Josh Kushner and Bob Iger buy Lakers for record $12.5 billion

In a significant development in the sports world, the Los Angeles Lakers, one of the most iconic franchises in the NBA, were sold for a record-breaking price of $12.5 billion. This sale marks the second time the team has changed ownership within a year, following Mark Walter's acquisition of a controlling interest from the Buss family for approximately $10 billion last year. The new owners, billionaire venture capitalist Josh Kushner and former Disney CEO Bob Iger, expressed their deep honor in becoming stewards of the Lakers, emphasizing their commitment to building on the team's legacy and competing at the highest level.

The sale comes at a time when NBA franchise values are skyrocketing, with the Lakers being valued at $10 billion just a year prior. The increase in valuation by at least 20% in less than a year reflects the growing financial landscape of professional sports. Walter's decision to sell the team after only ten months of ownership has surprised many, especially given the excitement surrounding his initial purchase. Walter had previously been recognized for his successful stewardship of the Los Angeles Dodgers, leading them to three World Series championships in six seasons.

Kushner, who is the founder of Thrive Capital and the younger brother of Jared Kushner, has been involved in various investment ventures, including plans related to FIFA and World Cup profits. His partnership with Iger, who has a long history of leadership in the entertainment industry, signals a new era for the Lakers. The duo's statement highlighted their respect for the previous owners, Jerry and Jeanie Buss, and their intention to serve the team, its fans, and the city of Los Angeles.

The sale is still pending approval from the NBA's board of governors, a process that could take several weeks. This transition in ownership is not just a financial transaction; it represents a shift in the direction and future of one of the most valuable franchises in sports history. The Lakers, known for their rich history and global brand, have consistently ranked at the top of merchandise sales in the league. With a roster built around NBA scoring champion Luka Doncic, who is signed through the 2028-29 season, the new ownership will be expected to maintain the team's competitive edge in the league.