Los Angeles Lakers owner Mark Walter has agreed to sell the National Basketball Association franchise to businessmen Josh Kushner and Bob Iger for $12 billion.
The transaction comes less than a year after Walter acquired the team for nearly $10 billion following an agreement with the Buss family, according to multiple sources with knowledge of the deal cited by ESPN.
If completed, the sale will represent the highest purchase price ever paid for an NBA franchise.
In a joint statement released through ESPN, Kushner and Iger said that as lifelong fans of the NBA, they were deeply honored by the opportunity to become custodians of the Los Angeles Lakers, describing the team as one of the most iconic sports franchises in the world.
They expressed enormous respect for the leadership and vision of former long time owners Jerry Buss and Jeanie Buss. The incoming owners added that their long term commitment is to build on that foundation, compete at the highest level, and serve the team, its supporters, and the city of Los Angeles.
Buyer background and original plans
Josh Kushner manages investments in technology firms through his venture capital enterprise Thrive Capital. Bob Iger acts as an advisor to Kushner on long term investments connected to iconic brands and cultural assets, including professional sports teams.
The initial plan for both investors to enter NBA ownership was to bid on a prospective expansion team expected to be launched in Las Vegas, Nevada.
Mark Walter, the chief executive officer and chairman of investment firm TWG Global, described his period as owner of the team as one of the greatest honors of his life in a published note.
Walter called the franchise an extraordinary investment and said that what he would take with him was the community, the fans, and a city that treats the team like family.
He offered his gratitude to Jeanie Buss, the Buss family, the players, and the organizational staff for welcoming him during this chapter. Walter added that the Lakers belong to Los Angeles and expressed complete confidence that the best is yet to come for the franchise.
Ownership history and franchise legacy
Walter had controlled a 21 percent stake in the Lakers since 2021. That holding included a right of first refusal on any future sale offers for the franchise, which he exercised last year to purchase full control from the Buss family.
The Buss family ownership dates back to 1979, when patriarch Jerry Buss bought the Lakers for $67.5 million. That historic transaction was part of a multi team package that included the Los Angeles Kings of the National Hockey League and the team's former home arena, the Los Angeles Forum in Inglewood.
Following the death of Jerry Buss in 2013, ownership of the basketball team passed to his children, with his daughter Jeanie Buss taking charge of organizational leadership.
Under the stewardship of the Buss family, the Lakers won 11 of their 17 total NBA championship titles, establishing the team as the most successful franchise in the league over that span.
