Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers for $12.5 billion, a record price for a sports franchise, multiple sources told ESPN. The pair had previously been involved in NBA expansion talks tied to Las Vegas before pivoting to pursue the Lakers from current owner Mark Walter.

Walter had purchased a controlling stake in the Lakers from the Buss family last year for approximately $10 billion, itself a record valuation at the time. Kushner and Iger addressed the significance of the deal in a joint statement.

"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," said Kushner and Iger. "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."

Walter, CEO and chairman of TWG Global, became the Lakers' majority owner last October following unanimous approval from the NBA. He reflected on his ownership tenure in a separate statement.

"Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," said Walter. "I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."

Walter and TWG Global maintain ownership interests across multiple sports properties, including the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League, along with several auto racing teams under TWG Motorsports, including Cadillac's Formula 1 team. Sources told ESPN that Walter is selling only the Lakers as part of this transaction.

Walter, 66, built his financial background in the insurance industry and is currently under federal investigation for alleged tax fraud tied to other companies under his control. Bloomberg reported in July that federal prosecutors in Manhattan are examining whether two insurers Walter controls, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., failed to properly disclose that their private credit holdings backed other ventures connected to Walter. The Securities and Exchange Commission is reportedly conducting a parallel investigation.

Kushner, 41, is the founder of venture capital firm Thrive Capital and serves as co-founder and vice chairman of Oscar Health. Iger, 75, stepped down as Disney's CEO this year, succeeded by Josh D'Amaro, ending his second tenure in the role. Iger also became controlling owner of NWSL club Angel City FC alongside Willow Bay in 2024.