The record-setting sale of the Los Angeles Lakers for $12.5 billion drew plenty of reaction from fans, while franchise legend Magic Johnson strongly supported the new ownership group.
Mark Walter is selling the Lakers to Josh Kushner and Bob Iger only about a year after acquiring control of the franchise from the Buss family for $10 billion. The increase in value quickly became a major talking point.
Johnson welcomed the incoming owners and expressed confidence in their ability to lead the organization.
“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Johnson wrote.
“Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball, and he will bring championships back to LA,” he added.
Some fans focused on Walter potentially making billions from the quick sale.
“Brother owned the Lakers for 6 months and did all of nothing and still flipped them for 2 billion I’m sick,” one fan wrote.
Others were surprised by how quickly the franchise’s valuation increased.
“The Lakers going from a $10B valuation to being sold for $12B+ basically a year later is insane to me! Damn. At some point we gotta stop calling these things basketball teams, yay the basketball is the product but the brand is the asset,” another wrote.
Iger’s previous role as Disney CEO also generated jokes among fans, including “THE DISNEY LAKERS” and “Lakers are never beating the Mickey Mouse allegations now.”
Others connected the timing of the sale to LeBron James’ departure for the Philadelphia 76ers.
“Mark Walter decided to sell what he bought once he saw Bron left LA,” one fan wrote.
Walter did not provide a specific reason for selling but reflected positively on his time with the organization.
“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 said.
Kushner and Iger, who had previously explored joining the NBA through a potential Las Vegas expansion franchise, instead turned their attention to the Lakers.
“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,” they said. “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.”
Stunned Lakers fans react to blockbuster $12.5B sale: ‘Insane!’ https://t.co/cDNZJIPcix pic.twitter.com/gk9WaTkKzI
— New York Post (@nypost) August 12, 2026
