The Los Angeles Lakers are changing hands for the second time in barely a year. An ownership group led by venture capitalist Josh Kushner and former Disney CEO Bob Iger has agreed to purchase the storied NBA franchise at a $12.5 billion valuation.
“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. “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.”
Kushner founded the venture capital firm Thrive Capital and will reportedly be the controlling owner. This move marks a rapid expansion of Kushner’s sports portfolio. He made an earlier investment by his Thrive Eternal fund in the San Francisco Giants.
For Iger, this is his second pro-sports venture. He purchased NWSL club Angel City FC in 2024 with his wife, journalist Willow Bay. He served as Disney’s CEO during two stints, from 2005 to 2020 and again from 2022 until this past March.
The deal comes remarkably fast on the heels of the team’s last ownership change. Mark Walter officially became the Lakers’ majority stakeholder less than a year ago. The Buss family sold its controlling stake to him for what was then a record $10 billion, which ended a Buss family ownership run dating back to 1979.
Walter, who also owns the Los Angeles Dodgers, isn’t stepping away from sports ownership entirely. He will retain his stake in the Dodgers. Neither the Sparks nor the Dodgers are part of this Lakers sale. However, the deal still needs approval from the NBA’s board of governors.
Lakers legend Magic Johnson threw his support behind the new owners on social media. He said he’s known Iger personally for over 40 years and believes he’ll bring championships back to LA. Star guard Luka Dončić also welcomed the news, saying he looks” forward to meeting Josh and Bob so we can get to work building something special in LA together.”mething special” with the new ownership group, per CBS Sports.
The sale lands at an interesting moment for the league. The NBA is currently fielding ownership bids for expansion franchises in Seattle and Las Vegas, which would grow the league to 32 teams. Kushner and Iger participated in those bids before pivoting to one of the sport’s biggest franchises.
With 17 championships in franchise history, the Lakers remain one of the NBA’s marquee properties. It’ll be interesting to see what Kushner and Iger are willing to invest in the team. If they give adequate resources, they can chase their 18th championship.
Leave a Reply