The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for a record-breaking $12.5 billion, barely a year after Mark Walter purchased the franchise for $10 billion.
The sale still needs to be approved by the NBA's board of governors, but Kushner and Iger are expected to become the new stewards of the historic franchise. In a statement, they expressed their deep respect for the leadership and vision of Jerry and Jeanie Buss, and their commitment to build on that foundation.
Kushner, the younger brother of President Donald Trump's son-in-law Jared, has a background in basketball ownership, having previously been a minority owner of the Memphis Grizzlies and buying a stake in the Miami Heat last year.
Iger, the former CEO of Disney, was involved in pursuing an expansion franchise in Las Vegas, but instead opted to take control of the Lakers. He confirmed that the deal came together in a matter of days after they were tipped off that Walter could be persuaded to sell.
The Lakers are also undergoing changes on the court, with LeBron James leaving in free agency to sign with the Philadelphia 76ers, and Luka Dončić taking over as the team's new leader. Dončić will be joined by Austin Reaves and recently acquired big man Walker Kessler in an effort to lead the team back into title contention.
The Lakers currently have the sixth-best odds to win the West, and have made several moves to bolster their roster, including signing free agents and selecting Cameron Carr in the first round of the 2026 NBA Draft.
Lakers legend Magic Johnson has promised fans that Iger will return the team to glory, saying, "Laker fans, you couldn't have two better owners. I've known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA."
Dončić also expressed his enthusiasm for the new ownership, saying, "Being a Laker means everything to me, and I'm excited to get back on the court and bring a championship to LA."
The sale comes at a time when the Lakers are looking to rebuild their roster and make a push for the playoffs. With Kushner and Iger at the helm, the team is expected to undergo significant changes, and fans will be eagerly watching to see how the new ownership group will shape the franchise's future.
The deal is expected to be finalized once the NBA's board of governors has approved it, but it's clear that Kushner and Iger are eager to get started and bring championships back to LA.
Source: CBS