The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, a record-breaking price, multiple sources told ESPN.
The businessmen were involved in the expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who purchased a controlling interest in the team from the Buss family last year for a then-record franchise valuation of approximately $10 billion.
"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement. "Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."
Walter, the CEO and chair of diversified holding company TWG Global, has been the Lakers' majority owner since October when his bid was unanimously approved by the NBA.
"Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said in a statement. "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."
The sale will need approval from the NBA's board of governors, and that process can take several weeks. The next board meeting is set for September in New York.
"We were involved in pursuing the new franchise in Vegas. And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days," Iger told the California Post. "It's that simple."
Luka Doncic, the Lakers' franchise cornerstone, especially after the departure of LeBron James, said on social media that he looks forward to meeting Kushner and Iger.
"Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA. I've gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise," Doncic posted to X. "I look forward to meeting Josh and Bob so we can get to work building something special in LA together."
Walter and TWG Global have interests in multiple professional sports organizations, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League. Through TWG Motorsports, Walter owns several auto racing teams, including Cadillac Formula 1.
Walter, 66, is selling only the Lakers in this transaction, sources told ESPN.
Walter, who built his financial empire in the insurance industry, is under federal investigation for alleged tax fraud by other companies tied to the billionaire.
Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation, according to the Bloomberg report.
Kushner, 41, founded venture capital firm Thrive Capital and is the co-founder and vice chairman of Oscar Health. Kushner, who is the brother of President Donald Trump's son-in-law Jared Kushner, runs Thrive Eternal, the investment fund to which FIFA wanted to sell a minority stake to run its World Cup tournaments for $4.2 billion. FIFA president Gianni Infantino withdrew that proposal earlier this month.
Kushner holds a minority stake in the Miami Heat and previously was a minority owner of the Memphis Grizzlies. He will have to sell his stake in the Heat to clear the way for the Lakers purchase.
Iger, 75, was succeeded this year as Disney CEO by Josh D'Amaro, ending his second term in the role. In 2024, along with wife Willow Bay, he became the controlling owner of NWSL team Angel City FC.
The Associated Press contributed to this report.