Billionaire Mark Walter is reportedly selling the Los Angeles Lakers to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a record-breaking $12.5 billion.
“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger told ESPN in a statement Wednesday. “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 pair had been involved in the NBA’s expansion process in Las Vegas before unexpectedly shifting their focus to the Lakers and making an aggressive offer to buy the team, sources told ESPN.
The shocking sale comes just one year after Walter, the CEO and chairman of diversified holding company TWG Global, acquired a controlling stake in the Lakers from the Buss family for an estimated $10 billion valuation, setting a record at the time.
“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter, who purchased the franchise just last year, said in a statement to ESPN. “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Walter, 66, has investments across several professional sports teams. Through TWG Global, he has ownership in the Los Angeles Dodgers, Los Angeles Sparks, Premier League soccer club Chelsea and the Professional Women’s Hockey League. He also owns several auto racing teams through TWG Motorsports, including Cadillac’s Formula 1 team.
The reported deal involves only Walter’s ownership of the Lakers, according to ESPN.
Walter built his fortune in the insurance industry and is also facing federal investigations into alleged tax fraud at other companies he runs.
Kushner, 41, is the founder and CEO of venture capital firm Thrive Capital and the co-founder and vice chairman of Oscar Health. In April, Thrive Eternal, a permanent investment vehicle from Thrive Capital, acquired a minority, non-controlling stake in the San Francisco Giants.
He is also the younger brother of Jared Kushner, a former adviser to President Donald Trump who is married to Ivanka Trump. Josh Kushner is married to supermodel Karlie Kloss.
Iger, 75, meanwhile, recently ended his second stint as Disney CEO, handing the role to Josh D’Amaro in March. Iger also has experience in professional sports ownership, as he and his wife, Willow Bay, became controlling owners of the National Women’s Soccer League club Angel City FC in July 2024.
Iger and Kushner would take over the Lakers as the franchise enters the post-LeBron James era.
James left in July for the Philadelphia 76ers after eight seasons in LA and one NBA title, leaving Luka Doncic as the team’s new centerpiece. The Lakers have also added big man Walker Kessler and re-signed guard Austin Reaves.
