Mark Walter relinquishes controlling interest just 10 months after record purchase from the Buss family.
LOS ANGELES – In an unprecedented move that has stunned the sports business world, the Los Angeles Lakers are changing hands for the second time in less than a year.
Venture capitalist Josh Kushner and former Walt Disney Co. CEO Bob Iger have reached an agreement to acquire the iconic NBA franchise for a record-shattering $12.5 billion valuation, according to reports.
The jaw-dropping transaction comes just 10 months after billionaire Mark Walter—CEO of TWG Global and owner of the Los Angeles Dodgers—acquired controlling interest in the team from the Buss family. That deal, completed last October at a $10 billion valuation, previously held the record for the most expensive franchise purchase in global sports history.
Now, Walter is ceding majority control to the Kushner-Iger partnership in a deal that eclipses his own mark by $2.5 billion.
Kushner, the founder of Thrive Capital, and Iger had previously been partnering on a joint effort to land an NBA expansion team in Las Vegas. Instead, the pair bypassed the waiting game for expansion to secure one of the premier crowns in global athletics.
“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,” Kushner and Iger said in a joint statement. “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.”
Under the terms of the deal, Jeanie Buss will remain the team’s governor for at least five years, maintaining the long-standing continuity of the Buss family’s influence over franchise operations.
Walter, whose brief 10-month stint as controlling owner saw dramatic transformations across the organization, expressed pride in his tenure.
“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,” 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 the best is still ahead.”
Reactions across Laker Nation were swift. Hall of Famer and former Lakers executive Magic Johnson took to social media to endorse the incoming ownership. “Laker fans, you couldn’t have two better owners,” Johnson wrote. “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.”
Lakers star Luka Dončić also expressed enthusiasm for the team’s new era. “Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Dončić posted. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”
The deal remains subject to formal approval by the NBA Board of Governors, which is scheduled to convene for its next meeting this September in New York.