Josh Kushner and former The Walt Disney Company CEO Bob Iger have agreed to purchase a majority ownership stake in the Los Angeles Lakers for $12.5 billion, according to reports. The transaction comes one year after Mark Walter purchased the NBA franchise for $10 billion, leaving him with roughly a $2 billion gross profit before taxes.
A Lightning-Fast Agreement Rooted in Expansion Talks
The deal materialized over a single weekend. Bob Iger informed The California Post that he and Josh Kushner were interested in ownership stakes in the NBA’s potential expansion in Las Vegas. Instead, they shifted focus to acquire the Lakers’ majority stake from Walter, who had finalized his purchase of the team from the Buss family in late October 2025.
Within three days, an agreement was made. The purchase price of $12.5 billion compares to the $6 billion price tag the Boston Celtics sold for in 2025. Thrive Eternal, the permanent capital holding company launched by Thrive Capital, which Kushner founded, served as the investing vehicle for the acquisition. Thrive Eternal launched in April and acquired a minority ownership stake in the San Francisco Giants in the spring, as reported by The California Post.
Navigating Ownership Hurdles and Divestments
The deal requires approval by the NBA Board of Governors, with the next board meeting scheduled for September. Having previously secured a minority position in the Grizzlies back in 2019, Kushner later parted with that holding to acquire an interest in the Heat during May 2025. Kushner will have to divest his stake in the Heat to take control of the Lakers.
The sale is solely for Walter’s shares in the Lakers. Besides holding financial stakes in Chelsea FC, the Cadillac Formula 1 racing team, the Billie Jean Cup, and the Professional Women’s Hockey League, Walter also serves as the chief executive officer of TWG Global and Guggenheim Partners and is the controlling owner of the Sparks.
Behind the Scenes of an SEC Investigation
Mark Walter is currently under SEC investigation over $16 billion in private-credit loans. Walter struck a reflective tone in his official departure statement.
“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 wrote. He expressed gratitude to former team owner Jeanie Buss, the Buss family, the players, and the staff, adding, “The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Stakeholder Reactions from Magic Johnson to Luka Doncic
Lakers legend Magic Johnson took to X to voice his support for the sale. “I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!” Johnson wrote, noting in a follow-up post, “I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA.”
Lakers guard Luka Doncic shared his reaction on X. “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic wrote. “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.” Jeanie Buss reacted online with two words: “Perfectly said.”
The Road Ahead for Iger and Kushner
A source informed The California Post that Iger will take on the primary hands-on role with the Lakers once the acquisition is officially finalized. Having previously wrapped up his second tenure leading Disney, Iger’s former company maintains a longstanding relationship with the NBA through ESPN and its other media channels.
“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 joint 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.”
