The Los Angeles Lakers are reportedly heading toward another ownership change, with former Disney CEO Bob Iger and investor Joshua Kushner agreeing to acquire the NBA franchise for a record $12.5 billion, according to ESPN.

If approved, the transaction would become the most expensive sale of a North American sports franchise. It would also mark a remarkable turnaround in the Lakers’ ownership story, coming only about a year after Mark Walter agreed to purchase a controlling stake in the team at a then-record valuation of $10 billion.

The deal still requires approval from the NBA’s Board of Governors.

Iger and Kushner, both longtime NBA fans, said they were honored by the opportunity to take responsibility for one of professional sports’ most recognizable franchises.

“As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers,” they said in a statement to ESPN.

They also praised Jerry and Jeanie Buss and said their goal would be to build on the foundation established by the Buss family.

Why is the Lakers sale worth $12.5 billion?

The reported $12.5 billion valuation reflects how dramatically the economics of major sports franchises have changed.

When Walter agreed to buy a controlling interest in the Lakers for approximately $10 billion in 2025, that transaction itself was viewed as extraordinary. The latest agreement would surpass it by another $2.5 billion, or roughly 25%.

That increase illustrates why teams such as the Lakers have become highly attractive to wealthy investors. Their value extends far beyond ticket sales.

A franchise with the Lakers’ global following can generate revenue from:

• Media and broadcasting rights
• Sponsorships and advertising
• Ticket sales and premium seating
• Merchandise
• Licensing
• Arena-related businesses
• International commercial opportunities

The Lakers also possess something that cannot easily be replicated: decades of cultural recognition.

Who are Bob Iger and Josh Kushner?

Bob Iger is best known for his long tenure as Disney’s chief executive, where he oversaw an enormous expansion of the company’s entertainment empire.

His involvement gives the proposed Lakers ownership group an executive with extensive experience in global media, entertainment and brand management.

Joshua Kushner is an investor and entrepreneur and the brother of Jared Kushner, who is married to Ivanka Trump, the daughter of President Donald Trump.

The proposed partnership therefore brings together two different areas of expertise: Iger’s background in global entertainment and Kushner’s experience in investment and technology.

Their challenge will be converting that experience into success in one of the world’s most scrutinized sports markets.

What happened to the Buss family’s Lakers ownership?

The proposed transaction represents another dramatic chapter in a relatively short period of ownership changes.

Jerry Buss purchased the Lakers in 1979 and helped transform the franchise into one of the most powerful brands in professional sports.

The Buss family controlled the team for 46 years before Walter agreed to acquire a controlling interest in 2025.

Jeanie Buss remained involved as the Lakers’ governor following Walter’s purchase, continuing the family’s connection to the organization.

The family’s ownership coincided with some of the most important periods in Lakers history, including the Showtime era of the 1980s and championship runs featuring stars such as Magic Johnson, Kareem Abdul-Jabbar, Shaquille O’Neal and Kobe Bryant.

How successful are the Lakers?

The Lakers have won 17 NBA championships, tied with the Boston Celtics for the most in league history.

Their history includes generations of elite players, making the franchise much more than a basketball team.

Some of the biggest names associated with the Lakers include:

• Kareem Abdul-Jabbar
• Magic Johnson
• Shaquille O’Neal
• Kobe Bryant
• LeBron James
• Luka Doncic

The franchise’s success during the 1980s helped turn the Lakers into a global sports brand. Later championship teams kept that identity alive, while Bryant’s career further strengthened the team’s connection with Los Angeles.

What does the Lakers sale mean for Luka Doncic?

The ownership change comes at another turning point for the team on the court.

LeBron James has left the Lakers for the Philadelphia 76ers after eight seasons in Los Angeles, during which he won one NBA championship with the team.

That leaves Luka Doncic as the centerpiece of the Lakers’ next era.

The Slovenian superstar arrived in Los Angeles in a blockbuster trade and has quickly become central to the franchise’s plans. The new ownership group will therefore inherit a team in transition, with the pressure to build a championship contender around one of the league’s premier players.

For Iger and Kushner, that creates an immediate sporting challenge. Owning the Lakers provides enormous commercial potential, but the franchise’s fan base expects championships, not simply a valuable balance sheet.

Who is Mark Walter and why is he selling?

Walter’s acquisition of the Lakers was itself a landmark transaction.

He is the head of TWG Global, whose sports portfolio includes the Los Angeles Dodgers, a stake in Chelsea of the English Premier League, the Billie Jean King Cup and the Cadillac Formula One team.

His ownership of the Lakers lasted only about a year before the reported agreement with Iger and Kushner.

Walter described owning the Lakers as one of the great honors of his life and said his biggest takeaway was the relationship between the team, its fans and Los Angeles.

He added that he believed the franchise’s best years were still ahead.

The circumstances surrounding the ownership transition are particularly notable because Walter is also reportedly under federal investigation involving possible tax fraud allegations connected to his insurance businesses. The allegations and investigation should be treated separately from the reported Lakers transaction unless officially established as connected.

Why does the Lakers sale matter to the NBA?

The $12.5 billion valuation could have implications well beyond Los Angeles.

Professional sports franchises have become increasingly valuable as investors compete for scarce assets with powerful media rights, loyal fan bases and global audiences.

The Lakers are among the clearest examples of that phenomenon.

A record-setting sale can also establish a new benchmark for other NBA franchises. Owners and potential sellers can point to the transaction when assessing what their teams might be worth.

The economics are particularly interesting because the Lakers’ value is tied to both their current performance and their historic brand.

That combination makes the franchise unusually attractive. A new owner is not starting with an unknown sports property. The Lakers already have decades of championships, iconic players and worldwide recognition behind them.

What happens next?

The reported agreement is not yet the final step.

The sale must receive approval from the NBA’s Board of Governors before it can be completed.

If that approval arrives, Iger and Kushner will inherit one of the most valuable and closely watched franchises in professional sports.

They will also inherit expectations created by more than four decades of Buss family ownership and a team entering a new basketball era after James’ departure.

The reported $12.5 billion price tag is therefore more than a headline-grabbing number. It is a reflection of the extraordinary commercial power of the Lakers brand and the growing value investors place on elite sports franchises.

For Los Angeles, however, the real test will begin after the paperwork is finished: whether the new owners can turn record-breaking financial value into another championship era.