NBA commissioner Adam Silver said he was surprised to learn that Los Angeles Lakers controlling owner Mark Walter was preparing to sell the franchise, with the deal ultimately setting a record $12.5 billion valuation.
Speaking at Puck’s In The Arena conference on Thursday, October 1, Silver said the size of the transaction was not what caught him off guard. Instead, he was surprised that Walter was selling the Lakers at all.
“My initial surprise went less to price and more that there was a reason to even sell the Lakers,” Silver said, according to Mike Vorkunov. “Obviously, I had a newspaper understanding of what Mark Walters was dealing with but I did not know that at this moment in time he was about to sell the team.”
Walter purchased the Lakers’ majority stake for a then-record $10 billion in 2025, but reached an agreement to sell the franchise to Josh Kushner and Bob Iger just 14 months later.
The reported $12.5 billion valuation established a new record for a professional sports franchise. Walter is expected to receive roughly $2.5 billion more than the price he paid in 2025, although the transaction remains subject to approval from the NBA Board of Governors.
The ownership change also involves the Buss family, which has owned the Lakers since Jerry Buss purchased the franchise in 1979. The family sold its remaining 17.8% stake as part of the transaction.
Jeanie Buss, who has served as the Lakers’ governor since 2013, is contesting the sale in court, arguing that her siblings’ vote to approve the transaction was invalid. The dispute remains an issue surrounding the pending ownership change.
Walter is retaining ownership of the Los Angeles Dodgers and Los Angeles Sparks following the Lakers sale. His decision to sell the NBA franchise came amid federal and SEC investigations into alleged conflicts involving insurance loans connected to his financial services business.
The Lakers had already entered the 2026-27 season facing significant organizational changes on the basketball side. LeBron James departed after eight seasons and signed with the Philadelphia 76ers, while Los Angeles retooled its roster around Luka Doncic and Austin Reaves.
The Lakers also acquired Walker Kessler in a sign-and-trade and signed him to a four-year, $129.5 million contract. Austin Reaves received a four-year, $180 million deal.
Los Angeles won at least 50 games in consecutive seasons for the first time in 15 years, but its 2026 playoff run ended with a sweep by the Oklahoma City Thunder in the Western Conference semifinals.
