The Los Angeles Lakers are set to change ownership for the second time in less than a year after Mark Walter agreed to sell the storied NBA franchise to businessmen Josh Kushner and Bob Iger for a reported USD12.5 billion.
The proposed transaction, which would value the Lakers at a record level for a sports franchise, still requires approval from the National Basketball Association’s Board of Governors. The process could take several weeks before the deal is formally completed.
Kushner, founder and chief executive of investment firm Thrive Capital, and Iger, chief executive of The Walt Disney Company, said they were “deeply honored for the opportunity” to become stewards of one of the most recognizable teams in professional sports.
The agreement represents a significant increase from the Lakers’ valuation of about $10 billion last year, which was itself a record for a sports franchise at the time.
Walter, who is also the controlling owner of Major League Baseball’s Los Angeles Dodgers, acquired control of the Lakers last year, ending the Buss family’s decades-long ownership of the team. The Buss family had owned the franchise since 1979 and oversaw one of the most successful periods in Lakers history.
The proposed sale comes against a backdrop of increased scrutiny of Walter’s business interests. He was reportedly approached about the transaction on Sunday as questions have emerged around his financial dealings and the financial position of TWG Global, the holding company he leads.
Walter has denied wrongdoing and has not been charged with any crime.
The Lakers remain one of the most valuable and commercially powerful franchises in global sport, with a worldwide fan base built around their history, championship success and legendary players, including Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant and LeBron James.
For Kushner and Iger, the acquisition would provide ownership of a franchise with enormous global reach while bringing together two prominent figures from the worlds of finance, entertainment and media.
Iger has spent decades at the center of the global entertainment industry and has overseen Disney during periods of major expansion, including the company’s acquisitions of major entertainment properties. Kushner has built Thrive Capital into a prominent investment firm with significant interests in technology and other sectors.
The $12.5 billion price tag would make the Lakers the most expensive sports franchise ever sold, underscoring the extraordinary rise in the value of elite sports teams and the growing importance of media rights, sponsorships, global audiences and commercial opportunities.
The transaction is subject to the NBA’s approval, meaning the league’s governors will ultimately have to determine whether the proposed ownership group meets its requirements.
If approved, the deal would mark another dramatic change in the ownership structure of one of the NBA’s most iconic franchises, while further highlighting the extraordinary financial value attached to the Lakers brand.
The team, meanwhile, is expected to remain focused on basketball operations as the ownership process moves forward, with the proposed sale unlikely to alter the Lakers’ immediate competitive ambitions.
The franchise has won 17 NBA championships, tied for the most in league history, and remains one of the sport’s most globally recognized names.
The proposed transaction is therefore not only a change in ownership but also a landmark moment in the rapidly escalating valuation of professional sports franchises, with the Lakers once again at the center of the business of global basketball.
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