Los Angeles Lakers Change Hands in Record Sale

The Los Angeles Lakers are set to be sold to new ownership for the second time in about a year, marking a record transaction in professional sports history. Former Walt Disney Company CEO Bob Iger and Joshua Kushner, founder of Thrive Capital, have decided to buy the legendary NBA team from Mark Walter, CEO of Guggenheim Partners. Sources told CBS Los Angeles that the purchase price is set at $12.5 billion.

In a joint statement, Iger and Kushner expressed their honor and commitment as lifelong basketball enthusiasts. “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,” they stated. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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.”

The sale follows just 14 months after Walter’s acquisition, when he paid approximately $10 billion for the majority stake from the Buss family. This record fee replaced the previous record held by last year’s $6.1 billion sale of the Boston Celtics. Despite the previous sale, Jeanie Buss maintained her role as the Lakers’ governor. However, her future role is unclear after the latest transaction.

This marks Bob Iger’s second venture into professional sports. In 2024, he acquired a stake in the National Women’s Soccer League team, Angel City FC, alongside his wife, journalist Willow Bay. Iger held the position of Disney CEO twice, between 2005 to 2020 and from 2022 until March this year. Joshua Kushner, 41, son of the U.S. Ambassador to France and Monaco Charles Kushner, also holds minority ownership in the Miami Heat.

As the NBA prepares for expansion with potential new teams in Seattle and Las Vegas, bringing the total to 32 franchises, the Lakers enter a new chapter on the court as well. Led by their newly acquired superstar, Luka Doncic, from a surprising trade with the Dallas Mavericks, the team’s prospects look promising. Doncic secured a contract extension last August. However, they face the significant departure of legendary player LeBron James, who chose to sign with the Philadelphia 76ers this summer.