Los Angeles Lakers are set to change hands in a $12.5 billion deal involving investors Josh Kushner and Bob Iger, a price tag that would reset the benchmark for pro sports franchise sales. The agreement still requires a vote from the NBA's board of governors, a step that can stretch across multiple weeks.
Multiple sources told ESPN the pair shifted from exploring a Las Vegas expansion opportunity to pursuing the Lakers with an assertive bid. The team is being bought from Mark Walter, who took control last year after acquiring the Buss family's stake at a valuation of around $10 billion.
"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 told ESPN in a joint statement. They added, "We have immense respect for the leadership and vision of Jerry and Jeanie Buss," and said they plan to keep investing in competitiveness while serving Los Angeles and the fan base.
Walter, who leads TWG Global, called the Lakers investment a personal highlight and said, "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 said he believes "the best is still ahead" for the franchise under new ownership.
The NBA's next board meeting is scheduled for next month in New York, where the sale could come up for approval.
ESPN Research data lists the $12.5 billion figure above the prior Lakers transaction at $10 billion and other major deals such as the Seattle Seahawks at $9.6 billion.
On the basketball side, Luka Doncic addressed the ownership change in a post on X, writing, "Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA." He also wrote, "I look forward to meeting Josh and Bob so we can get to work building something special in LA together."
ESPN said Walter is selling only the Lakers in this deal, despite TWG's broader sports holdings that include the Los Angeles Dodgers and Chelsea. In July, federal prosecutors and the SEC were reportedly examining disclosures tied to insurers controlled by Walter, the Wall Street Journal reported.
Kushner runs Thrive Capital and is also a co-founder and vice chairman of Oscar Health. He holds a minority position in the Miami Heat, which would need to be sold to complete the Lakers purchase.
Thrive Capital also bought a small stake in the San Francisco Giants through a new holding company called Thrive Eternal.
Iger, who was replaced this year as Disney's CEO by Josh D'Amaro, also became the controlling owner of Angel City FC in 2024 alongside Willow Bay, according to the report.
Private Equity Buys Up Professional Sports
The deal comes as private equity and venture capital firms have become increasingly active in professional sports, including through investments and acquisitions of franchises in recent months.
Apollo Sports Capital is providing $2.6 billion in debt and equity financing to Yankee Global Enterprises, bringing the private-equity firm in as a new strategic backer of the New York Yankees' holding company.
In May, The Cleveland Browns sold 10% of the club at a valuation of more than $9 billion to private equity firm Arctos Partners.
In March, a consortium comprising Blackstone (NYSE: BX), Bolt Ventures, Aditya Birla Group, and The Times of India Group agreed to acquire the Royal Challengers Bengaluru (RCB) cricket franchise.
Ares Management Corp., Apollo Global Management (NYSE: APO) and Sixth Street Partners are reportedly having early-stage conversations regarding the National Basketball Association's (NBA) European expansion.