Disney CEO Bob Iger and venture capitalist Joshua Kushner have reached an agreement to purchase the Los Angeles Lakers at a record $12.5 billion valuation, just months after Dodgers owner Mark Walter bought the franchise, according to multiple news reports published Wednesday.
The agreement came together swiftly over the weekend after Kushner and Iger approached Walter with a massive offer on Sunday. The transaction sets a new high-water mark for professional sports team valuations, eclipsing the $10 billion price tag that Walter paid to acquire controlling interest in the Lakers from the Buss family last year.
How the Blockbuster Deal Came Together
The rapid buyout caught the sports world by surprise, arriving less than a year after Walter took control of the franchise. Iger and Kushner had initially focused their efforts on securing an expansion NBA franchise in Las Vegas before pivoting aggressively toward the Lakers. Sourced reporting indicates that Iger plans to be the most actively involved partner in day-to-day oversight once the transaction clears regulatory hurdles.
The deal requires formal authorization from the NBA Board of Governors, whose members are scheduled to meet in New York next month. Walter will retain full ownership of the Los Angeles Dodgers, while Jeanie Buss is expected to remain in her role as the franchise’s governor under an agreement originally structured during the 2025 ownership change.
“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. 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.”
Bob Iger and Joshua Kushner, via joint statement
Financial Stakes and Return on Investment
The $12.5 billion valuation demonstrates the astronomical inflation of professional sports assets. When late owner Jerry Buss purchased the team in 1979, he paid $67.5 million. Walter’s exit after just over a year yields a profit of $2.5 billion on his initial investment.
By comparison, recent marquee transactions underscore how quickly franchise prices have climbed. Michael Jordan sold his majority stake in the Charlotte Hornets at a $3 billion valuation three years ago, and the Boston Celtics commanded a $6 billion valuation last year.
Portfolio Adjustments for the New Owners
Taking control of the Lakers forces restructuring for Kushner, who founded the venture capital firm Thrive Capital and is the brother of Jared Kushner. Because Kushner holds minority stakes in both the Miami Heat and the Memphis Grizzlies, league ownership rules require him to divest those holdings before assuming control in Los Angeles. Kushner’s investment vehicle for the acquisition is Thrive Eternal, a permanent capital holding company launched by Thrive Capital in April.
For Iger, the acquisition adds to a growing sports portfolio that includes controlling ownership of National Women’s Soccer League club Angel City FC. The purchase also arrives against a backdrop of federal scrutiny; Walter and Guggenheim Partners face an ongoing investigation by the U.S.
Reactions From Franchise Icons and Players
Legendary guard Magic Johnson voiced enthusiastic approval of the incoming owners, pointing to a decades-long personal relationship with Iger in a public statement.
“I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers! 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.”
Magic Johnson, via social media
