Los Angeles Lakers sold in record $12.5 billion deal

The Los Angeles Lakers are being sold to an ownership group led by venture capitalist Josh Kushner and former Disney CEO Bob Iger in a deal valued at $12.5 billion, according to multiple reports confirmed Wednesday. The sale, which requires approval from the NBA Board of Governors, would set a new record for a North American sports franchise.

Mark Walter, who acquired a controlling stake in the team only last October at a $10 billion valuation, is divesting his majority equity. The transaction comes less than a year after Walter's purchase from the Buss family, which had been unanimously approved by the league's governors.

Kushner and Iger confirmed the agreement in a joint statement. "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," they said. "We 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."

The purchase price surpasses the previous NBA record of $6.1 billion set by the Boston Celtics sale in 2025 and the $9.612 billion paid for the NFL's Seattle Seahawks in July, according to Yahoo Sports. Walter, who also owns the Los Angeles Dodgers and holds a stake in Chelsea, said in a statement that owning the Lakers had been "one of the great honors of my life."

The deal is pending approval by the NBA Board of Governors, with the next meeting expected in September in New York, ESPN reported. The sale also comes as Walter's financial empire faces a federal probe examining potential insurance fraud, according to reports last month.

On the court, the Lakers are in transition after LeBron James left in the offseason to join the Philadelphia 76ers. Luka Doncic, the team's main star, welcomed the new owners on social media. "Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA," he wrote. "I look forward to meeting Josh and Bob so we can get to work building something special in LA together."

Kushner, the brother of President Donald Trump's son-in-law Jared, and Iger had previously been linked to a potential NBA expansion team in Las Vegas. Iger stepped down as Disney CEO in March after a second stint leading the media giant.