In a remarkable development, the Los Angeles Lakers were once again transferred to new owners on Wednesday, coming less than a year after the franchise last changed hands at a record-breaking price of $10 billion.
The controlling stake in the historic NBA franchise was acquired by former Disney chief executive Bob Iger and Josh Kushner, the younger brother of Jared Kushner, who is married to Donald Trump’s daughter.
Kushner and Iger are set to pay the previous Lakers proprietor Mark Walter $12.5 billion for the club, initially reported by ESPN’s Ramona Shelburne.
That sum now stands as the largest amount ever paid for a team in the United States, surpassing the $10 billion Walter spent to acquire his stake in October 2025.
Before Walter took a controlling interest in the Lakers last year, the franchise had been owned by members of the Buss family, headed by Jeanie Buss, descendants of longtime former owner Jerry Buss, who died in 2013; Jerry Buss purchased the Lakers in 1979.
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After a lengthy period without a change of hands, fans were taken aback to witness the ownership transition occur again merely ten months later.
“As lifelong NBA fans, we are deeply honored by the chance to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger stated in a release.
“Our long-term plan is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
Josh Kushner, 41, leads Thrive Capital, a venture capital firm, and he co-founded the health insurance provider Oscar Health. As the former Disney chief, Iger played a significant role in running ESPN before stepping away this year.
Thrive Capital recently found itself at the center of a dispute involving FIFA president Gianni Infantino, who sought to sell a minority stake in the World Cup to the firm for $4.2 billion. The plan was blocked after multiple soccer authorities, including UEFA, Concacaf, and the AFC, condemned the potential move.
Infantino now faces pressure to resign. Trump, a close associate of Infantino, voiced his support for him on Monday.
“FIFA would be making a terrible mistake if, for any reason, they even considered replacing President Gianni Infantino,” Trump wrote on Truth Social. “He is fantastic, having just presided over the most successful World Cup, four times more so than any prior edition. If he is gone, it will never be as successful or profitable again!”
With speculation that Trump’s potential influence could factor into the deal, a White House spokesperson told Front Office Sports on Wednesday afternoon that the Lakers’ sale “has nothing to do with President Trump or his administration.”
Despite his older brother’s role as a close adviser to Trump, Josh Kushner and his wife, Karlie Kloss, align themselves with the Democratic Party.
Kloss attended the June opening of the Obama Presidential Center, and in a July interview with Bloomberg Originals she recently explained that she has never met the current U.S. president.
“We’re sitting here in St. Louis, which is a blue dot in a red state,” said Kloss, a native of St. Louis. “For as far back as I can remember, I’ve been exposed to a wide range of political viewpoints, which I think prepared me for life. I’m a Democrat.”
Beyond the Lakers, Mark Walter and his holding company TWG Global maintain ownership stakes in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea of the Premier League, and the Professional Women’s Hockey League.
Walter also runs two insurance firms, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., which Bloomberg reported last month are under federal investigation. The probe concerns private credit investments that were more closely tied to other areas of Walter’s business than previously disclosed, per the report.
In a Bloomberg update on Wednesday evening, it was noted that Walter had recently been in talks with investors to raise funds to pay down loans tied to his insurance ventures currently under investigation. The urgency for immediate liquidity likely explains the sudden Lakers sale, which reportedly occurred over a 72-hour period, according to sports business reporter Joe Pompliano.
Walter is estimated to be worth around $16 billion. The NBA’s board of governors must still approve the Lakers’ new sale, ESPN reports, and the process could take several weeks once it begins.
“Owning the Los Angeles Lakers has been one of the greatest honors of my life—an extraordinary investment, but what I will carry with me is the sense of community, the fans, and a city that treats this team as family,” Walter said in a statement.
“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 that the best lies ahead.”
