The Los Angeles Lakers will be sold to businessmen Josh Kushner and Bob Iger for a historic sum. This acquisition marks the second significant sale of the franchise in a year. The deal closes at $12.5 billion, according to an unnamed source familiar with the terms. This source spoke to The Associated Press on the condition of anonymity because neither party publicly disclosed specific details. ESPN reported that Kushner and Iger are taking over the NBA’s top-valued team, previously valued at $10 billion last year when Mark Walter bought a majority share from the Buss family.
Kushner and Iger had previously attempted to secure an expansion team for Las Vegas. Acquiring the Lakers offers them direct entry without waiting for expansion approvals. Should the NBA expand, it might occur in the 2028-29 season.
The transaction awaits approval from the NBA’s board of governors, a process that could take weeks. The board is scheduled to meet next month in New York. The staggering $12.5 billion figure sets a new benchmark for U.S. professional sports franchises in terms of value. Just three years prior, Michael Jordan sold his majority stake in the Charlotte Hornets at a $3 billion valuation. The Boston Celtics had a valuation of just over $6 billion during its sale last year, setting a then-record.
Walter’s 2025 acquisition of a controlling stake in the Lakers elevated franchise valuations further. Initially, he held a 27% minority stake purchased in 2021 before finalizing his control. The transaction involved a franchise assessment of $10 billion, unmatched in professional sports.
The Lakers, renowned for their 17 championships since their Minneapolis beginnings, rank second in NBA history behind the Boston Celtics’ 18. As a global brand, the Lakers consistently top the league’s merchandise sales charts.
This monumental sale follows closely after LeBron James, the league’s all-time scoring leader, departed the Lakers after eight seasons, opting for free agency. James subsequently signed with the Philadelphia 76ers.
AP Basketball Writer Tim Reynolds contributed to this report.
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