LOS ANGELES (AP) 鈥� are being sold for the second time in a year, going to businessmen Josh Kushner and Bob Iger for a record-breaking price.
This sale agreement is $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details of the latest stunning development with one of North America’s marquee sports teams.
ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise. The Lakers were valued last year at $10 billion 鈥� a record for a pro sports team 鈥� when Mark Walter purchased a , which had owned the team since 1979.
鈥淎s 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,鈥� Iger and Kushner said in a statement. 鈥淲e 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.鈥�
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had been working together on landing a possible NBA expansion team for Las Vegas. By buying the Lakers, they don’t have to wait until the possibility of expansion in the 2028-29 season at the earliest.
Lakers icon Magic Johnson, a partner in Walter’s ownership of baseball’s Los Angeles Dodgers, praised the deal on social media.
鈥淟aker fans, you couldn鈥檛 have two better owners,鈥� Johnson wrote. 鈥淚鈥檝e known Bob personally for over 40 years 鈥� he has always loved the Lakers and basketball and he will bring championships back to LA.鈥�
The sale still will need approval from the NBA鈥檚 board of governors, and that process can take several weeks. The next board meeting is set for September in New York.
The $12.5 billion price tag is not only a record for U.S. pro sports but a new summit in skyrocketing NBA franchise values. Only three years ago, for a $3 billion valuation, while the at a valuation of just over $6 billion.
Walter鈥檚 agreement to purchase a in the Lakers at the $10 billion valuation last summer obliterated that mark, and now Iger and Kushner have pushed the bar even higher.
The 66-year-old Walter鈥檚 shocking decision to sell after just 10 months of official ownership is reverberating throughout the team鈥檚 massive fan base, which appeared to be uniformly excited about the purchase last year. Walter has stewarded into the most successful stretch in franchise history, with three World Series championships in the past six seasons as the most aggressive spenders in baseball.
Multiple media outlets last month reported that Walter鈥檚 business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations.
The Lakers are 17-time NBA champions who won their most recent title in 2020. They’ve made the playoffs in each of the past four seasons, and their current roster is built around NBA scoring champion Luka Doncic, who is signed through the 2028-29 season. The Slovenian superstar has become passionate about Los Angeles and the Lakers less than two years after his arrival.
鈥淏eing a Laker means everything to me, and I鈥檓 excited to get back on the court and bring a championship to LA,鈥� Doncic wrote on social media after hearing of the sale. 鈥淚鈥檝e 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.鈥�
The 41-year-old Kushner has been a minority owner of two NBA teams, but he jumped into the international sports spotlight this summer when his capital holding company, Thrive Eternal, was set to be the 鈥渁nchor investor鈥� in to sell stakes in future World Cup profits. Infantino on July 31.
Kushner鈥檚 older brother is , son-in-law of U.S. President Donald Trump.
Josh Kushner currently owns a minority stake in the Miami Heat, and he previously owned a stake in the Memphis Grizzlies.
The 75-year-old Iger became one of Hollywood鈥檚 most well-known executives while he ran Disney for two lengthy stints between 2005 and last March, when he stepped aside. Iger and his wife, former sports journalist Willow Bay, became the controlling owners of NWSL team Angel City FC in 2024 with a deal that valued the club at $250 million.
Walter鈥檚 purchase of the Lakers was approved by NBA owners last October. He originally bought a 27% minority stake in the team in 2021 before purchasing control of the team last year.
The Lakers’ 17 championships going back to the franchise鈥檚 origin in Minneapolis are the second-most in NBA history behind Boston鈥檚 18. It is a global brand, always at or near the top of the league鈥檚 merchandise-sales rankings.
This record sale price comes just weeks after LeBron James, the league鈥檚 all-time leading scorer, left the Lakers after eight seasons to become a free agent. to sign with the Philadelphia 76ers.
Walter and his team had already begun to make extensive changes to the Lakers, who were often perceived as an antiquated franchise in many aspects during their decades of Buss family ownership.
The Lakers had beefed up their basketball operations department with new hires in the front office around longtime general manager Rob Pelinka. They also boosted the business side with extensive searches for new revenue, including sales of new jersey patches and additional prominent sponsorship deals.
When Walter bought his controlling interest in the Lakers, the deal specified that Jeanie Buss would stay on as the team鈥檚 governor. With new ownership, it鈥檚 unclear whether Buss will have a continuing role in the team she inherited along with her siblings from her father, Jerry Buss, who died in 2013.
Along with the Dodgers, Walter and his various partners also have ownership interests in the WNBA鈥檚 Los Angeles Sparks, English Premier League club Chelsea, the Professional Women鈥檚 Hockey League and the new Cadillac Formula 1 racing team.
___
AP Basketball Writer Tim Reynolds in Miami contributed to this report.
___
AP NBA:
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
