Businessman Josh Kushner and former Disney CEO Bob Iger have agreed to purchase a majority ownership stake in the Los Angeles Lakers from Mark Walter for a reported $12.5 billion. The transaction, which sets a new record valuation for an NBA franchise, is pending approval from the NBA Board of Governors, with the next meeting scheduled for September.
Sources indicate that Bob Iger will be the primary figure actively involved with the Lakers' operations once the sale is finalized. The joint statement from Iger and Kushner expressed deep honor at the opportunity to become stewards of the franchise, citing immense respect for the leadership of Jerry and Jeanie Buss. They pledged a long-term commitment to building on the team's foundation, competing at the highest level, and serving the team, its fans, and the city of Los Angeles.
The deal came together rapidly. Mark Walter, who also holds majority ownership of the Dodgers and controlling ownership of the Sparks, is not selling any of his other sports investments as part of this transaction. Walter, CEO of TWG Global and Guggenheim Partners, maintains financial interests in several other sports entities, including Chelsea FC, the Cadillac Formula 1 racing team, the Billie Jean Cup, and the Professional Women's Hockey League.
Iger and Kushner’s purchase will be made through Thrive Eternal, a permanent capital holding company launched by Thrive Capital, the venture capital firm founded by Kushner. Thrive Eternal, established in April, focuses on acquiring and stewarding a select number of franchises for long-term ownership. The company previously acquired a minority ownership stake in the San Francisco Giants.
Kushner has prior experience in NBA ownership, having been a minority owner of the Memphis Grizzlies since 2019 before selling his share to acquire a stake in the Miami Heat in May 2025. To proceed with the Lakers acquisition, Kushner will need to divest his stake in the Heat.
While Iger and Kushner had previously expressed interest in an NBA expansion team in Las Vegas, their focus shifted to acquiring the Lakers. Walter had acquired the Lakers from the Buss family in June 2025, with the sale officially closing in late October 2025 at a valuation of approximately $10 billion.