Bob Iger and Joshua Kushner Buy Lakers for $12.5 Billion

Former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner have reached an agreement to purchase a controlling interest in the Los Angeles Lakers for $12.5 billion. The transaction marks the highest price ever paid for a North American sports franchise. Under the proposed structure, Iger will oversee day-to-day operations, while Kushner will serve as governor if Jeanie Buss steps down. To comply with league rules, Kushner must sell his existing stake in the Miami Heat.

The sale comes just 10 months after current owner Mark Walter acquired the team from the Buss family for approximately $10 billion. Walter is selling the franchise to raise cash and pay down loans held by his insurance companies, including Delaware Life Insurance Co., which recently restated related party investments to at least $17 billion. These financial moves coincide with wide-ranging federal probes by the U.S. Department of Justice, the Securities and Exchange Commission, and Manhattan prosecutors into potential insurance fraud and financial improprieties within Walter's conglomerate, TWG Global.

Iger and Kushner originally sought an NBA expansion team for Las Vegas before pivoting to the Lakers. The deal follows a failed attempt by Kushner's firm to acquire a stake in FIFA. While the transaction has sparked speculation regarding Kushner's family ties to the Trump administration, a White House spokesperson denied any connection. The sale now awaits approval from the NBA Board of Governors at their September meeting in New York.