The Los Angeles Lakers are set to be sold for a second time within a year to entrepreneurs Josh Kushner and Bob Iger in a deal reportedly worth $12.5 billion. This purchase marks a new record in the sports industry, with the NBA’s most valuable franchise changing hands. Last year, the Lakers were valued at $10 billion when Mark Walter acquired a controlling stake from the Buss family, who had owned the team since 1979.
In a joint statement, Iger and Kushner expressed their reverence for the iconic Los Angeles Lakers franchise and their commitment to upholding its legacy. The duo, who had previously collaborated on securing an NBA expansion team for Las Vegas, now have the opportunity to take ownership of the Lakers without waiting for potential expansion in the 2028-29 season.
The sale is subject to approval from the NBA’s board of governors, a process that could span several weeks and is scheduled for the next board meeting in New York in September. The $12.5 billion transaction not only sets a new benchmark for U.S. professional sports but also signifies a significant increase in NBA franchise values. This deal surpasses previous notable transactions, such as Michael Jordan’s sale of the Charlotte Hornets and the Boston Celtics’ acquisition by Bill Chisholm.
The decision by 66-year-old Walter to sell the Lakers after a brief period of ownership has led to speculation within the team’s fan base. The Lakers, a 17-time NBA championship-winning team, are currently led by star player Luka Doncic, who expressed enthusiasm about the franchise’s future under the new ownership. The Lakers’ recent successes and global popularity have further elevated their value.
Josh Kushner, a 41-year-old venture capitalist with interests in sports ownership, joins forces with 75-year-old former Disney CEO Bob Iger to acquire the Los Angeles Lakers. The sale reflects a changing landscape in professional sports ownership and marks a new chapter in the storied history of the Lakers franchise.
