The Los Angeles Lakers are heading toward another ownership change, less than a year after billionaire Mark Walter took control of one of basketball’s most famous franchises. Josh Kushner and former Disney CEO Bob Iger have agreed to buy the Lakers in a deal valued at $12.5 billion, according to multiple reports, setting a new record for a professional sports franchise.
The timing makes the deal particularly unusual. Walter’s 2025 takeover valued the Lakers at approximately $10 billion. The latest agreement therefore represents a $2.5 billion, or 25%, increase in headline valuation in roughly a year.
The sale is not complete. It still requires approval from the NBA’s Board of Governors, while Kushner must also address his existing minority ownership interest in the Miami Heat.
Why is Mark Walter selling the Lakers so soon?
That remains the biggest unanswered question. Walter originally acquired a 27% minority stake in the Lakers in 2021 before purchasing control from the Buss family. The NBA officially approved Walter’s majority ownership in October 2025.
The move ended decades of Buss family control dating to Jerry Buss’ acquisition of the franchise in 1979. Walter appeared positioned for a long-term role given his extensive sports investments, which include interests in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea and motorsports.
His ownership group had also begun restructuring the Lakers’ business operations. Earlier in 2026, employees across several departments were affected by changes examined in Swikblog’s report on the Lakers layoffs following the $10 billion ownership deal.
Walter has not publicly given a detailed reason for selling so quickly. He described owning the Lakers as one of the great honors of his life and expressed confidence in the team’s future.
Federal scrutiny adds another layer to the story
The sale comes while businesses connected to Walter are facing federal scrutiny. Reports say U.S. prosecutors are examining matters involving Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, including questions surrounding private-credit investments and connections to other Walter-controlled ventures.
The Securities and Exchange Commission is reportedly conducting a parallel investigation, while separate reporting has described an FBI search involving a private aircraft on which Walter was traveling and the seizure of his phone.
Those developments make the timing noteworthy, but there is no publicly established evidence that the investigation caused Walter to sell the Lakers. An investigation also does not establish wrongdoing. Any direct connection between the two should therefore not be presented as fact.
Did Walter make $2.5 billion on the Lakers?
Not necessarily. The difference between the approximately $10 billion valuation attached to the 2025 transaction and the new $12.5 billion figure is $2.5 billion, but that does not equal Walter’s personal profit.
The earlier transaction involved a controlling stake rather than a simple purchase of 100% of the franchise. Ownership percentages, financing, retained interests, expenses and the final structure of the new transaction would all affect Walter’s actual return.
What is clear is that the Lakers’ headline valuation has increased about 25%. The $12.5 billion figure also exceeds other landmark sports transactions, including the Boston Celtics’ roughly $6.1 billion valuation in 2025 and the Seattle Seahawks’ reported $9.6 billion sale in 2026.
Who are Josh Kushner and Bob Iger?
Kushner, 41, founded venture capital firm Thrive Capital and co-founded Oscar Health. He is the brother of Jared Kushner, President Donald Trump’s son-in-law. He currently owns a minority interest in the Miami Heat and previously held a stake in the Memphis Grizzlies. Reports say his Heat stake will have to be sold before the Lakers acquisition can proceed.
Iger, 75, spent much of the past two decades leading Disney and brings extensive experience managing global entertainment and media brands. He and his wife, Willow Bay, also became controlling owners of NWSL club Angel City FC in 2024.
The Las Vegas NBA expansion twist
Before pursuing the Lakers, Kushner and Iger had been involved in efforts surrounding a potential NBA expansion franchise in Las Vegas.
Buying the Lakers removes the uncertainty of waiting for expansion. Instead, they would gain control of an established global franchise with 17 NBA championships and an enormous international following. Their pivot could also reshape the pool of investors pursuing a future Las Vegas team.
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What happens to Jeanie Buss and the Lakers roster?
The Buss family retained an interest when Walter took control, while Jeanie Buss continued to play an important governance role. Her position under another controlling ownership group has not yet been clearly established.
The basketball side is also entering a new era. LeBron James has left Los Angeles, while Luka Doncic is positioned at the center of the franchise’s future. His importance was already evident in performances including the Lakers’ win over Memphis led by Doncic.
Kushner and Iger have said they intend to build on the Lakers’ foundation and compete at the highest level, but that statement should not be interpreted as confirmation of trades, executive changes or increased spending.
The NBA’s Board of Governors must approve the ownership change, a process that can take several weeks. The next board meeting is scheduled for September in New York.
Until approval and closing, Kushner and Iger are prospective rather than finalized Lakers owners. What is already extraordinary is the speed of the change: a franchise valued around $10 billion during Walter’s takeover is now subject to a $12.5 billion agreement roughly a year later, potentially resetting the value of elite sports franchises once again.
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