The Los Angeles Lakers have been sold to businessmen Josh Kushner and Bob Iger for a notable sum, marking the second sale in a year. This deal is set at $12.5 billion, according to a source familiar with the agreement who disclosed this information to The Associated Press under anonymity, as no official details were released by the parties involved.
ESPN initially reported the news that Kushner and Iger are acquiring the NBA’s most valuable franchise, previously valued at $10 billion. Last year, Mark Walter acquired a controlling stake from the Buss family at this valuation. Prior to this acquisition, Kushner and Iger were seeking an expansion team for Las Vegas. By purchasing the Lakers, they bypass the waiting period for expansion, which might not occur until the 2028-29 season.
The deal requires approval from the NBA’s board of governors, a process that might take several weeks. The board’s next meeting is scheduled next month in New York. The $12.5 billion sale sets a new record for U.S. professional sports franchises and reflects the significant increase in NBA franchise values. Three years ago, Michael Jordan’s sale of his majority stake in the Charlotte Hornets valued the team at $3 billion. Last year’s sale of the Boston Celtics surpassed $6 billion, setting a then-record. Walter’s purchase of a majority stake in the Lakers in June 2025 had set a precedent, with this latest sale further elevating the standards.
Walter’s transaction gained NBA owner approval last October, having initially acquired a 27% minority stake in 2021. This was part of a franchise valuation pegged at $10 billion—the highest for a professional sports team back then. The Lakers, claiming 17 championships since their early Minneapolis days, trail only the Boston Celtics in NBA history with 18. The team’s global brand presence keeps it consistently among the league’s top merchandise sellers.
This monumental sale happens shortly after LeBron James, the NBA’s all-time leading scorer, left the Lakers as a free agent after eight seasons, ultimately joining the Philadelphia 76ers.
AP Basketball Writer Tim Reynolds contributed to this report.
AP NBA: https://apnews.com/nba
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