LA Lakers to be sold in record $12.5bn deal

The Los Angeles Lakers are set to change hands again in less than a year, with the iconic NBA franchise being sold to a group led by former Disney CEO Bob Iger and venture capitalist Joshua Kushner for a record-breaking 12.5 billion U.S. dollars, U.S. media reported Wednesday.

Los Angeles Lakers' Luka Doncic (Above) shoots during the 2025-2026 NBA regular season basketball game between Los Angeles Lakers and Sacramento Kings in Los Angeles, the United States, March 1, 2026. (Photo by Ringo Chiu/Xinhua)

If approved by the NBA, the transaction would establish a new record for the most expensive sale of a professional sports franchise, surpassing Dodgers owner Mark Walter's purchase of the Lakers from the Buss family in 2025 for a then-record valuation of approximately 10 billion dollars.

Kushner and Iger had recently been exploring the possibility of becoming involved in a future NBA expansion franchise as the league considered potential teams in Las Vegas and Seattle. Instead, the pair made an aggressive offer for one of the most valuable and recognizable franchises in professional sports.

"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," Kushner and Iger said in a statement. "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."

The transaction still requires approval from the NBA's board of governors, a process that could take several weeks.

Walter's ownership group also has interests in the Los Angeles Sparks, Chelsea FC, the Professional Women's Hockey League and several motorsport organizations.

Walter is reportedly selling only his interest in the Lakers. The Dodgers and Sparks are not part of the transaction. According to multiple reports, Walter is under federal scrutiny by prosecutors and the Securities and Exchange Commission over potential financial improprieties involving his insurance companies and related businesses.

Kushner, 41, founded venture-capital firm Thrive Capital and is co-founder and vice chairman of Oscar Health. He is the younger brother of Jared Kushner, U.S. President Donald Trump's son-in-law.

Kushner has previous experience as a sports investor. He owns a minority stake in the Miami Heat, which he will have to sell to complete the Lakers transaction, and previously held a minority interest in the Memphis Grizzlies. His investment firm also recently expanded into sports through long-term ownership ventures.

Iger, 75, stepped down as Disney's CEO in March after serving two separate terms as the company's chief executive. He remains a Disney board member and senior adviser until the end of the year.

Iger is no stranger to professional sports ownership. In 2024, he and his wife, Willow Bay, acquired a controlling interest in Angel City FC of the National Women's Soccer League. The deal valued the club at approximately 250 million dollars, at the time a record valuation for a women's professional sports franchise.