The NBA community was taken by surprise following the announcement that the Los Angeles Lakers were sold for a record $12.5bn (£9.3bn) in a deal negotiated over a single weekend. Josh Kushner, brother to Jared Kushner, and former Disney CEO Bob Iger secured the controlling interest. The agreement began last Friday when Kushner approached previous owner Mark Walter, who had only acquired his majority stake the year prior.
If the NBA board of governors grants approval, the transaction will set a new benchmark for professional sports team sales, netting Walter a $2.5bn profit. The swiftness of the arrangement drew widespread shock from league executives and industry insiders. The Lakers were valued at $10bn in June 2025, a figure already considered a record at the time. Walter expressed that his time as owner was a significant honor, though the sudden nature of the exit remains unexplained despite his ongoing involvement in a federal investigation concerning his firm, Delaware Life.
This sale far exceeds the valuations of other major sports entities, including the $6.1bn deal for the Boston Celtics and the $9.6bn sale of the NFL’s Seattle Seahawks. The Lakers are currently navigating a transition phase, moving forward with star player Luka Doncic following the departure of LeBron James. Doncic expressed optimism about the change on social media. Lakers legend Magic Johnson endorsed the new ownership, highlighting his long-standing relationship with Iger and his belief in their ability to lead the franchise to further championships.
