The Los Angeles Lakers have been sold for a record $12.5bn (£9.3bn), with the agreement reached in an extraordinarily short period of time.
Josh Kushner, brother of US President Donald Trump’s son-in-law Jared, and former Disney chief executive Bob Iger are set to acquire the controlling interest in one of the world’s most famous sports franchises, subject to approval from the NBA’s board of governors.
Kushner approached Mark Walter last Friday about buying his majority stake, which Walter had acquired only the previous year. Negotiations began immediately, leading to an agreement within days.
If approved, the transaction will become the most expensive sports team sale ever reported. Walter is also set to make around $2.5bn (£1.9bn) from the investment in a remarkably short period.
Lakers sale and the $12.5bn record
Walter had not been actively seeking a buyer for his controlling interest in the NBA franchise, while Kushner’s approach was not connected to the collapse of FIFA’s controversial World Cup investment proposal.
Thrive Eternal, the US venture capital firm founded by Kushner, had been expected to head an investor group for the Fifa Forward Enterprise proposal. That plan was later abandoned, but the Lakers agreement was not influenced by its collapse.
The speed of the transaction has been one of its most striking elements. ESPN’s report on Wednesday immediately generated widespread reaction, with NBA executives, insiders, and other figures across the sport expressing their surprise.
The Lakers had been valued at $10bn (£7.4bn) in June 2025, setting a record valuation for a sports team at the time. The new agreement goes considerably beyond that figure.
Lakers sale compared with other sports deals
The scale of the transaction is also highlighted by its comparison with other major American sports sales. The Boston Celtics’ controlling stake changed hands last year at a valuation of $6.1bn (£4.5bn), less than half the reported Lakers figure.
The deal is more than three times the $4bn (£3bn) price paid by Mat Ishbia for the Phoenix Suns in 2023. It also exceeds the $9.6bn (£7.1bn) transaction involving the NFL’s Seattle Seahawks last month.
Major Premier League sales have also fallen short of the Lakers’ figure. Todd Boehly’s consortium paid £2.5bn for Chelsea in 2022, with the overall transaction reaching £4.25bn ($5.7bn).
Manchester United’s Glazer family was reported to be seeking £10bn ($13.5bn) for the club, but that was an asking price rather than a completed sale. Sir Jim Ratcliffe instead acquired a 27.7% stake for approximately £1.3bn in 2024.
Lakers sale brings new era for Doncic
The change of ownership comes as the Lakers prepare for another period of transition. The franchise has not won the NBA title since 2020, when LeBron James and Anthony Davis helped secure its 17th championship.
James confirmed his departure at the end of June, leaving Luka Doncic as the team’s leading figure. The Slovenian star is now preparing for another major change, having played for only two NBA teams but already facing his fifth different owner.
“I’ve gotten used to big changes over these last few years,” Doncic wrote on social media, while also expressing his desire to help build something special in Los Angeles.
Kushner and his company had been exploring opportunities to invest in the NBA for some time. His arrival alongside Iger therefore represents a significant change for the Lakers, although questions remain over how the franchise will be managed under its new ownership.
Magic Johnson backs Lakers sale
One prominent Lakers figure has already welcomed the change. Basketball legend Earvin ‘Magic’ Johnson, a five-time NBA champion with the franchise, publicly backed Kushner and Iger.
“Lakers fans, you couldn’t have two better owners,” Johnson said on social media. He added that he had known Iger personally for more than 40 years and praised his longstanding affection for the Lakers and basketball.
Johnson also expressed confidence that the new ownership can return championships to Los Angeles, adding another positive voice to the discussion surrounding the record-breaking transaction.
