Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers in a transaction reported to top $12 billion, a sum that would set a new high for an NBA franchise if approved.
The purchase follows an earlier change in ownership in which Mark Walter had acquired a controlling interest from the Buss family and later agreed to sell, as reported by the Los Angeles Times.
Kushner and Iger released a joint statement to ESPN saying they are "deeply honored" to steward one of the world's most iconic sports franchises and pledged a long term commitment to compete at the highest level and serve the team and the city.
Under the terms reported, the transaction must receive approval from the NBA Board of Governors before it can be finalized, a routine league step for ownership changes.
Both buyers bring different backgrounds to the deal. Iger is known for his leadership at a major entertainment company and for acquiring major franchises, and he has previously invested in Angel City Football Club with his wife.
Kushner leads a venture firm that manages more than $50 billion in assets and has raised a very large fund, according to reporting about the firm and its investment arm, Thrive Eternal.
Thrive Eternal was formed to invest in cultural and iconic assets and already made a high profile investment in a Major League Baseball franchise, a move reported by the Las Vegas Review Journal.
Context Reaction And Wider Implications
The reported sale marks a pivot for Kushner and Iger, who had explored pursuing an NBA expansion franchise in Las Vegas through Thrive Eternal, according to local reporting and league notices about potential expansion markets.
Mark Walter, who owns other professional sports holdings including a Major League Baseball team and stakes in additional franchises, will step away from his controlling interest if the sale closes, as previously reported.
The ownership change comes amid recent roster shifts for the Lakers, with LeBron James having left the team and signed with the Philadelphia 76ers, a move noted in reporting about the franchise's recent developments.
Industry watchers say approval by the NBA governors will be decisive because the transaction would reset valuations across the league. The buyers have hired investment bankers and held discussions about alternative expansions and investments, suggesting a strategy beyond a single franchise.
Any final approval will determine whether the Lakers pass from Walter to the new ownership group and whether the sale establishes a new valuation benchmark for professional sports franchises.
