Kushner, Iger secure record-setting Los Angeles Lakers acquisition
Billionaire investor Josh Kushner and former Disney CEO Bob Iger have struck an agreement to acquire a controlling ownership stake in the legendary Los Angeles Lakers basketball franchise. The deal, announced on Wednesday, August 12, 2026, values the team at an unprecedented $12.5 billion. This transaction shatters previous records for any United States sports franchise acquisition.
The move sees Kushner, founder of venture capital firm Thrive Capital, and Iger, who recently concluded his second tenure as Disney’s Chief Executive Officer, taking the reins from Mark Walter. Walter currently serves as CEO of investment firm Guggenheim Partners and diversified holding company TWG Global. The significant agreement now awaits crucial approval from the National Basketball Association’s Board of Governors.
A new era for Los Angeles Lakers ownership
The $12.5 billion valuation for the Los Angeles Lakers sets a new benchmark in the competitive world of U.S. professional sports. It dramatically surpasses the previous record of $10 billion, which Walter himself paid for the team just last year. This rapid appreciation underscores the intense demand for elite sports assets.
This deal cements the Lakers’ status as one of the most valuable properties in global sports. Kushner and Iger made an aggressive offer, choosing to pursue an established team rather than wait for the NBA’s expansion process. Their joint statement expressed deep honor for the opportunity to become “stewards” of the iconic franchise.
Mark Walter’s swift exit and soaring sports franchise valuations
This reported sale marks the second time the Lakers have changed hands in roughly a year, a remarkably swift turnaround for such a marquee team. Mark Walter had acquired his controlling interest from the Buss family approximately 14 months prior to this current agreement. He described his ownership as “one of the great honors of my life.”
Walter’s previous $10 billion purchase of the Lakers had already broken records. Earlier this year, the Seattle Seahawks changed hands for $9.6 billion, while the Boston Celtics were acquired for over $6 billion last year.
Three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, showing the rapid escalation across top-tier sports franchises. These figures highlight the explosive growth in sports team ownership values.
In his departing statement, Walter said he would “carry with me is the community, the fans, and a city that treats this team as family.” He also extended gratitude to Jeanie Buss, the Buss family, the players, and staff. “The Lakers belong to Los Angeles,” Walter affirmed, expressing confidence in the team’s future.
The architects: Kushner and Iger’s converging ambitions
Josh Kushner, 41, brings a significant track record in venture capital, with Thrive Capital backing major technology companies like Instagram, Spotify, Stripe, and OpenAI. He also established Thrive Eternal, a permanent-capital vehicle specifically for investing in sports franchises and cultural assets. This kind of investment highlights the current demand within the broader tech sector for robust, innovative enterprises.
Kushner’s prior sports ventures include a 2.5% stake in the Memphis Grizzlies, which he sold to acquire a 5% stake in the Miami Heat. Due to league rules against owning multiple teams, he will likely need to divest his Heat stake. Thrive Eternal also recently secured a minority stake in MLB’s San Francisco Giants earlier this year, signaling a broad interest in major league sports.
Bob Iger, 75, is a titan in the entertainment industry, having led The Walt Disney Company during periods of immense growth and strategic acquisitions. He concluded his most recent tenure as Disney CEO in March 2026. Iger now serves as an adviser to Kushner’s Thrive Capital, highlighting their existing professional relationship and mutual trust.
Iger isn’t new to sports ownership either. He and his wife, Willow Bay, purchased the National Women’s Soccer League’s Los Angeles franchise, Angel City FC, in 2024. This latest move with the Lakers signals a deepening and shared involvement in professional sports for both the seasoned executive and the venture capitalist.
Strategic play for NBA ownership
This aggressive move allows Kushner and Iger to bypass the potentially lengthy process of acquiring an NBA expansion team. The league only formally began exploring expansion to cities like Las Vegas and Seattle in March 2026. New teams aren’t expected to join until the 2028-29 season at the earliest.
By buying an established team, they immediately join the league’s inner circle and gain control over a storied franchise. This avoids the uncertainties and delays associated with waiting for a new team to be formed and accepted into the league. It’s a clear demonstration of their proactive investment strategy.
Implications and team future under new Lakers control
The reported acquisition still requires formal approval from the NBA’s Board of Governors. This process can take several weeks, with the next board meeting scheduled for September in New York. While typically a formality for well-capitalized buyers, the league will conduct thorough due diligence on the deal and its new custodians.
Jeanie Buss, daughter of the late Jerry Buss, retained her position as Lakers governor after Walter’s purchase, but her future role under the new ownership is unclear. Kushner and Iger’s joint statement did, however, express “immense respect for the leadership and vision of Jerry and Jeanie Buss,” suggesting a desire for continuity or collaboration.
The news resonated quickly within the Lakers’ locker room and with the fanbase. Star player Luka Doncic, widely considered the team’s franchise cornerstone following LeBron James’ departure, took to social media to express his commitment. His swift reaction indicates a positive sentiment towards the incoming owners and a dedication to the team’s mission.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic stated. Such declarations are vital for team morale and fan confidence. They also set a clear standard for player performance discussions heading into a new season.
Kushner and Iger pledged their “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.” This signals an intent to maintain the Lakers’ winning tradition and deep community ties, rather than enact a radical overhaul.
The high stakes of sports franchise investments
The astronomical $12.5 billion valuation for the Lakers reflects a broader trend of soaring values for professional sports teams. These franchises are increasingly seen not just as sports entities, but as global media and entertainment platforms with immense revenue potential. The scarcity of these assets also drives prices sky-high.
Mark Walter’s other business interests add another layer to this deal. His Guggenheim Baseball Management group owns the Los Angeles Dodgers. His companies have also reportedly come under federal investigation for alleged fraud related to private-credit deals, though his businesses deny wrongdoing. This high-profile sale allows Walter to divest from a major asset amidst these reports.
Forbes ranked the Lakers as the second-most-valuable NBA franchise last year at $10 billion, trailing only the Golden State Warriors ($11 billion) and ahead of the New York Knicks ($9.75 billion) and Los Angeles Clippers ($7.5 billion). This latest acquisition, therefore, not only re-establishes their top valuation but also highlights the escalating financial arms race in professional basketball.
The purchase by Kushner and Iger signals a new era of ownership for one of the NBA’s most iconic teams. With deep pockets and proven business acumen, the duo will aim to steer the Lakers towards continued success both on and off the court. Their immediate challenge will be securing NBA approval and clearly defining the team’s leadership structure moving forward.