The Los Angeles Lakers are reportedly being sold for a mind-blowing $12.5 billion, a record-shattering deal that just rocked the NBA. Billionaire Mark Walter is passing the torch to former Disney CEO Bob Iger and venture capitalist Josh Kushner, and this whole thing happened faster than you can say ‘Lakers dynasty.’ This isn’t just a big number, it’s a massive move that’s got everyone buzzing about what’s next for one of the league’s most iconic franchises.
New Owners, New Era: Iger and Kushner Take the Reins
So, who are these guys dropping $12.5 billion on a basketball team? It’s Bob Iger, the 75-year-old former Disney CEO who just ended his second stint at the Mouse House in March, and Josh Kushner, a 41-year-old venture capitalist. These two had been eyeing NBA expansion in Las Vegas, but then they pulled a total pivot and made an aggressive offer for the Lakers. In a statement to ESPN, Kushner and Iger said they are “deeply honored” and plan to “build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
Kushner is the founder and CEO of Thrive Capital and co-founder of Oscar Health, even snagging a minority stake in the San Francisco Giants back in April. Yeah, the guy knows his investments. And Iger? He’s no stranger to sports ownership either, becoming a controlling owner of Angel City FC, an NWSL club, in July 2024. Talk about hitting the ground running in the sports world.
Walter’s Quick Flip and the Massive Price Tag
Here’s the kicker, the part that makes this deal truly wild: Mark Walter, the seller, acquired his controlling stake in the Lakers just last year. That’s right, just one year ago. He bought it for an estimated $10 billion valuation, which was a record at the time. Now he’s reportedly selling for $12.5 billion. That’s a cool $2.5 billion profit in twelve months. Can you even imagine? Walter, who also has interests in the Dodgers, LA Sparks, Chelsea FC, and even Cadillac’s Formula 1 team, called his ownership an “extraordinary investment.” He also shared gratitude for Jeanie Buss, the Buss family, players, and staff, believing “the best is still ahead” for the Lakers. This deal specifically relates to Walter’s Lakers ownership, by the way, separate from any federal investigation involving alleged tax fraud at other companies tied to him.
This shocking sale comes as the Lakers are entering what everyone’s calling the “post-LeBron James era.” James left in July, so the new owners are stepping in right as the franchise is about to chart a brand new course. With Iger and Kushner committing to “compete at the highest level,” you have to wonder what their vision looks like without King James leading the charge. This is going to be one wild ride for Los Angeles, and the rest of the league is definitely watching.
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Yahoo Sports.
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