Josh Kushner, Bob Iger to buy Lakers for record $12.5B

Field Level Media

American businessman Josh Kushner and former Disney CEO Bob Iger have agreed to purchase controlling interest in the Los Angeles Lakers in a record $12.5 billion deal, ESPN reported Wednesday.

The transaction, which would establish a record valuation for a U.S. professional sports franchise, is still subject to approval by the NBA Board of Governors.

Kushner and Iger reached an agreement to acquire the controlling stake from Mark Walter, who took control of the Lakers less than a year ago. Walter purchased controlling interest from the Buss family at a $10 billion valuation in October 2025, with the NBA Board of Governors unanimously approving that transaction Oct. 30.

The new agreement represents a $2.5 billion increase in the Lakers’ valuation in less than a year.

“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,” Kushner and Iger said in a statement. “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, 41, is the founder of venture capital firm Thrive Capital and the younger brother of Jared Kushner, who is married to Ivanka Trump, the daughter of President Donald Trump. Josh Kushner is married to model and entrepreneur Karlie Kloss.

While the Kushner family built much of its wealth through real estate, Josh Kushner established his own business career primarily through technology investments. He founded Thrive Capital in 2009, and the firm has invested in a number of prominent technology companies.

Iger, 75, is one of the entertainment industry’s most recognizable executives after spending decades at Disney, including multiple stints as CEO. During his tenure, Disney expanded significantly through acquisitions that included Pixar, Marvel Entertainment, Lucasfilm and much of 21st Century Fox.

Walter is chairman and CEO of diversified holding company TWG Global. His sports investments have included the Los Angeles Dodgers, Premier League club Chelsea and the Professional Women’s Hockey League.

“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 in a statement to ESPN.

“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.”

Kushner and Iger reportedly had been involved in efforts to pursue a potential NBA expansion franchise in Las Vegas before turning their attention to the Lakers.

If approved, the $12.5 billion transaction would surpass the previous record price for a U.S. professional sports franchise and mark another dramatic change for one of the NBA’s signature teams.

The Buss family had controlled the Lakers for nearly five decades after Jerry Buss purchased the franchise in 1979. Under the family’s ownership, the Lakers became one of the NBA’s most successful and recognizable organizations, winning 11 championships.