LOS ANGELES — The Los Angeles Lakers have agreed to a $12.5 billion sale to businessmen Josh Kushner and Bob Iger, setting a record for the highest price paid for a U.S. professional sports team, according to a person familiar with the deal who spoke to The Associated Press on Wednesday.
ESPN first reported the agreement involving the NBA franchise, which was valued at $10 billion when Mark Walter acquired a controlling stake from the Buss family last year.
The sale still requires approval from the NBA Board of Governors, which is scheduled to meet in September in New York.
Kushner and Iger said they plan to build on the franchise’s existing foundation and compete for championships while serving the team, its fans and Los Angeles.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” they said in a statement.
Kushner, a venture capitalist, and Iger, the former Walt Disney Co. chief executive, had previously worked together on a potential NBA expansion team in Las Vegas. The league could consider expansion as early as the 2028-29 season.
The $12.5 billion valuation surpasses the $10 billion mark set when Walter acquired control of the Lakers last year. The Boston Celtics previously held the second-highest valuation after their sale last year for more than $6 billion.
Walter originally acquired a 27% minority stake in the Lakers in 2021 before purchasing controlling interest last year. His ownership lasted about 10 months.
The Lakers have won 17 NBA championships, including their most recent title in 2020, and have reached the playoffs in each of the past four seasons.
The team is built around Luka Doncic, who is under contract through the 2028-29 season. Doncic said he looked forward to working with the new owners.
“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic said on social media.
Kushner, 41, owns a minority stake in the Miami Heat and previously held a stake in the Memphis Grizzlies. He is the younger brother of Jared Kushner, the son-in-law of President Donald Trump.
Iger, 75, led Disney during two separate periods from 2005 until he stepped down last year. He and his wife, Willow Bay, became controlling owners of National Women’s Soccer League club Angel City FC in 2024.
Walter, 66, also owns interests in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea, the Professional Women’s Hockey League and Cadillac’s Formula One team.
The Lakers’ ownership transition comes weeks after LeBron James left the franchise after eight seasons and signed with the Philadelphia 76ers.
The team also underwent changes under Walter, including additions to its basketball operations staff and efforts to expand sponsorship and other revenue streams.
Jeanie Buss remained the Lakers’ governor under Walter’s ownership. Her role under the proposed new ownership has not been determined.
