NBA's Lakers sold to Josh Kushner and ex-Disney CEO Bob Iger for record $12BILLION one year after setting mark

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By ALEX RASKIN, US SPORTS NEWS EDITOR

Published: 15:21 BST, 12 August 2026 | Updated: 21:17 BST, 12 August 2026

One year after buying a controlling interest in the Los Angeles Lakers, embattled team owner Mark Walter is now selling the historic NBA franchise to American businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion.

ESPN was the first to report the news, which has since been confirmed by Walter, a billionaire currently under SEC investigation over $16 billion in private-credit loans.

'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 in a statement.

'I am grateful to [former team owner] Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.'

The deal eclipses the $10 billion record sales price Walter paid for the franchise in 2025, leaving him with roughly a $2 billion gross profit before taxes. It also doubles the $6 billion price tag the rival Boston Celtics sold for in 2025.

The agreement, which still requires league approval, ignited a massive reaction across the NBA. For starters, the sale is being supported by Lakers legend Magic Johnson, who also serves as Los Angeles Dodgers co-owner with Walter.

Los Angeles Lakers guard Luka Doncic (77) reacts after scoring during a March game in Miami

Josh Kushner was part of a group of investors that recently tried to buy stakes in the World Cup from FIFA in a since-aborted proposal. He is the brother of Trump son-in-law, Jared

Bob Iger recently completed his second stint as CEO of Disney, which has a long-standing partnership with the NBA through its sports cable network, ESPN, and other properties

'I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!' Johnson wrote on X.

'Laker fans, you couldn’t have two better owners,' he said 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.'

But perhaps more importantly, the move is welcomed by Lakers star Luka Doncic.

'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 on X. '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.'

Former controlling owner and team governor Jeanie Buss reacted online with two words: 'Perfectly said.'

NBA commissioner Adam Silver, Josh Kushner and Bob Iger at the 2025 US Open in Queens

Although Walter had experience in team ownership, the Lakers will have two relative novices in the owner's box when this deal is approved.

Kushner was part of a group of investors who recently tried to buy stakes in the World Cup from FIFA in a since-aborted proposal that has left the group's president, Gianni Infantino, fighting for his job. The younger brother of Jared Kushner, President Donald Trump's son-in-law, the 41-year-old previously co-founded Thrive Capital and Oscar Health.

NBA commissioner Adam Silver has been a long-time friend of the Kushner family and was seen with Josh and Iger at the 2025 US Open in New York.

Iger recently finished his second stint as CEO of Disney, which has a long-standing partnership with the NBA through its sports cable network, ESPN, and other properties. He and his wife Willow Bay are also the controlling owners of LA’s National Women's Soccer League team, Angel City FC.

'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 wrote in a joint statement.

Magic Johnson voiced his approval for the sale by congratulating his business partner, Walter

'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.'

Winners of 17 NBA championships, a dozen of which came after the team’s move from Minneapolis, the Lakers finished 53-29 last season. Their 2026 playoff run ended with a Western Conference semifinal defeat to the Oklahoma City Thunder.

Head coach JJ Redick now has a 103-61 record over two seasons.

The Lakers are currently transitioning away from the LeBron James era with a roster built around Slovenian superstar Luka Doncic, high-scoring shooting guard Austin Reaves and newly acquired center Walker Kessler.

Interestingly, LeBron’s son Bronny remains signed with the Lakers after the elder James’ free-agent defection to the Philadelphia 76ers.

US prosecutors are reportedly probing companies run by Walter, 66, the owner of the Los Angeles Lakers, Los Angeles Dodgers and co-owner of Chelsea

Jeanie Buss' future with the Lakers is now uncertain after her family's 2025 sale to Walter

Prior to 2025, the Lakers had not been sold since 1979, when Dr Jerry Buss purchased the NBA team, the NHL’s Los Angeles Kings and The Forum for $67.5 million.

His daughter Jeanie would take over the Lakers after his death in 2013 at age 80.

Jeanie, who was briefly engaged to former Lakers head coach Phil Jackson, became a minority partner in the team with the 2025 sale to Walter, although she has remained the club’s governor.

As Iger told the California Post, he expects Jeanie to remain in place as the team's governor.

Walter, along with TWG Global, still has interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League. ESPN has reported that Walter has no plans to sell the two-time defending-champion Dodgers.

The sale comes as federal prosecutors and the SEC are probing Walter over potential improper disclosures on $16 billion in private-credit loans. The case, which was initiated by a whistleblower, has not resulted in any criminal charges and Walter’s company has denied any wrongdoing.

'Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward,' a spokesperson for the conglomerate told WSJ in a statement.

As Bloomberg reported last month, federal prosecutors and the SEC are investigating Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, for failing to disclose private credit holdings backed by other Walter companies.

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