One year after buying a controlling interest in the Los Angeles Lakers, embattled team owner Mark Walter is now selling the historic NBA franchise to American businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion.
ESPN was the first to report the news, which has since been confirmed by Walter – a billionaire currently under SEC investigation over $16 billion in private-credit loans.
‘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 wrote in a statement.
‘I am grateful to [former team owner] 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 deal eclipses the $10 billion record sales price Walter paid for the franchise in 2025, leaving with him roughly a $2 billion gross profit before taxes. It also doubles the $6 billion price tag the rival Boston Celtics sold for in 2025.
Kushner was part of a group of investors who recently tried to buy stakes in the World Cup from FIFA in a since-aborted proposal that has left the group’s president, Gianni Infantino, fighting for his job. He is the younger brother of Jared Kushner, President Donald Trump‘s son-in-law.
Los Angeles Lakers guard Luka Doncic (77) reacts after scoring during a March game in Miami
Josh Kushner was part of a group of investors that recently tried to buy stakes in the World Cup from FIFA in a since-aborted proposal. He is the brother of Trump son-in-law, Jared
Bob Iger recently completed his second stint as CEO of Disney, which has a long-standing partnership with the NBA through its sports cable network, ESPN, and other properities
Iger recently finished his second stint as CEO of Disney, which has a long-standing partnership with the NBA through its sports cable network, ESPN, and other properities.
‘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,’ Kushner and Iger wrote in a joint statement.
‘We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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.’
Winners of 17 NBA championships, a dozen of which came in LA after the team’s move from Minneapolis, the Lakers finished 53-29 last season, which ended with a Western Conference semifinal defeat to the Oklahoma City Thunder.
Head coach JJ Redick now has a 103-61 record over two seasons.
The Lakers are currently transitioning away from the LeBron James era with a roster built around Slovenian superstar Luka Doncic, high-scoring shooting guard Austin Reaves, and newly acquired center Walker Kessler.
Interestingly, LeBron’s son Bronny remains signed with the Lakers after the elder James’ free-agent defection to the Philadelphia 76ers.
US prosecutors are reportedly probing companies run by Walter, 66, the owner of the Los Angeles Lakers, Los Angeles Dodgers and co-owner of Chelsea
Jeanie Buss’ future with the Lakers is now uncertain after her family’s 2025 sale to Walter
Prior to 2025, the Lakers had not been sold since 1979, when Dr. Jerry Buss purchased the NBA team, the NHL’s Los Angeles Kings and The Forum for $67.5 million.
His daughter Jeanie would take over the Lakers after his death in 2013 at age 80.
Jeanie, who was briefly engaged to former Lakers head coach Phil Jackson, became a minority partner in the team with the 2025 sale to Walter, although she has remained the club’s governor. It is unclear what Jeanie’s role with the team will be going forward.
Walter, along with TWG Global, still has interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women’s Hockey League. ESPN has reported that Walter has no plans to sell the two-time defending-champion Dodgers.
The sale comes as federal prosecutors and the SEC are probing Walter over potential improper disclosers on $16 billion in private-credit loans. The case, which was initiated by a whistleblower, has not resulted in any criminal charges and Walter’s company has denied any wrongdoing.
‘Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward,’ a spokesperson for the conglomerate told WSJ in a statement.
