Lakers sale to Iger and Kushner raises governance questions amid $12.5 billion valuation

Bob Iger and Josh Kushner have acquired a majority stake in the Los Angeles Lakers from Mark Walter for a valuation of $12.5 billion, according to reports from CBS Sports. The transaction marks the second change in majority ownership for the franchise in less than 14 months, ending Walter’s tenure which began with an agreement in June 2025. The sale has immediately prompted scrutiny regarding the future operational structure of the club and the implications for the broader NBA landscape.

The acquisition effectively halts the so-called "Dodger-fication" of the Lakers, a strategy Walter had initiated to mirror the operational success of his Los Angeles Dodgers baseball team. Under Walter’s previous plan, the Lakers were undergoing a significant overhaul of their front office and behind-the-scenes infrastructure, including the hiring of Dodgers executive Lon Rosen as president of business operations and the dismissal of much of the scouting staff. With the change in ownership, the implementation of this model is now considered on hold, as Iger and Kushner lack Walter’s specific track record in sports ownership and may not commit to the same level of financial resources.

Governance of the franchise remains a point of contention. Jeanie Buss retained the title of governor for a reported period of at least five years, a role she held independently of Walter’s majority stake. Iger confirmed to The California Post that the new owners intend to honour the existing agreement between Walter and Buss. However, he added that "if things change, they'll change," leaving the long-term stability of Buss’s position within the organisation dependent on the relationship with the new majority owners.

The sale also reignites speculation regarding NBA expansion in Las Vegas. Iger disclosed that the new ownership group had previously been involved in bidding for a new expansion franchise in the city before pivoting to the Lakers when Walter became available. ESPN reporter Ramona Shelburne noted that talks for the Vegas expansion are continuing, with the valuation for a potential new team climbing close to the $10 billion Walter paid for the Lakers last year. The $12.5 billion price tag for the Lakers sets a new benchmark, potentially impacting the valuation of future expansion franchises.

The rapid succession of ownership changes has raised questions about the legacy of the Buss family, who oversaw 11 championships during their stewardship. Walter held a right of first refusal on any sale of a majority stake, limiting the Buss family’s ability to control the transition. The instability of the sale, which follows the firing of several long-time employees and two Buss brothers under Walter’s previous regime, suggests a departure from the stability associated with the franchise’s history. The new ownership group, comprising Iger, who previously ran Disney and ESPN, and Kushner, who holds stakes in the Miami Heat and previously owned a minority interest in the Memphis Grizzlies, now faces the challenge of defining the team’s direction.