Bob Iger and Josh Kushner buy the Lakers for a record $12.5 billion

Former Disney CEO Bob Iger and venture capitalist Josh Kushner are buying the Los Angeles Lakers for $12.5 billion — more than doubling the record for a North American sports franchise barely 14 months after the team last changed hands.

The Los Angeles Lakers are being sold for the second time in just over a year. In a deal first reported by ESPN, Iger and Kushner — the brother of President Donald Trump's son-in-law Jared Kushner — are shelling out a record $12.5 billion for one of the most storied franchises in American sports, a person familiar with the matter told CNN.

Kushner, a venture capitalist who previously held a minority stake in the Memphis Grizzlies and bought less than 5% of the Miami Heat last year, would become the controlling owner. Iger, the former longtime Disney chief executive, is expected to be deeply involved in a leadership capacity. "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," the pair said in a joint statement.

The deal came together in about three days. Iger and Kushner had been pursuing an expansion franchise in Las Vegas when they were tipped off that current owner Mark Walter might be persuaded to sell, Iger told the New York Post. The purchase still needs approval from the NBA's Board of Governors, and neither the WNBA's Los Angeles Sparks nor the Dodgers are part of the transaction, CBS Sports reported.

Walter — whose Guggenheim Investments also owns the Dodgers — bought a controlling stake in the Lakers for roughly $10 billion in a deal announced in June 2025 and has run the team since October. His rapid exit comes amid a federal investigation into Guggenheim, with prosecutors examining whether billions of dollars in loans tied to Walter's empire were properly disclosed. All told, he flips the team for about $2.5 billion more than he paid.

The $12.5 billion price more than doubles the previous record for a professional sports franchise sale — the Boston Celtics traded hands for $6.1 billion and the Washington Commanders for $6.05 billion. The Lakers, winners of 17 championships and a title as recently as 2020, remain the NBA's marquee brand even as they work their way back toward contention behind Luka Dončić.

Sources: CNN, ESPN, CBS Sports