The Los Angeles Lakers’ second ownership change in less than a year did more than establish another record for an NBA franchise. It left one of the league’s most prominent owners searching for an explanation.
Golden State Warriors controlling owner Joe Lacob said he was “shocked” by Mark Walter’s abrupt agreement to sell his Lakers stake to Josh Kushner and Bob Iger at a $12.5 billion valuation.
“There must be more to it than that,” Lacob said Wednesday during an appearance on Tim Kawakami’s The TK Show.
Walter’s purchase of the Buss family’s controlling interest closed in October 2025, valuing the Lakers at $10 billion. Less than 10 months later, he accepted an offer representing a $2.5 billion increase.
“This isn’t like flipping a house,” Lacob said. “Or maybe it is, I guess. I don’t know. But I don’t think that’s the story.”
The deal requires approval from the NBA’s board of governors.
Joe Lacob Says Lakers Deal Will Not Change Warriors Plans
Getty Golden State Warriors co-owners Joe Lacob (L) and Peter Guber talk during the Warriors game against the Los Angeles Lakers at Oracle Arena on March 27, 2012 in Oakland, California.
The Lakers’ record valuation immediately created another question: If they are worth $12.5 billion, what could someone pay for the Warriors?
Forbes valued Golden State at an NBA-high $11 billion in October 2025. The Lakers’ agreement now provides something more concrete than an estimate — the price an ownership group is prepared to pay in an actual transaction.
Lacob acknowledged that the development was good news for Golden State’s minority investors. It did not, however, make him consider selling.
“It doesn’t really change anything with respect to me,” Lacob said. “This is my life, and I enjoy doing it and can’t imagine making a change.”
Lacob and Peter Guber led the group that purchased the Warriors for $450 million in 2010. The franchise has since won four championships, built Chase Center in San Francisco and developed one of sports’ most valuable business operations around Stephen Curry’s historic run.
The Lakers’ sale strengthens the Warriors’ theoretical value. Lacob’s answer made clear that no price discovery is coming soon.
New Report Answers Lacob’s Questions
GettyMark Walter sits courtside during a 118-116 Los Angeles Lakers win over the San Antonio Spurs at Crypto.com Arena on November 05, 2025 in Los Angeles, California.
Lacob stressed that he did not know why Walter sold and was reacting roughly an hour after the news broke.
“The only thing I can imagine is there’s something going on — and I’m just imagining — that we don’t know about yet,” he said.
Reporting later Wednesday supplied potential context.
Walter’s TWG Global has been seeking capital to help pay down loans held by insurance companies that have drawn scrutiny from the Justice Department, Bloomberg reported. The sale of the Lakers is expected to accelerate that effort, according to the report.
Walter has not been charged with a crime, and the Lakers have not been accused of wrongdoing. The available reporting also does not establish that the federal investigation forced the sale.
Kushner and Iger simply presented Walter with a lucrative exit at an opportune moment. Their agreement reportedly came together in three days, even though Walter had not been actively seeking a buyer.
Lacob sensed that the extraordinary timing required a deeper explanation. Within hours, the first pieces of it had begun to emerge.
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