Tech investor Josh Kushner and former Disney CEO Bob Iger have agreed to purchase the Los Angeles Lakers from Mark Walter for a record-breaking $12.5 billion, marking the second time the iconic NBA franchise has changed hands in less than a year.
The agreement pushed franchise valuations to a historic new summit, eclipsing the $10 billion valuation set just ten months prior. Mark Walter, the CEO of TWG Global who acquired a controlling stake from the Buss family, reached the deal to sell the team after owning it for a brief tenure. The transaction requires formal review and approval from the NBA’s board of governors, a vetting process that typically spans several weeks.
From Expansion Bids to Landmark Acquisition
Before locking in the Lakers deal, Kushner and Iger spent months exploring other avenues in professional sports. According to reports detailing their business maneuvers, the pair had retained investment bankers and were actively evaluating a bid for a potential NBA expansion franchise in Las Vegas through Thrive Eternal, an investment vehicle managed by Kushner’s venture capital firm, Thrive Capital.
Those expansion plans shifted abruptly when the opportunity to acquire an established global brand materialized.
Diverse Portfolios in Media, Entertainment, and Venture Capital
The ownership pairing unites Silicon Valley capital with Hollywood media pedigree. Kushner, 41, founded Thrive Capital before he even graduated from Harvard University in 2011, building a portfolio that backed prominent technology enterprises including OpenAI, Spotify, and Instagram. His sports investments include a minority stake in the Miami Heat and an agreement by Thrive Eternal to acquire a minority stake in Major League Baseball’s San Francisco Giants.
Iger, 75, brings decades of entertainment leadership from his tenure leading The Walt Disney Company, where he oversaw major corporate acquisitions like Pixar, Marvel, and Lucasfilm. His sports footprint also includes women’s professional soccer: Iger and his wife, Willow Bay, acquired controlling ownership of National Women’s Soccer League club Angel City FC in 2024 for $250 million, committing an additional $50 million toward the team’s growth.
Reactions from Basketball Legends and Outgoing Leadership
As news of the sale circulated across sports networks, prominent figures from the franchise’s storied history weighed in on the transition.
Earvin “Magic” Johnson stated that he wanted to congratulate his good friend Bob Iger and Josh Kushner on purchasing the Los Angeles Lakers, telling Lakers fans that they could not have two better owners, adding that he had known Bob personally for more than 40 years, noting that Bob had always loved the Lakers and basketball and would bring the championships back to Los Angeles.
Earvin “Magic” Johnson, via Lanacion
Walter also reflected on his brief but lucrative tenure overseeing the organization, which generated a multibillion-dollar return in less than a year.
Mark Walter reflected that owning the Los Angeles Lakers had been one of the greatest honors of his life, describing it as an extraordinary investment, but emphasizing that what he was taking with him was the community, the fans, and a city that treats the team like family.
Mark Walter, via Lanacion
The Future Direction of a Marquee Franchise
The incoming co-owners released a joint statement outlining their long-term vision for the organization following the purchase agreement.
Josh Kushner and Bob Iger stated that, as lifelong NBA fans, they felt deeply honored by the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world, adding that they felt an immense respect for the leadership and vision of Jerry and Jeanie Buss, and that their long-term commitment was to build upon those foundations, compete at the highest level, and serve the extraordinary team, its fans, and the city of Los Angeles.
Josh Kushner and Bob Iger, via Lanacion
On the hardwood, the franchise is directed by superstar Luka Doncic, who was recently transferred from the Dallas Mavericks. With the transaction awaiting review at the NBA board of governors meeting scheduled for next month in New York, the league prepares to transition its most valuable asset into the hands of Silicon Valley and entertainment capital.
