The Los Angeles Lakers have been sold for the second time within a year to businessmen Josh Kushner and Bob Iger for a record-breaking price. The sale agreement amounts to $12.5 billion US, as reported by a source familiar with the deal. This significant development with one of North America’s premier sports teams was disclosed under anonymity since specific details were not publicly revealed by either party.
ESPN was the first to report the purchase of the NBA’s most valuable franchise by Kushner and Iger. The Lakers, previously valued at $10 billion last year when Mark Walter acquired a controlling stake from the Buss family, have now set a new record in sports team valuation.
In a joint statement, Iger and Kushner expressed their deep honor in becoming stewards of the iconic Los Angeles Lakers franchise. They highlighted their respect for the leadership of Jerry and Jeanie Buss and emphasized their commitment to maintaining the team’s legacy, striving for excellence, and serving the fans and the city of Los Angeles.
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had previously collaborated on efforts to secure an NBA expansion team for Las Vegas. By acquiring the Lakers, they have expedited their entry into the league without having to wait for potential expansion in the 2028-29 season.
Magic Johnson, a partner in Walter’s ownership of the Los Angeles Dodgers, lauded the deal on social media, affirming that Lakers fans could not have asked for better owners in Iger and Kushner. Johnson’s endorsement highlighted Iger’s longstanding passion for the Lakers and basketball, predicting future championship success under the new ownership.
The sale is subject to approval from the NBA’s board of governors, a process that may take several weeks. The record-breaking $12.5 billion transaction not only sets a new benchmark in U.S. professional sports but also represents a significant escalation in NBA franchise valuations.
Previously, the Charlotte Hornets were sold for $3 billion, and the Boston Celtics were acquired for just over $6 billion. Walter’s acquisition of the Lakers at a $10 billion valuation last year had already shattered previous records, with Iger and Kushner now further elevating the market value.
Walter’s decision to sell after a brief tenure has resonated among the Lakers’ vast fan base, who had initially welcomed his ownership. The team, boasting 17 NBA championships and a recent title in 2020, has maintained a strong presence in the playoffs and features star player Luka Doncic, signed through the 2028-29 season.
The incoming ownership, comprising Kushner and Iger, brings a blend of sports and entertainment expertise to the Lakers. Kushner’s sports portfolio includes a minority stake in the Miami Heat and previous ownership in the Memphis Grizzlies. On the other hand, Iger’s extensive experience in the entertainment industry, particularly during his tenure at Disney, adds a strategic vision to the team’s future.
With an illustrious history and global brand recognition, the Los Angeles Lakers under new ownership are poised for a transformative era in one of the most storied franchises in sports history.