Iger and Kushner Buy LA Lakers for Record $12.5 Billion

Former Disney CEO Bob Iger and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers for $12.5 billion, the highest price ever paid for a North American sports franchise. The deal, finalized over three days, follows a pivot by the buyers from pursuing an NBA expansion team in Las Vegas. The transaction remains subject to approval by the NBA Board of Governors at a meeting scheduled for September in New York.

The sale provides critical liquidity for the seller, Mark Walter, whose investment firm, TWG Global, is under investigation by the U.S. Department of Justice and the Securities and Exchange Commission. Federal prosecutors are probing potential insurance fraud and financial improprieties involving outsized loans made by Walter's insurers to his own investment empire. As part of this scrutiny, Delaware Life Insurance Co. restated its related party investments from $1.4 billion to at least $17 billion. Walter, who acquired the team from the Buss family for $10 billion in 2025, intends to use the proceeds to pay down these loans.

Under the new ownership, Jeanie Buss will remain the team's governor for at least five years. Iger plans to take a senior management role in day-to-day operations, while Kushner will divest his minority stake in the Miami Heat to comply with league rules. The transition occurs as the Lakers enter a new era on the court led by Luka Doncic following the departure of LeBron James to the Philadelphia 76ers.