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The Los Angeles Lakers are at the center of a dramatic ownership shakeup after former Disney chief executive Bob Iger and venture capitalist Josh Kushner agreed to purchase the storied NBA franchise for a record $12.5 billion.
The proposed transaction would make the Lakers one of the most valuable sports franchises in the world and represents a remarkable turn of events less than a year after billionaire Mark Walter became the team's majority owner.
Iger and Kushner confirmed the agreement in a statement, describing themselves as lifelong NBA fans and expressing their desire to build on the Lakers' historic foundation. They said they were honored by the opportunity to become stewards of one of the most recognizable teams in global sport.
The transaction still requires approval from the NBA's Board of Governors before it can be completed.
The Lakers have won 17 NBA championships and remain one of the most successful and recognizable franchises in basketball history. Their most recent championship came during the 2019 to 2020 season.
Walter, whose Guggenheim Investments also owns the Los Angeles Dodgers, acquired a majority interest in the Lakers in a deal announced slightly more than a year ago. That transaction valued the franchise at approximately $10 billion, although Walter did not purchase complete ownership.
Walter subsequently assumed control of the team and described ownership of the Lakers as one of the great honors of his life. He highlighted the connection between the organization, its supporters and the city of Los Angeles.
The proposed sale has therefore attracted particular attention because of its speed. A banker involved in sports transactions described the development as highly unusual, noting that major professional sports franchises typically remain under the same ownership for decades rather than changing hands within a year.
The development also comes amid reports concerning Walter's wider financial interests. The Wall Street Journal reported that an internal whistleblower complaint involving Guggenheim Investments had triggered a federal investigation. The report has not been independently confirmed, while a spokesperson for Guggenheim's parent company said the organization had acted in good faith, was cooperating with authorities and expected the matter to be resolved favorably.
Thrive Eternal, a newly established holding company focused on sports and entertainment investments, is expected to participate in financing the proposed purchase.
If the transaction receives league approval, Kushner is expected to become the controlling owner, while Iger would reportedly take on a significant leadership role.
The proposed acquisition would mark a major change for a franchise whose value, history and global profile continue to attract some of the most influential figures in business and entertainment.
