Los Angeles Lakers to be sold to Bob Iger, Josh Kushner for $12.5 billion
For the second time in about a year, the Los Angeles Lakers will be sold to new ownership for a record fee in professional sports.
Former Walt Disney Company CEO Bob Iger and Joshua Kushner, the founder of venture capital firm Thrive Capital, have agreed to purchase the iconic NBA franchise from Mark Walter, Chief Executive Officer of Guggenheim Partners, the pair confirmed to CBS LA.
The fee is $12.5 billion, sources familiar with the deal told CBS LA.
"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," Iger and Kushner said in a joint statement. "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."
The stunning deal comes about 14 months after Walter purchased a majority stake in the team for about $10 billion, a then-record fee, from the Buss family. Jeanie Buss, daughter of the late Jerry, retained her position as Lakers governor despite last year's deal, but it's unclear what her role, if any, will be going forward under new ownership. Before last year's sale to Walter, the previous record was last year's $6.1 billion sale of the Lakers' rival Boston Celtics.
It's the second venture into pro sports for the 75-year-old Iger, who in 2024 purchased NWSL's LA franchise, Angel City FC, along with his wife, journalist Willow Bay. He served two tenures as Disney's CEO, first from 2005 to 2020 and again from 2022 until this March.
In a post to X, Lakers legend Earvin "Magic" Johnson vouched for Iger, and said he's "always loved" the team.
"Laker fans, you couldn't have two better owners," Johnson said. "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."
Kushner, 41, is the youngest son of U.S. Ambassador to France and Monaco Charles Kushner and brother of Jared, the son-in-law of President Trump. Joshua had purchased a minority stake in the Miami Heat last year.
The Lakers' sale comes as the NBA seeks ownership bids for expansion franchises in Seattle and Las Vegas. The addition of two new teams would bring the league's total to 32 franchises.
On the court, the Lakers' new era will be led by superstar guard Luka Doncic, who was acquired in a shocking trade from the Dallas Mavericks in Feb. 2025. Doncic signed a contract extension with the franchise last August.
In a post to X, Doncic expressed excitement over the sale.
"Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA," Doncic said. "I've gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together."
The new-look Lakers will also have to deal with the loss of one of the greatest players in league history, LeBron James, who left in free agency this summer. He announced last month that he'd finish his career as a member of the Philadelphia 76ers.