The Los Angeles Lakers are being sold.
Again.
Only 14 months after agreeing to purchase the Lakers at a record-setting $10 billion valuation, Mark Walter is selling the team to Bob Iger, the former Disney CEO, and Joshua Kushner. The deal would value the Lakers at $12.5 billion, according to a source with knowledge of the sale who spoke on the condition of anonymity because they were not authorized to discuss it publicly. Kushner has a minority stake in the Miami Heat and is the younger brother of Jared Kushner, President Donald Trump’s son-in-law.
The deal is a stunning development for one of the NBA’s marquee franchises, which was owned by Jerry Buss or his children for more than four decades before Walter’s short-lived run.
“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,” Iger and Kushner said in a statement. “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.”
ESPN first reported the sale agreement Wednesday morning.
The agreement does not include the Buss family’s shares in the franchise, and there is no indication Jeanie Buss will relinquish her role as the team’s governor. Her deal to sell a majority stake in the franchise to the Walter group in June 2025 stipulated that she remain governor for at least five years, and Iger told The California Post on Wednesday that he intends to honor the agreement.
Who becomes governor at the conclusion of those five years is one of many questions that remain unknown, including what the purchase will mean for the basketball operation itself. But Lakers star Luka Dončić was among the first to react to the news on social media, expressing optimism for what’s to come.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Dončić posted on X. “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 Josh and Bob so we can get to work building something special in LA together.”
The Lakers’ $10 billion valuation in the 2025 sale was the most expensive in professional sports history. If Kushner and Iger’s purchase is approved by the league, it would set another record a little more than a year later.
For context, a private equity deal completed by the New York Yankees this week valued the MLB franchise at approximately $10 billion. Among NFL teams, only the Dallas Cowboys and Los Angeles Rams were valued higher than $12.5 billion in a report released by Sportico this week, but those valuations are only estimates.
For Iger, 75, the purchase of the Lakers is a resounding answer to questions about what his public life after Disney would look like. Iger was succeeded by Josh D’Amaro as the company’s CEO in March. He remains a senior adviser and a board member, though those roles are set to end when his contract expires at the end of the year.
He served two stints as Disney’s CEO, the first from 2005 to 2020. After handing the reins to Bob Chapek, Iger remained with the company and returned to the CEO position when Chapek was fired in November 2022. During Iger’s first run as CEO, Disney bought Pixar, Marvel, Lucasfilm and the majority of 21st Century Fox. Iger also oversaw ESPN, though he left the day-to-day management of the company to other executives.
The Lakers are not Iger’s first investment in professional sports. In the summer of 2024, Iger and his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, acquired a controlling stake in Angel City FC in a deal that valued the NWSL club at $250 million. At the time, that was the highest valuation ever for a women’s professional sports team.
The Lakers sale, which has not been finalized, has to be approved by the NBA’s board of governors.
“Laker fans, you couldn’t have two better owners,” Lakers great Magic Johnson posted on X. “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.”
- Credit: The New York Times
- Authors: Dan Woike, Mike Vorkunov and Sam Amick
- Photo: Luke Hales
