The Los Angeles Lakers are on the verge of changing hands at a record $12.5 billion valuation, with Thrive Capital founder Josh Kushner and former Disney chief executive Bob Iger set to take control once the NBA Board of Governors votes on the sale. The agreement, first reported by ESPN’s Ramona Shelburne, would make the Lakers the most expensive sports franchise ever sold and would end the Buss family’s 46-year run atop one of basketball’s most storied clubs.
Nothing is signed yet, and two obstacles remain before the deal can close: the league’s review of the buyers’ financing and ownership structure, and a court fight inside the Buss family over its remaining 17.8 percent stake, due to be heard on December 8.
From $10 Billion to $12.5 Billion in a Year
Mark Walter agreed to buy control of the Lakers from the Buss family in 2025 at a $10 billion valuation, a deal the NBA Board of Governors approved unanimously in October 2025. In August 2026, Kushner and Iger agreed to buy the team from Walter at $12.5 billion, a jump of 25 percent in about a year for the same roster, the same building and the same local television deal.
Walter and Kushner met at Walter’s home in Florida on October 29-30 and settled every outstanding term of the transaction, ESPN reported, and the two sides have now finalized the terms of the sale at the record valuation. Once the formal agreement is signed, it goes to the NBA, which reviews the financing and ownership structure before the Board of Governors votes. At least three-quarters of the league’s owners must approve the change of control.
| Date | Development |
|---|---|
| June 2025 | Mark Walter agrees to buy control of the Lakers from the Buss family at a $10 billion valuation. |
| October 2025 | The NBA Board of Governors approves Walter’s purchase unanimously. |
| August 2026 | Josh Kushner and Bob Iger agree to buy the team from Walter at a $12.5 billion valuation. |
| October 29-30, 2026 | Walter and Kushner meet at Walter’s Florida home and settle all outstanding terms, ESPN reports. |
| November 2026 | NBA Board of Governors vote expected once the agreement is signed. |
| December 8, 2026 | Los Angeles Superior Court hearing on Jeanie Buss’s challenge to the family-stake sale. |
Who Runs the Lakers If the Deal Closes
Under the reported structure, Kushner would become the majority owner, while Iger would take a minority stake and run the team’s day-to-day operations, according to Front Office Sports reporting. Iger led Disney for 15 years before stepping down as chief executive, and his arrival would put a veteran media operator in charge of the league’s most glamorous franchise.
The sale changes the boardroom, not the roster. On the court, the Lakers are already deep into the new season, and their early form has been uneven, including the Lakers’ 136-129 loss to Portland on October 27, when Luka Doncic scored 41 points in a losing effort.
The Funding Question Hanging Over the Deal
The one cloud over the agreement is money. Podcaster Bill Simmons reported on his show that Kushner is still $5 billion to $6 billion short of the purchase price and has been shopping minority stakes to investors at $250 million to $350 million each, while Iger is putting in only about $63 million. Simmons has stood by that reporting, saying he has spoken to too many people who say the group is still looking for the remaining money.
That account has not been confirmed by the buyers, and there are reasons to doubt it will stop the deal. Forbes values Kushner at $16.7 billion, and the group has months to assemble its investor base while the NBA review runs its course. Walter’s own purchase took about four and a half months from agreement to the board’s vote, so a closing early in 2027 would be in line with the league’s usual pace.
A Family Footnote: Will Iger Joins the Broadcast Team
While the sale itself remains unfinished, one member of the incoming ownership’s family has already joined the organisation. On November 5, Will Iger, Bob Iger’s son, was named the club’s play-by-play announcer for the Coachella Valley Lakers, the franchise’s G League affiliate, which opened its first season on November 6 against the Salt Lake City Stars.
The appointment drew the obvious reaction online, with some fans calling it nepotism at a moment when the family’s takeover is itself contested in court. Others pointed out that a G League broadcast job is a long way from the boardroom, and that Will Iger had been working in sports media before his father’s group agreed to buy the team.
What Happens Next
The sequence from here is straightforward, even if the timing is not. The buyers and Walter sign the formal agreement, the NBA reviews the financing and ownership structure, and the Board of Governors votes, with a decision expected in November, according to ESPN’s Dave McMenamin.
The court case runs on a separate track. Jeanie Buss, who has served as the Lakers’ governor since her father Jerry Buss died in 2013, is contesting the sale of the family trust’s remaining 17.8 percent stake, which five of her six siblings voted to sell. The league requires a team governor to hold at least a 15 percent stake, so the December 8 hearing will decide whether she keeps the role she has held for 13 years.
If the deal closes as agreed, it will be the largest franchise sale in sports history, and the second time in barely a year that the Lakers have changed hands at a record price. For a franchise that has spent 46 years under one family, the next few weeks will decide who writes its next chapter.
Frequently Asked Questions
How much are the Lakers being sold for?
The agreed valuation is $12.5 billion, which would be the largest price ever paid for a professional sports franchise. Mark Walter bought control of the team a year earlier at a $10 billion valuation.
Who is buying the Los Angeles Lakers?
Josh Kushner, the founder of Thrive Capital, would become the majority owner, with former Disney chief executive Bob Iger taking a minority stake and running the team’s day-to-day operations.
Is the Lakers sale already done?
No. The two sides have agreed on all outstanding terms, but nothing has been signed yet. The agreement still needs NBA review and approval from at least three-quarters of the Board of Governors, and a court hearing on the Buss family’s remaining stake is set for December 8.
What happens to Jeanie Buss?
Jeanie Buss is contesting the sale of the family trust’s remaining 17.8 percent stake in Los Angeles Superior Court. She needs to hold at least 15 percent to remain the team’s governor, a role she has held since 2013.
Why is the Lakers’ valuation so high?
The franchise’s value has climbed fast: $10 billion when Walter bought control in 2025, and $12.5 billion a year later. The Lakers are one of the NBA’s flagship brands, with a global following and a lucrative local television deal, and the record price reflects a market in which scarce, trophy sports assets keep appreciating.
