Los Angeles Lakers Sold to New Ownership for Record-Breaking Fee

The Los Angeles Lakers will have new ownership once again, marking the second sale in about a year. Former Walt Disney Company CEO Bob Iger and Joshua Kushner, founder of Thrive Capital, confirmed to CBS Los Angeles that they are purchasing the storied NBA franchise from Mark Walter, CEO of Guggenheim Partners. The purchase price is reported to be $12.5 billion, setting a new record for a professional sports team.

Iger and Kushner expressed their honor in a statement, saying, “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.” They also praised Jerry and Jeanie Buss for their leadership and committed to continuing that legacy while aiming to compete at the highest level.

The deal comes 14 months after Walter acquired a majority stake in the Lakers for approximately $10 billion from the Buss family, which was a record transaction at that time. Despite the sale last year, Jeanie Buss remained as governor of the team, though her future role under the new ownership remains uncertain.

Before the Lakers’ sales, the record belonged to the Boston Celtics, who were sold for $6.1 billion. This new transaction will mark Bob Iger’s second venture into professional sports, following his 2024 purchase of Angel City FC, an NWSL team, with his wife, Willow Bay. Iger led Disney from 2005 to 2020 and then from 2022 to March of this year.

Kushner, who is 41, is the son of U.S. Ambassador Charles Kushner and brother to Jared, linked to President Trump. He previously purchased a minority stake in the Miami Heat the previous year.

The sale occurs as the NBA plans to accept ownership bids for potential expansion teams in Seattle and Las Vegas, which would raise the league’s number of franchises to 32.

On the basketball court, the Lakers will usher in a new era with Luka Doncic, acquired through a major trade from the Dallas Mavericks in February 2025. Doncic signed an extension with the team last August. However, the Lakers will miss LeBron James, who chose to leave in free agency and announced that he will end his career with the Philadelphia 76ers.