Kushner, Iger Buy Lakers for Record $12.5B
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- Josh Kushner and Bob Iger are buying the Los Angeles Lakers for $12.5 billion — a record franchise price — from Mark Walter, who acquired a controlling interest from the Buss family last October for approximately $10 billion.
- Iger told the California Post the deal "came together in three days" after the pair, initially pursuing the Las Vegas expansion franchise, learned Walter might be open to selling his Lakers stake.
- Walter is under federal investigation for alleged tax fraud tied to two insurers he controls — Delaware Life Insurance and Clear Spring Life and Annuity — with the SEC running a parallel probe per Bloomberg's July report; he is selling only the Lakers and retains TWG Global's interests in the Dodgers, Sparks, Chelsea, the PWHL, and Cadillac F1.
- Kushner, founder of Thrive Capital and brother of Trump's son-in-law Jared Kushner, must divest his minority stake in the Miami Heat to clear the purchase; his Thrive Eternal fund was the vehicle FIFA's Infantino proposed selling a $4.2 billion World Cup minority stake to before withdrawing the plan this month.
- Iger, 75, ended his second stint as Disney CEO this year when Josh D'Amaro succeeded him, and with wife Willow Bay became controlling owner of NWSL's Angel City FC in 2024.
- The NBA board of governors must approve the sale; the next meeting is set for September in New York, a process that "can take several weeks" per ESPN.
- Luka Doncic, now the franchise cornerstone after LeBron James's departure, posted on X he looks forward to meeting the new owners and "building something special in LA together."
Why it matters: The $12.5 billion price shatters the $10 billion record Walter set just ten months ago, instantly banking him roughly $2.5 billion in franchise appreciation. The transaction still requires NBA board approval at the September meeting, and Kushner must first shed his Miami Heat stake to satisfy league cross-ownership rules.
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