LOS ANGELES — The Los Angeles Lakers are set to change hands again in a transaction valued at $12.5 billion, an extraordinary deal that would establish a new record price for a North American professional sports franchise.
Venture capitalist Joshua Kushner and former Disney chief executive Bob Iger have agreed to purchase the Lakers from billionaire Mark Walter, according to people familiar with the transaction. The deal is not complete: it remains subject to due diligence and approval by the NBA Board of Governors.
The agreement arrives less than a year after Walter’s ownership group completed its own record purchase of a controlling interest in the franchise, valuing the Lakers at about $10 billion. The quick resale has prompted questions about why Walter is selling, what role the Buss family will retain, and how the new owners may shape one of the NBA’s most valuable and globally recognized teams.
Here is what is known about the proposed transaction and what remains unresolved.
The proposed deal
The Lakers would be sold to an ownership group led by Kushner and Iger at a reported $12.5 billion valuation. The figure is $2.5 billion higher than the valuation attached to Walter’s acquisition only months earlier. If approved, it would surpass the previous record price paid for a North American sports franchise, the $10 billion valuation in the prior Lakers sale.
The transaction centers on the Lakers alone. Walter’s other sports holdings, including the Los Angeles Dodgers and the WNBA’s Los Angeles Sparks, are not part of the reported deal.
The rapid timeline makes the agreement unusual. Iger said the opportunity emerged after he and Kushner learned that Walter might be open to a sale. They had initially explored the possibility of buying into an NBA expansion franchise in Las Vegas but shifted toward the Lakers when the chance arose. Reports said the agreement came together within three business days.
The $12.5 billion valuation reflects the exceptional commercial appeal of the Lakers brand. The franchise plays in the nation’s second-largest media market, has a global following, holds 17 NBA championships and has featured some of basketball’s most influential figures, including Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal, Kobe Bryant and LeBron James.
A valuation is not necessarily the same as cash paid directly to a seller. It represents the agreed value of the franchise and can involve debt, equity stakes, financing structures, and other transaction terms that have not been publicly disclosed. Neither side has released a detailed financial breakdown.
The buyers and seller
Kushner is the founder and chief executive of Thrive Capital, a venture-capital firm that has invested in technology companies. The transaction is reportedly tied to Thrive Eternal, an investment strategy launched by the firm.
Iger is one of the most prominent media executives in the United States. He served as chief executive of The Walt Disney Co. for 15 years before stepping down in 2020, then returned to the company’s top role in 2022. His experience in global entertainment, media rights, and brand management makes him a notable entrant into professional sports ownership.
Their partnership combines technology and investment expertise with deep experience in entertainment and distribution. That combination could be important for a franchise whose value extends well beyond basketball results. The Lakers are a worldwide brand with significant opportunities in media, sponsorships, premium events, international marketing, and digital content.
Walter, the seller, is chief executive and chairman of the holding company TWG Global. He also has long-standing sports interests, most prominently through the Dodgers. Walter became the Lakers’ majority owner after the NBA’s Board of Governors approved his purchase in October 2025.
Walter’s decision to sell after a relatively brief period as controlling owner is one of the transaction’s central mysteries. Reports have not identified a public dispute or operational failure behind the proposed sale. The speed of the agreement and the substantial increase in valuation suggest that the offer from Iger and Kushner was financially compelling.
Still, the parties have not publicly provided a full explanation for Walter’s decision. Until they do, claims about the motivation behind the sale should be treated as speculation.
What it means for Jeanie Buss
Jeanie Buss is expected to remain the Lakers’ governor for now, according to reports on the prior ownership agreement and the proposed sale. When Walter bought a controlling stake from the Buss family, the family retained a minority ownership position of just over 15%, and Buss was guaranteed a continuing leadership role for at least several years.
The Buss family had controlled the Lakers since 1979, when Jerry Buss purchased the team. After his death in 2013, his children assumed leadership responsibilities, with Jeanie Buss becoming the team’s governor and principal decision-maker. The family’s stewardship included championship periods led by Bryant and O’Neal, and later the 2020 title won by a team led by James and Anthony Davis.
Iger told the New York Post that he and Kushner intended to honor Walter’s agreement for Buss to remain governor for five years. That would preserve an important degree of continuity despite another ownership transition.
A team governor is the franchise’s formal representative to the NBA Board of Governors and plays a major role in league-level decisions. Maintaining Buss in that role could reassure fans and employees that the change in ownership will not immediately alter the Lakers’ established basketball operations structure.
However, the final governance arrangement has not been publicly detailed. The purchase agreement, NBA approval process, and the buyers’ eventual operating plans will determine the precise distribution of authority among Buss, Iger, Kushner, and senior basketball executives.
The NBA approval process
The NBA Board of Governors must approve the sale before it can close. League approval is standard for controlling ownership transactions, allowing the NBA to review prospective owners, financing arrangements, and compliance with league rules.
ESPN reported that the next Board of Governors meeting is scheduled for September in New York, though a final decision could take several weeks. The transaction is also contingent on due diligence by Kushner’s Thrive Eternal investment strategy.
The approval requirement means the Lakers have not yet formally changed owners. The reported $12.5 billion valuation is an agreed transaction price subject to the completion of those steps.
NBA ownership reviews are designed to assess the financial stability and suitability of ownership groups. The league is likely to examine the structure of the Iger-Kushner partnership, funding sources, governance rights, and the extent of any additional investors involved in the bid.
The league’s decision also comes during a period of rapidly rising franchise values. Major sports teams increasingly operate as global entertainment and media businesses, with revenue derived from television rights, sponsorships, arena operations, digital platforms and international audiences. The Lakers’ valuation is a striking example of that trend.
Basketball and business implications
The ownership change comes as the Lakers enter a period of transition on the court. Reuters reported that LeBron James, the NBA’s all-time leading scorer, left the club during the offseason to join the Philadelphia 76ers.
That departure would represent a major shift for the franchise. James has been central to the Lakers’ competitiveness, commercial visibility and global profile since he arrived in 2018. His exit puts added focus on the roster’s next phase, including the organization’s strategy around younger stars, player development, free agency and championship contention.
Ownership does not determine who wins games, but it can shape the resources and decision-making environment around basketball operations. New owners may influence spending appetite, executive hiring, arena development, business strategy, and the franchise’s broader public identity.
Along with the Dodgers, Clippers, Rams, Chargers, Kings, Sparks, and many college teams, the Lakers already compete in the very competitive Los Angeles sports market. They have benefits over many franchisees due to their well-known worldwide brand, but there are also high expectations. Every significant roster move, coaching decision and ownership statement is closely scrutinized.
For fans, the most immediate question is whether the proposed purchase will change the team’s culture. Iger and Kushner are acquiring a brand with deep connections to Los Angeles, the Buss family and decades of NBA history. Their stated commitment to preserve Buss’ leadership role suggests that a sudden overhaul is not expected.
The longer-term question is whether the new ownership group will use its financial capacity and media expertise to build a different model for the franchise, one that places even greater emphasis on international growth, technology, content and high-value partnerships.
The deal also illustrates the escalating financial stakes of modern sports ownership. Walter’s $10 billion acquisition was itself considered historic. A reported $12.5 billion valuation less than a year later demonstrates how scarce elite franchises have become and how aggressively wealthy investors are willing to compete for them.
For now, the proposed sale is a pending transaction rather than a completed one. The NBA must still approve the ownership group, conduct its review, and allow the parties to complete their deal. But if the agreement closes, the Lakers will again set the benchmark for professional sports valuations, and begin a new chapter under Iger and Kushner, while retaining a meaningful link to the Buss era through Jeanie Buss’ continuing role.