The Los Angeles Lakers were sold to businessmen Josh Kushner and Bob Iger for US$12.5 billion in a transaction that sets a new benchmark for the valuation of sports franchises. The information, confirmed by several sources on Wednesday, August 12, 2026, marks the second time in two years that the traditional NBA team has had its majority stake negotiated for a record-breaking value.
New leadership takes control of the Los Angeles Lakers
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The new owners, Josh Kushner, founder of Thrive Capital and vice chairman of Oscar Health, and Bob Iger, former CEO of Disney, made an aggressive bid for the team. Both had already shown interest in expanding the NBA to Las Vegas, but surprised by directing their efforts to acquiring the Lakers from current owner, Mark Walter. The Buss family, which has a long history with the franchise, had sold the majority stake to Walter the previous year, in a deal valued at around US$10 billion.
“As longtime NBA fans, we are deeply honored by the opportunity to become managers 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 said in a joint statement. “Our long-term commitment is to build on this foundation, compete at the highest level and serve this extraordinary team, its fans and the city of Los Angeles.”
Transaction sets new value record in professional sports
The sale of the Los Angeles Lakers in 2026 for US$12.5 billion surpasses all previous sales of professional sports teams, including its own sale in 2025. This value reflects the growing appreciation of franchises with great brand appeal and a winning track record.
Check out the biggest sales of professional sports franchises to date:
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- Lakers, 2026: $12.5 billion
- Lakers, 2025: $10 billion
- Seahawks, 2026: $9.6 billion
- Celtics, 2025: $6.1 billion
- Commanders, 2023: US$6.05 billion
Mark Walter’s career as an owner and his other investments
Mark Walter, CEO and chairman of diversified holding company TWG Global, had become the majority owner of the Lakers in October 2025 after his proposal was unanimously approved by the NBA. His company, TWG Global, has stakes in several other high-profile sports organizations, such as the Los Angeles Dodgers and Los Angeles Sparks, both from Los Angeles, as well as Premier League club Chelsea and the Professional Women’s Hockey League (PWHL). In motorsport, TWG Motorsports owns several teams, including Cadillac in Formula 1.
As he said goodbye to the franchise, Walter, 66, expressed his appreciation. “Owning the Los Angeles Lakers has been one of the greatest honors of my life — an extraordinary investment, but what I will take with me is the community, the fans and a city that treats this team like family. 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 is yet to come,” Walter said in his statement. Sources indicate he is only selling the Lakers team in this transaction.
NBA approval is still awaited to formalize the sale
The completion of the sale still depends on the approval of the NBA’s board of governors, a process that could last several weeks. The next board meeting is scheduled for next month, with a location scheduled for New York, where the transaction will likely be analyzed.
Federal investigations surrounding Mark Walter’s other companies
One factor that may have contributed to Mark Walter’s decision to sell the Lakers, just a year after his acquisition, is the ongoing federal investigations into alleged tax fraud involving other companies linked to the billionaire. In July, a report reported that U.S. prosecutors in Manhattan are investigating whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurance companies controlled by Walter, failed to disclose that their private credit assets financed other ventures also under their control. The United States Securities and Exchange Commission (SEC) is conducting a parallel investigation into the case.
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Details about the careers of new investors
Josh Kushner, 41, is a prominent figure in venture capital, running Thrive Capital and co-founding Oscar Health. He is the brother of Jared Kushner, son-in-law of former President Donald Trump. Josh Kushner was also a minority owner of the Memphis Grizzlies and currently holds a minority stake in the Miami Heat. For the Lakers purchase to be finalized, he will have to sell his stake in the Heat due to league rules.
Bob Iger, in turn, is 75 years old and is one of the most recognized figures in the corporate world. He ended his second term as Disney CEO this year, being succeeded by Josh D’Amaro. Iger has also been majority owner of NWSL team Angel City FC with his wife Willow Bay since 2024.