Billionaire Mark Walter is selling the Los Angeles Lakers to businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion. ESPN first reported the sale, which Walter later confirmed. The deal comes just one year after Walter purchased a controlling interest in the NBA franchise.
The transaction eclipses the $10 billion record sales price Walter paid for the franchise in 2025, leaving him with roughly $2 billion in gross profit before taxes. The purchase price also doubles the $6 billion figure paid for the rival Boston Celtics in 2025.
Walter reflected on his time owning the team in a statement. "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. "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."
Background of the New Owners
Josh Kushner, 41, previously co-founded Thrive Capital and Oscar Health. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. Kushner was part of an investor group that recently attempted to buy stakes in the World Cup from FIFA in a proposal that was later aborted. That proposal left FIFA president Gianni Infantino fighting for his job.
Bob Iger recently completed his second stint as chief executive officer of Disney. Disney maintains a long-standing partnership with the NBA through its sports cable network, ESPN, and other media properties. Iger and his wife, Willow Bay, are also controlling owners of Angel City FC, the Los Angeles franchise in the National Women's Soccer League.
Kushner and Iger expressed their commitment to the franchise in a joint statement. "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," Kushner and Iger said. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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."
Current Lakers Roster and Performance
The Lakers finished last season with a 53-29 record before their 2026 playoff run ended with a Western Conference semifinal loss to the Oklahoma City Thunder. Head coach JJ Redick now holds a 103-61 record over two seasons with the team. The franchise has won 17 NBA championships, including 12 following its move from Minneapolis.
The team is currently transitioning away from the LeBron James era. LeBron James left the Lakers as a free agent to sign with the Philadelphia 76ers, while his son Bronny James remains signed with Los Angeles. The current roster is built around Slovenian superstar Luka Doncic, high-scoring shooting guard Austin Reaves, and newly acquired center Walker Kessler.
Lakers Franchise Ownership History
Before Walter purchased the team in 2025, the Lakers had not been sold since 1979. In that transaction, Dr. Jerry Buss bought the NBA team, the NHL's Los Angeles Kings, and The Forum for $67.5 million. His daughter, Jeanie Buss, took control of the Lakers after his death in 2013 at age 80.
Jeanie Buss, who was briefly engaged to former Lakers head coach Phil Jackson, became a minority partner when her family sold controlling interest to Walter in 2025. She has continued to serve as the team's governor. Her future role with the Lakers under the new ownership group remains unclear.
Federal Investigations into Seller Mark Walter
The sale comes as federal prosecutors and the Securities and Exchange Commission probe the 66-year-old Walter over potential improper disclosures involving $16 billion in private-credit loans. A whistleblower initiated the case, which has not resulted in any criminal charges.
As Bloomberg reported last month, authorities are investigating Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, for failing to disclose private credit holdings backed by other Walter companies. Walter's company has denied any wrongdoing. "Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward," a spokesperson for TWG told The Wall Street Journal.
Walter and TWG Global retain ownership interests in the Los Angeles Dodgers, the Los Angeles Sparks, Premier League club Chelsea, and the Professional Women's Hockey League. ESPN reported that Walter has no plans to sell the two-time defending champion Dodgers.
