Lakers sold for record $12.5B to Kushner and Iger as Walter exits after 10 months

Ownership whirlwind

The Los Angeles Lakers, 17-time NBA champions, are set to change controlling hands for the second time in under a year after Mark Walter agreed on August 13 to sell the franchise to former Disney CEO Bob Iger and venture capitalist Joshua Kushner at a $12.5 billion valuation. The deal, first reported by ESPN, would be the most expensive sports team sale ever recorded. The $12.5 billion is a valuation, not cash paid; the Buss family's retained 15% stake lowers the actual transaction to about $10.6 billion. Kushner approached Walter the previous Friday and they agreed over a single weekend.

Walter, who also controls the Los Angeles Dodgers, had purchased his controlling stake in October 2025 at a $10 billion valuation after the Buss family, owners since 1979, agreed to sell in June 2025. He and Todd Boehly already held a 27% stake from 2021 at a $5.5 billion valuation. If the new deal clears the NBA's board of governors, Walter stands to gain between $2 billion and $2.5 billion in profit on an investment held for less than a year.

The buyers

Kushner, 41, is the younger brother of Jared Kushner, President Donald Trump's son-in-law, though Joshua has supported Democratic candidates. He founded Thrive Capital in 2009 at age 24, building it into a firm now worth more than $60 billion, with early bets on OpenAI, Stripe, and Instagram. His personal fortune is estimated by Forbes at over $5 billion. The Lakers investment is being made partly through Thrive Eternal, a fund Kushner launched in spring 2025 for long-term positions in sports, media, and entertainment. Thrive Eternal had been set to lead a $4.2 billion investment in FIFA's commercial arm before UEFA's boycott threat by all 55 members killed the plan in late July.

Iger, 75, served as Disney CEO from 2005 to 2020 and again from 2022 to 2026. He took control of NWSL side Angel City FC in 2024 alongside his wife, Willow Bay, and is also a Thrive partner. The two investors said in a statement relayed by ESPN:

As long-time fans of the NBA, we are deeply honored to have the opportunity to take the reins of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

Walter's pressures

Walter's swift exit comes as his insurance empire faces scrutiny. Bloomberg reported in July that Manhattan prosecutors are investigating whether two insurers Walter controls, Delaware Life Insurance Co and Clear Spring Life and Annuity Co, concealed that their private-credit books were propping up his other businesses. The SEC has opened its own inquiry, with the loans at issue reportedly running near $16 billion. A spokesperson for Walter's company, TWG Global, told the Wall Street Journal:

Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward.

Proceeds from the Lakers sale are expected to help accelerate the cleanup of the insurers' balance sheets.

League hurdles and on-court shifts

Kushner currently owns a 5% stake in the Miami Heat, purchased in 2024, and previously held a 2.5% stake in the Memphis Grizzlies acquired in 2019 at a $1.32 billion valuation. NBA rules will require him to sell his Heat share before the Lakers purchase can proceed. The league caps institutional ownership at 30% per team and 20% per fund. Board approval typically takes several months.

On the court, the Lakers acquired Luka Doncic from the Dallas Mavericks in February 2025 in exchange for Anthony Davis. LeBron James, the NBA's all-time leading scorer, informed the team in late June he would continue elsewhere and signed with the Philadelphia 76ers last month after eight seasons in Los Angeles, including the 2020 championship.