The Los Angeles Lakers are entering a striking new chapter after Bob Iger and Josh Kushner agreed to acquire the storied NBA franchise for approximately $12.5 billion, setting a new record for the most expensive U.S. sports team sale.
The transaction marks a remarkable change in ownership for one of the world’s most recognizable sporting brands.
Mark Walter acquired control of the Lakers from the Buss family only 14 months ago at a valuation of about $10 billion.
His brief ownership period has now ended with the franchise valued roughly 25% higher than the figure attached to it when the deal was announced.
For Iger, the purchase represents an unusual return to the world of entertainment from a different direction.
The longtime Disney executive spent decades building an empire around some of the world’s most powerful entertainment properties.
He will now become a steward of a franchise whose identity has been closely intertwined with Hollywood for generations.
The Showtime Blueprint
Jerry Buss transformed the Lakers after purchasing the team in 1979, helping create a model in which professional basketball was not simply a sporting contest but also a major entertainment spectacle.
Celebrity-filled courtside seats, an up-tempo style of basketball and an arena atmosphere designed for television helped establish the Lakers as a cultural phenomenon.
The concept became known as Showtime and ultimately influenced the way sports leagues presented their biggest events to audiences around the world.
That history makes Iger’s arrival particularly notable.
His career at Disney was built around identifying, developing and expanding valuable entertainment properties, including Pixar, Marvel, Lucasfilm and 21st Century Fox.
The Lakers already possess many of the characteristics that make such properties valuable: a globally recognized name, a deep championship history, an enormous fan base and an unusually strong connection with the entertainment industry.
Kushner Brings a Different Investment Background
Kushner, 41, approaches the purchase from the world of technology and venture capital.
He founded Thrive Capital, which became an influential investment firm through early positions in companies including Instagram, Spotify, Stripe and OpenAI.
His interest in sports has also grown considerably.
Earlier this year, Thrive launched Thrive Eternal, a permanent-capital vehicle designed to acquire and hold minority interests in sports franchises and other prominent brands.
The vehicle’s first sports investment was a minority stake in Major League Baseball’s San Francisco Giants.
The Lakers acquisition now represents a far more significant step into sports ownership.
Kushner and Iger described themselves as lifelong NBA fans and said they were honored to become stewards of the Lakers while expressing their respect for Jerry and Jeanie Buss and the legacy they established.
Iger and Kushner Already Had a Professional Connection
The partnership is not entirely new.
Iger stepped down as Disney’s chief executive in March after Josh D’Amaro succeeded him and subsequently took an advisory position with Thrive Capital.
Iger had previously been a venture partner at Thrive before returning to Disney in 2022, when the company appointed him CEO for a second stint following Bob Chapek’s departure.
That existing relationship gives the Lakers’ new ownership group a foundation that extends beyond the purchase itself, combining Iger’s decades of experience in global entertainment with Kushner’s background in technology investment and capital management.
Kushner’s Sports Ambitions Extend Beyond the Lakers
The Lakers deal follows an eventful year for Kushner’s sports investment ambitions.
Thrive Eternal was named as the lead investor in a proposed FIFA commercial-rights venture that would have offered outside investors access to a stake connected to the organization’s commercial operations, including World Cup broadcasting and sponsorship revenue.
The proposed FIFA subsidiary was reportedly assigned a $20 billion valuation, with as much as $4.2 billion potentially available to external investors.
The plan encountered significant opposition, however, including threats of a boycott, and FIFA abandoned the proposal within days.
The collapse of that venture did not stop Kushner’s expansion into sports ownership. Instead, he has now completed the most valuable U.S. sports franchise transaction ever recorded.
A High-Profile Family Connection
Kushner is the younger brother of Jared Kushner, President Donald Trump’s son-in-law and former senior adviser.
Josh Kushner has developed his own public and political profile separate from his brother.
In 2018, he appeared at the March for Our Lives demonstration alongside his then-girlfriend and now-wife, Karlie Kloss, during protests focused on gun policy.
His most recent recorded political donation went to the Obama Foundation, highlighting a political profile distinct from his brother’s association with the Trump administration.
Walter’s Short Lakers Ownership Comes to an End
Walter’s tenure as Lakers owner has proved surprisingly brief.
When he acquired control from the Buss family, the transaction was presented as a long-term succession that could keep the franchise under stable leadership for decades.
Magic Johnson strongly endorsed Walter at the time, saying Jeanie Buss had chosen the right person to guide the franchise into the future.
Johnson argued that Walter had demonstrated a commitment to winning and excellence and suggested his ownership could last for decades.
Walter himself described owning the Lakers as one of the greatest honors of his life.
His decision to sell after only 14 months therefore represents a dramatic change from those original expectations.
Magic Johnson Welcomes the New Owners
Johnson has also reacted positively to the arrival of Iger and Kushner.
In a social-media post, the Lakers legend said he believed fans could not have asked for two better owners.
Johnson highlighted his decades-long personal relationship with Iger and said the former Disney chief had always loved the Lakers and basketball.
The five-time NBA champion also expressed confidence that the new ownership group could help bring more championships to Los Angeles.
Johnson’s endorsement carries particular weight because he experienced the Lakers’ Showtime era firsthand.
He won five championships with the franchise under Jerry Buss and became one of the defining figures of the period that established the Lakers as both a basketball powerhouse and a global entertainment brand.
The Lakers Remain Bigger Than a Basketball Team
The $12.5 billion transaction underscores how far the Lakers have evolved beyond the traditional definition of a professional sports franchise.
The team Jerry Buss purchased in 1979 became one of the clearest examples of the commercial power created when elite sport, television, celebrity culture and entertainment are deliberately combined.
Now, decades later, that same philosophy is being inherited by an owner who spent his career turning entertainment properties into global businesses and an investor whose firm has backed some of the most influential technology companies of the modern era.
The record price attached to the Lakers suggests that their appeal increasingly extends beyond wins, losses and championships.
For Iger and Kushner, the challenge will be to preserve the mythology that made the franchise valuable while shaping its next chapter.
