Done in a weekend - the $12.5bn LA Lakers sale that shocked the NBA
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- Josh Kushner and Bob Iger agreed to buy the LA Lakers' controlling interest for $12.5bn (£9.3bn), which if approved by the NBA's board of governors will be the most expensive sports team sale ever reported.
- Mark Walter was approached by Kushner only last Friday over the majority stake he purchased last year at a $10bn valuation, and will make a $2.5bn (£1.9bn) profit on a year-long hold despite not actively looking to sell.
- Kushner's venture capital firm Thrive Eternal had been expected to lead the investor group for Fifa's Forward Enterprise proposal before it was abandoned, though the source notes the Lakers move was not influenced by that collapse.
- Luka Doncic is preparing to work under his fifth different owner across just two NBA teams, after LeBron James confirmed his exit at the end of June and the Lakers last won a title in 2020.
- The $12.5bn price surpasses the $6.1bn Boston Celtics sale, the $4bn Phoenix Suns deal, and the $9.6bn Seattle Seahawks transaction, and dwarfs Premier League deals like Chelsea's £4.25bn takeover.
- Magic Johnson endorsed the sale on social media, citing his 40-year friendship with Iger and predicting the pair would "bring championships back to LA."
- Walter is facing an ongoing federal investigation into his company Delaware Life, though the source states there is no suggestion the Lakers sale was prompted by it.
Why it matters: The $12.5bn Lakers price — a $2.5bn premium over the $10bn Walter paid last year — resets the ceiling for global sports franchise valuations, surpassing even the $9.6bn Seattle Seahawks sale last month and tripling the Phoenix Suns' $4bn deal in 2023. Walter exits with a massive one-year gain on a stake he wasn't actively marketing, while the Lakers begin a post-LeBron transition under new ownership with Doncic as the new centerpiece.
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