The Los Angeles Lakers have been sold to American businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion, multiple sources told ESPN.
The deal sets a new NBA record for a franchise sale, just one year after Mark Walter acquired a controlling interest in the Lakers from the Buss family at a then-record valuation of approximately $10 billion.
Kushner and Iger had been involved in the NBA’s expansion process in Las Vegas before making an aggressive move to acquire one of the most iconic franchises in professional sports.
The Lakers are being sold to American businessman Josh Kushner and Bob Iger for over $12 billion, a record-breaking price, multiple sources told @ramonashelburne. pic.twitter.com/gzVzAM2muD
— ESPN (@espn) August 12, 2026
Josh Kushner and Bob Iger become Lakers’ new owners
Josh Kushner, 41, founded and runs venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health.
Bob Iger, 75, was succeeded this year as Disney CEO by Josh D’Amaro, ending his second term in the role. In 2024, Iger and Willow Bay became the controlling owners of NWSL club Angel City FC.
The two businessmen expressed their excitement about taking control of the Lakers and emphasized their intention to build on the franchise’s legacy.
“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. 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.”
Mark Walter became the Lakers’ majority owner last October after his bid was unanimously approved by the NBA. He is reportedly selling only the Lakers in the latest transaction.
Walter reflected on his time with the franchise and thanked the Buss family, players and staff in a statement.
“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.”
Mark Walter’s Lakers exit comes amid federal investigation
Walter, 66, has interests in several professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women’s Hockey League. Through TWG Motorsports, he also owns several auto racing teams, including Cadillac’s Formula 1 operation.
His departure from the Lakers comes as he faces a federal investigation involving other companies tied to him.
Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures.
The Securities and Exchange Commission is also conducting a parallel investigation, according to the Bloomberg report.
