition to competition on the court. The exact financial assumptions behind the Lakers’ $12.5 billion valuation have not been publicly detailed.
Iger and Kushner Bring Media and Sports Experience
Iger brings decades of experience from the media and entertainment industry after leading The Walt Disney Company during two separate periods. His tenure placed him at the center of a company with extensive sports-media operations through ESPN, giving him experience with the business surrounding major professional leagues.
He also has experience in professional sports ownership. Iger and his wife, Willow Bay, became controlling owners of Angel City FC in 2024 through a transaction that valued the National Women’s Soccer League club at $250 million, according to AP.
Kushner is the founder of Thrive Capital and has previously held minority interests in NBA organizations. ESPN reported that his existing minority stake in the Miami Heat would need to be addressed before completion of the Lakers transaction.
The ownership proposal also arrives as the Lakers move through a basketball transition. LeBron James left Los Angeles during the 2026 offseason for the Philadelphia 76ers, while Luka Doncic remains a central figure on the Lakers roster. AP reported that Doncic is under contract through the 2028-29 season.
Those roster changes are separate from the ownership agreement, and the proposed buyers have not publicly detailed specific changes to basketball operations. The more immediate issue is the league approval process and whether the transaction proceeds under the reported terms.
The new agreement also does not automatically alter Jeanie Buss’ role. Under the NBA-approved 2025 arrangement, Buss was expected to remain governor for at least five years. Public reporting on the proposed Kushner-Iger transaction has not yet established whether that structure will remain unchanged after another transfer of control.
Until NBA approval is secured and the transaction closes, the $12.5 billion figure should be described as the valuation attached to a proposed ownership agreement rather than a completed sale. If approved, the Los Angeles Lakers deal would place the franchise above the previous U.S. professional sports transaction benchmark and mark its second major ownership change in a short period.
Frequently Asked Questions
Who is buying the Los Angeles Lakers?
Josh Kushner and former Disney CEO Bob Iger have agreed to acquire the Los Angeles Lakers from majority owner Mark Walter. The proposed transaction values the franchise at $12.5 billion.
Has the $12.5 billion Lakers deal been completed?
No. The agreement still requires approval from the NBA Board of Governors before the ownership transfer can be finalized.
How does the new valuation compare with the 2025 Lakers deal?
Walter’s 2025 acquisition of a controlling stake valued the Lakers at approximately $10 billion. The new agreement places the franchise’s reported valuation at $12.5 billion.
Why are the Los Angeles Lakers changing owners again?
Public reporting indicates that Kushner and Iger shifted their attention from a possible Las Vegas expansion franchise when an opportunity to acquire the Lakers emerged. Detailed private reasons behind Walter’s decision to sell have not been fully disclosed.
What happens next with the ownership deal?
The NBA must review and approve the proposed ownership change. Until that process is completed, Walter remains the controlling owner under the previously approved ownership structure.
