Josh Kushner will have to sell his minority stake in the Miami Heat before he can complete his purchase of the Los Angeles Lakers, according to ESPN’s Brian Windhorst. The ownership issue could delay the Lakers transaction because Miami’s ownership structure is closely held and Heat shares are rarely available.
“The Heat don’t sell shares very often. That’s a very closely held team,” Windhorst said. “That potentially could take some time.”
Kushner, the founder of Thrive Capital, is part of the ownership group seeking to acquire the Lakers alongside former Disney CEO Bob Iger. The proposed transaction values the Lakers at approximately $12.5 billion and still requires approval from the NBA Board of Governors.
The requirement for Kushner to divest his Heat interest creates a separate transaction that must be completed before the Lakers purchase can be finalized. Windhorst’s comments indicate that finding a buyer for the Heat stake may not be straightforward because Miami has a limited number of ownership shares in circulation.
The timing is notable because the Lakers are entering the 2026-27 season after a major roster reconstruction. Los Angeles finished 53-29 in 2025-26, fourth in the Western Conference, before being swept 4-0 by the Oklahoma City Thunder in the second round of the playoffs.
The Lakers have since moved decisively toward a Luka Doncic-led roster. Doncic averaged 33.5 points, 8.3 assists and 7.7 rebounds in 64 games last season while shooting 47.6% from the field and 36.6% from three-point range.
Austin Reaves also enters the new era after averaging 23.3 points and 5.5 assists in 51 games. The Lakers committed four years and $185 million to Reaves, while acquiring Walker Kessler on a four-year, $130 million contract to become the team’s defensive anchor.
The ownership transition comes after Mark Walter’s brief tenure as Lakers controlling owner. Walter agreed to acquire a controlling stake from the Buss family in 2025 at a reported $10 billion valuation, with the transaction closing in October 2025.
The proposed $12.5 billion sale would represent a roughly $2.5 billion increase in valuation for Walter in less than a year, although the transaction remains subject to league approval.
For Kushner, however, the immediate hurdle is his Heat investment. Miami finished 43-39 in 2025-26 and entered the postseason through the Eastern Conference play-in tournament before its season ended, while the Lakers advanced to the Western Conference semifinals.
