The record-breaking $12.5 billion sale of the Los Angeles Lakers to former Walt Disney CEO Bob Iger and businessman Josh Kushner faces a potential hurdle that could delay its finalization. According to ESPN basketball insider Brian Windhorst, Kushner must divest his minority stake in the Miami Heat before he can officially become an owner of the Lakers.
This requirement stems from NBA rules prohibiting cross-ownership of minority stakes in different franchises. "The Heat don't sell shares very often," Windhorst stated on The Hoop Collective podcast. "That's a very closely held team. That potentially could take some time."
Kushner acquired a 5% stake in the Miami Heat in late 2024, after previously selling his minority ownership in the Memphis Grizzlies. The exact details of his stake in the Heat, including from whom he purchased it, remain undisclosed. It is believed he did not purchase the stake from majority owner Micky Arison, who has controlled the franchise since 1995.
The sale of the Lakers by Mark Walter, who also owns the Los Angeles Dodgers, was announced on Wednesday morning. Walter had owned the team for 14 months, having purchased a majority of shares from Jeanie Buss. Buss is set to remain as the team's governor for five years following the sale. Walter's own acquisition of the Lakers took four months to become official, with his introduction as owner occurring last October.
Given the complexity of selling a minority stake in a closely held team like the Heat, the finalization of the Lakers' sale could extend into the winter months. The potential snag introduces uncertainty into the timeline for the ownership transition.