The Los Angeles Lakers are changing hands for the second time in less than a year, an extraordinary turn for a franchise once controlled by the same family for nearly half a century.
Thrive Capital founder Josh Kushner and former Walt Disney Co. chief executive Bob Iger have agreed to purchase the Lakers from Mark Walter for $12.5 billion, ESPN’s Ramona Shelburne reported Wednesday, citing multiple sources.
The sale, which would require approval from the NBA’s Board of Governors, establishes another record valuation for a professional sports franchise. Walter acquired controlling interest from the Buss family last year in a transaction that valued the Lakers at $10 billion.
Kushner and Iger had been assembling a bid for a prospective NBA expansion franchise in Las Vegas through Thrive Eternal, the long-term investment arm of Kushner’s venture capital firm. Instead, they pivoted toward an aggressive offer for one of the league’s most recognizable properties.
The timing is impossible to ignore.
Walter characterized his brief ownership of the Lakers as both a privilege and an investment in a statement to ESPN.
“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 said. “I am grateful to 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.”
Walter’s Business Empire Under Scrutiny
Federal prosecutors and the Securities and Exchange Commission are investigating insurance companies connected to Walter’s broader business operation over disclosures involving billions of dollars in assets and loans tied to affiliated companies.
The inquiry reportedly involves Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., along with Guggenheim Partners, where Walter serves as chief executive. The companies have said they are cooperating.
Walter has not been charged with wrongdoing, and neither the Lakers nor any of his other sports franchises has been accused of misconduct. Still, the investigation created an uncomfortable cloud over an ownership group that had only recently taken control.
There is no public evidence that the inquiry forced Walter to sell. But moving the Lakers at a valuation at least $2.5 billion above last year’s price gives him a remarkably profitable and potentially clean exit from the NBA spotlight.
Walter remains the controlling owner of the Dodgers and has interests in the Sparks, Chelsea FC and other sports properties.
What Kushner and Iger Bring to the Lakers
GettyFounder and CEO of Thrive Capital Josh Kushner attends the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 10, 2026 in Sun Valley, Idaho. Every year, some of the world’s wealthiest and most powerful figures from the media, finance, technology, and political spheres converge at the Sun Valley Resort for the exclusive week-long conference hosted by boutique investment bank Allen & Co. Kushner just bought the Los Angeles Lakers in partnership withWalt Disney Co. chief executive Bob Iger.
Kushner and Iger pledged to preserve the franchise’s identity while pushing it toward another championship era.
“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,” they said in a joint statement to ESPN. “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.”
Kushner, the younger brother of Jared Kushner, founded Thrive Capital in 2009 and built the firm through early investments in technology companies, including Instagram, Spotify and OpenAI. He previously purchased a minority interest in the Memphis Grizzlies, giving him experience inside the NBA’s ownership structure.
Iger brings an entirely different résumé. He spent decades at Disney, leading the entertainment giant through its acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox. He also has deep ties to the NBA through Disney-owned ESPN and ABC and, with his wife, Willow Bay, acquired control of Angel City FC in 2024.
What the Blockbuster Sale Means for the Lakers
For the Lakers, the immediate basketball impact could be limited. Ownership transfers take time, Jeanie Buss’ future role remains unclear, and the league must complete its vetting process before approving the deal.
The long-term implications are far more significant.
Kushner provides access to enormous technology and investment networks. Iger understands global media, entertainment, branding and live events as well as almost anyone in corporate America. Together, they could accelerate the Lakers’ transformation from a traditional basketball franchise into an even larger global entertainment property.
Walter’s arrival promised the spending power and organizational rigor that transformed the Dodgers. His exit, if approved, would end that experiment almost as quickly as it began.
For Luka Dončić and the Lakers, however, the larger message remains reassuring: The franchise is moving from one deep-pocketed ownership group to another and becoming even more valuable in the process.
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