Former Disney CEO Bob Iger and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers in a transaction valuing the franchise at approximately $12.5 billion. Iger and Kushner acknowledged the planned acquisition Wednesday, describing themselves as longtime NBA fans and saying they intend to build on the franchise’s existing foundation while maintaining its relationship with Los Angeles. The transaction still requires approval from the NBA Board of Governors and remains subject to due diligence involving Kushner’s investment platform, Thrive Eternal.
The agreement would mark another rapid change in ownership for one of the NBA’s most prominent franchises. Billionaire Mark Walter acquired a controlling interest in the Lakers from the Buss family last year in a transaction that valued the organization at roughly $10 billion. NBA governors approved that deal in October, meaning Walter’s controlling ownership would last less than a year if the latest transaction closes as planned. Walter said Wednesday that owning the Lakers had been an honor and expressed confidence in the franchise’s future.
Iger and Kushner had previously been associated with efforts to pursue a potential NBA expansion franchise in Las Vegas before shifting their attention toward Los Angeles. Iger retired from Disney in March after a lengthy tenure in which he oversaw the company’s television, entertainment and sports businesses, including ESPN and its extensive relationship with the NBA. He also holds an ownership interest in National Women’s Soccer League club Angel City FC. Kushner founded venture capital firm Thrive Capital and has expanded into larger investment strategies through Thrive Eternal.
The ownership change would arrive during a broader transition for the Lakers on and off the court. The franchise is now centered around Luka Dončić following LeBron James’ departure for Philadelphia during the offseason. Lakers legend Magic Johnson publicly welcomed Iger and Kushner following confirmation of the agreement, pointing to Iger’s longstanding connection to basketball and the organization. If approved, the $12.5 billion transaction would exceed the Lakers’ valuation from Walter’s purchase and establish another major benchmark for professional sports franchise values.
