The Los Angeles Lakers have been sold to businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion, according to a person familiar with the terms. The deal marks the highest valuation ever for a U.S. professional sports franchise.
The agreement still requires approval from the NBA's board of governors, a process that is expected to take several weeks. The next board meeting is scheduled for next month in New York.
This transaction continues a trend of rapidly increasing NBA franchise values. Just three years prior, Michael Jordan's stake in the Charlotte Hornets was sold for $3 billion, and the Boston Celtics were valued at just over $6 billion in a sale last year. Those figures were surpassed by Mark Walter's purchase of a controlling stake in the Lakers in June 2025 for $10 billion. Walter, who had acquired a minority stake in the Lakers in 2021, saw his investment grow significantly.
The Lakers, a global brand with 17 NBA championships, consistently rank at or near the top in league merchandise sales. The team's sale comes weeks after LeBron James, the NBA's all-time leading scorer, departed the Lakers after eight seasons to sign with the Philadelphia 76ers as a free agent.
Kushner and Iger had previously been involved in efforts to secure an expansion team for Las Vegas. The acquisition of the Lakers potentially bypasses the need to wait for potential league expansion, which could occur in the 2028-29 season.