Kushner and Iger Agree to $12.5 Billion Los Angeles Lakers Takeover

Inside the $12.5 Billion Lakers Ownership Change

Billionaire investor Josh Kushner and former Disney CEO Bob Iger have reached an agreement to take control of the Los Angeles Lakers, according to multiple reports that value the NBA franchise at $12.5 billion. The transaction represents the highest price ever recorded for a US sports franchise and comes just a year after Mark Walter's group acquired the team from the Buss family at a $10 billion valuation.

The buyers are acquiring the controlling stake from Walter, chief executive of Guggenheim Partners and owner of the Los Angeles Dodgers. ESPN first reported the deal, citing sources; Kushner and Iger told Forbes they were "deeply honored to become stewards of the Los Angeles Lakers legacy," while Walter described his brief ownership as "a tremendous investment."

The price surpasses Walter's prior purchase and the $9.6 billion sale of the Seattle Seahawks to Vinod Khosla earlier this year. It also leaves the Lakers ahead of last year's Forbes valuations for the New York Knicks at $9.75 billion and the Los Angeles Clippers at $7.5 billion, though behind the Golden State Warriors at $11 billion — underscoring how quickly top franchise values have escalated.

For the Lakers, the ownership change does not yet signal changes to basketball leadership or operations. NBA owners must approve any controlling transfer, and league rules on ownership groups and debt will apply. The announced buyers have so far framed the purchase around stewardship rather than an operational overhaul.

Why the Lakers Commanded a Record $12.5 Billion

A Rapid Flip From Mark Walter

Walter's decision to sell after roughly a year turns a reported $2.5 billion paper gain into one of the fastest returns in sports franchise history. The move fits his profile as a financial investor: his Guggenheim Baseball Management group bought the Dodgers in 2012 for more than $2 billion and has held that asset, but the Lakers stake was always likely to be marked to the NBA's rising valuations.

What Kushner and Iger Bring

Josh Kushner, founder of Thrive Capital and an early backer of Instagram, Spotify, Stripe and OpenAI, brings technology and growth-investing credibility to an asset class increasingly dominated by wealthy individuals. Bob Iger adds a global media, branding and entertainment background from Disney, which could matter for sponsorship, content distribution and the Lakers' international profile. The exact split between the two buyers has not been disclosed.

The Broader Sports Franchise Bubble

The Lakers sale is the latest data point in a steep upward repricing of elite teams. Since 2025, the Boston Celtics sold for $6.1 billion and the Portland Trail Blazers for $4 billion; Vinod Khosla's Seahawks deal, Mark Cuban's Athletics stake and a reported consortium move for about one-third of Liverpool FC involving Jeff Bezos all point to the same trend. Scarcity, media rights growth and trophy-asset demand appear to be pushing prices beyond historical revenue multiples.

What the NBA Approval Process Will Test

The league's board of governors must approve the deal, which puts the buyers' financing structure and governance plan under review. For a franchise with the Lakers' profile, approval may hinge on how debt is structured and how authority is divided between two co-owners.

What Is Confirmed Versus Unclear

The $12.5 billion valuation and the identities of the buyers and seller are well-sourced across multiple outlets. Still outstanding are the NBA's formal approval, the final financial structure, how much equity each buyer holds, and any conditions attached to the change of control.

What the Lakers Deal Means for the NBA and Business Partners

For parties exposed to the deal, the immediate implications are concrete:

• NBA owners and potential sellers: The Lakers comp resets the ceiling for flagship franchises and strengthens asking prices for the Warriors, Knicks and other top clubs. Owners considering a minority or majority sale should update valuation benchmarks before negotiating.
• Lakers sponsors and media partners: Iger's entertainment background and Kushner's tech network may accelerate digital and streaming distribution opportunities, but contracts will not reprice automatically; partners should engage early on any ownership-driven strategy shifts.
• Fans and local stakeholders: No basketball operations change is announced, but public scrutiny will fall on any ticket, naming-rights or broadcast changes under the new control group.
• Prospective sports investors: The jump from $10 billion in 2025 to $12.5 billion in 2026 is a warning that entry prices for marquee NBA teams are rising rapidly; return assumptions should be stress-tested against actual revenue growth, not scarcity alone.