Just over a year after purchasing the Los Angeles Lakers for a record $10 billion, Mark Walter is selling a controlling stake in the NBA franchise to Josh Kushner and Bob Iger at a $12.5 billion valuation, according to ESPN reporting.
The Los Angeles Lakers are changing hands once again in a transaction. Mark Walter, who acquired a controlling interest in the NBA organization from the Buss family last June, agreed to flip the team to an ownership group spearheaded by Josh Kushner and Bob Iger. The agreement pushes the franchise valuation up by $2.5 billion in just over a year.
Josh Kushner and Bob Iger Pivot From Las Vegas Expansion to Lakers Ownership
Before landing the Lakers, Kushner and Iger had been involved in an expansion process to get an NBA team in Las Vegas. When that avenue stalled, the pair quickly shifted their focus toward acquiring the Lakers. According to reporting from ESPN’s Ramona Shelburne, the deal materialized at lightning speed after the prospective buyers approached Walter with a direct offer.
For Kushner—founder of Thrive Capital, brother of Jared Kushner, and minority stakeholder in both the Memphis Grizzlies and Miami Heat—taking control of the Lakers would require him to divest his stakes in his previous two NBA investments. Iger served two separate tenures as the CEO of The Walt Disney Company from 2005 to 2020 and 2022 to 2026. Iger and Willow Bay also acquired controlling ownership of Angel City FC of the NWSL in 2024.
“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,”
Josh Kushner and Bob Iger, via ESPN and The New York Post
The incoming owners added that their long-term commitment centers on building upon the foundational success established by the Buss family, competing at the highest level, and serving the city of Los Angeles and its passionate fanbase.
Mark Walter Retains the Los Angeles Dodgers After a Massive Return on Investment
While Walter is stepping away from the hardwood after a brief stint as majority stakeholder, he will retain his ownership stake in the Los Angeles Dodgers. The swift turnaround yields a $2.5 billion profit for Walter on a franchise that Jerry Buss originally purchased for $67.5 million in 1979.
Reflecting on his time with the club, Walter called owning the Lakers one of the great honors of my life
while praising the community and the staff who welcomed him into the organization.
The transaction coincides with separate federal scrutiny surrounding Walter’s Guggenheim Investments firm, which has faced a joint inquiry by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission regarding loan disclosures, though neither federal investigators nor the parties involved have cited the probe as a factor in the sale.
What Changes for Jeanie Buss, Luka Dončić, and the Front Office
When Walter purchased controlling interest last year, an initial governance agreement was structured to keep Jeanie Buss in place as the team’s governor for a five-year term. Marc Stein noted that it remains entirely unclear whether Kushner and Iger will honor that timeline or implement their own operational leadership structure.
On the court, the franchise is navigating a transitional phase. Following a 53-29 season that ended with a Western Conference semifinals appearance, the team enters the upcoming campaign without LeBron James, who departed to sign a two-year contract with the Philadelphia 76ers. Los Angeles has retooled its roster around Luka Dončić, while also bringing in big man Walker Kessler and re-signing guard Austin Reaves.
The agreement still requires formal review and approval from the NBA Board of Governors, with the next scheduled meeting slated for September.
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