Iger and Kushner Buy LA Lakers for Record $12.5 Billion

Former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner have purchased a controlling interest in the Los Angeles Lakers for $12.5 billion, the highest price ever paid for a North American sports franchise. The deal, which awaits NBA Board of Governors approval in September, involves Iger taking a senior management role in day-to-day operations while Kushner serves as governor if Jeanie Buss steps down. To comply with league rules, Kushner must sell his minority stake in the Miami Heat.

The sale comes as current owner Mark Walter faces intense federal scrutiny. The U.S. Department of Justice, the Securities and Exchange Commission, and the U.S. Attorney's Office for the Southern District of New York are investigating potential insurance fraud and financial improprieties within Walter's investment empire, TWG Global. Federal agents seized Walter's mobile phone and computer in September as part of a probe into outsized loans made by his insurers to affiliated businesses.

In response to the investigations, Delaware Life Insurance Co. restated its related party investments from $1.4 billion to at least $17 billion, representing 39% of its total invested assets. Walter, who bought the team from the Buss family for $10 billion in 2025, sold the franchise after only 10 months to accelerate the repayment of these scrutinized loans. While TWG Global maintains it is cooperating with authorities and acting in good faith, the firm has struggled to raise additional capital, with Point72 Asset Management declining a funding request.