The Los Angeles (LA) Lakers, an National Basketball Association (NBA) powerhouse, is set to change hands for the second time in a year, commanding a record-breaking price in professional sports history.
ESPN and other local media outlets reported on Thursday that former Walt Disney Company Chief Executive Officer (CEO) Bob Iger and venture capitalist Josh Kushner have reached an agreement to acquire the Lakers for a staggering 12.5 billion USD.
The sale is pending approval from the NBA Board of Governors, scheduled to meet in September.
This transaction comes just ten months after Mark Walter, owner of MLB’s LA Dodgers, took control of the Lakers, ending the franchise’s 46-year run under previous ownership.
Walter had purchased the team from the Jerry Buss family for 10 billion USD, then a record sum in pro sports. However, he’s now rushing to offload the Lakers amid a federal probe into alleged tax evasion and fraudulent activities linked to his businesses.
The Lakers boast an impressive 17 NBA championships, second only to the Boston Celtics’ 18 titles.
The franchise has been home to basketball legends like Kareem Abdul-Jabbar, Magic Johnson, and Kobe Bryant. Until last season, it also featured LeBron James, the NBA’s all-time leading scorer, who now plays for the Philadelphia 76ers.
Kushner, founder of the venture capital firm Thrive Capital, is the brother of Jared Kushner, former President Donald Trump’s son-in-law. He currently holds a stake in the Miami Heat but is expected to divest to clear the way for Lakers ownership.
Kushner previously attempted to acquire a stake in the International Federation of Association Football (FIFA) Forward Enterprises, a FIFA subsidiary, but the soccer governing body scrapped the plan following strong pushback from member associations.
Iger, who stepped down as Disney CEO earlier this year, is no stranger to sports team ownership. In 2024, he and his wife, Willow Bay, acquired Angel City FC, a National Women’s Soccer League (NWSL) team.
In a joint statement, Kushner and Iger said that as lifelong NBA fans, it’s honored to steward one of the world’s most iconic sports franchises. The long-term vision is to compete at the highest level while remaining committed to the team, its passionate fanbase, and the city of LA.