Kushner and Iger Acquire Lakers in Record $12.5 Billion Deal Amidst Owner’s Legal Scrutiny
The transaction marks a rapid turnover for the NBA franchise, which Walter acquired for approximately $10 billion last year, as the seller faces federal and Securities and Exchange Commission investigations.
American businessmen Josh Kushner and Bob Iger are set to purchase the Los Angeles Lakers from majority owner Mark Walter for $12.5 billion, a valuation that sets a new record for the franchise. The deal, confirmed by multiple sources to ESPN, represents a significant shift in ownership for the iconic NBA team. Walter, who acquired controlling interest from the Buss family last October for approximately $10 billion, is divesting the basketball club as part of a broader restructuring of his sports portfolio.
In a joint statement, Kushner and Iger expressed their commitment to the franchise’s legacy. “As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” the statement read. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.” The pair, who were previously involved in the league’s expansion process in Las Vegas, have now pivoted to acquire one of the NBA’s most valuable assets.
Walter, the chief executive and chairman of diversified holding company TWG Global, retains ownership of the Los Angeles Dodgers but is selling other sports interests. His portfolio includes the Los Angeles Sparks, Premier League club Chelsea, the Professional Women's Hockey League, and several auto racing teams through TWG Motorsports, including Cadillac Formula 1. Walter stated that owning the Lakers had been “one of the great honors of my life,” adding that he had “every confidence the best is still ahead” for the team under new stewardship.
The sale occurs against a backdrop of regulatory scrutiny facing Walter’s business empire. The billionaire, who built his financial fortune in the insurance industry, is currently under federal investigation for alleged tax fraud involving companies tied to his holdings. Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. failed to disclose that their private credit holdings backed other Walter-controlled ventures.
A parallel investigation is being conducted by the Securities and Exchange Commission regarding these undisclosed private credit holdings. Despite these ongoing legal challenges, the NBA had unanimously approved Walter’s initial bid to take control of the Lakers last year. Kushner, founder of venture capital firm Thrive Capital and co-founder of Oscar Health, and Iger, the former Disney chief executive who is also a controlling owner of Angel City FC, are now positioned to lead the franchise through this transition.
