American businessman Josh Kushner and former Disney executive Bob Iger are purchasing the Los Angeles Lakers for a record-breaking price of $12.5 billion, ESPN reported on Wednesday.
Per the network, the duo purchased controlling interest from Mark Walter, who bought his stake in the team from the Buss family for $10 billion in October 2025. The NBA Board of Governors unanimously approved the sale of the majority interest to Walter on Oct. 30.
“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” 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 sale still will need approval from the NBA’s Board of Governors. The next board meeting is next month in New York.
Walter, 66, is the CEO and chairman of diversified holding company TWG Global. The group also is involved with Premier League club Chelsea and the Professional Women’s Hockey League.
“Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter said in a statement to ESPN.
“I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Lakers star Luka Doncic announced over social media that he looks forward to meeting Kushner and Iger.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. 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,” he posted to X. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
Kushner, 41, and Iger, 75, reportedly were involved in an expansion process to land an NBA team in Las Vegas before switching gears toward purchasing the Lakers.
Kushner is the younger brother of Jared Kushner, who is President Donald Trump’s son-in-law.
Jerry Buss, who died in 2013, originally purchased the Lakers for $67.5 million in a deal that included The Forum in Inglewood, Calif., and the NHL’s Los Angeles Kings.
Founded in 1947, the Lakers have made 32 trips to the NBA Finals and won 17 championships, second only to the Boston Celtics with 18.
–Field Level Media
