Lakers sold to Kushner and Iger for $12.5 billion amid federal probe speculation

The Los Angeles Lakers have been sold to a consortium led by venture capitalist Josh Kushner and former Disney CEO Bob Iger for a valuation of $12.5 billion. The transaction, which was ratified by the NBA board of governors, marks the end of Mark Walter’s 14-month tenure as controlling owner and has elicited widespread surprise across the league.

Walter acquired the franchise for $10 billion in October 2025, resulting in an estimated $2.5 billion profit in just over a year. The speed of the sale has drawn scrutiny, with league sources questioning the motives behind such a rapid turnover. Speculation has intensified following reports of a federal investigation into Walter’s company, TWG Global, which allegedly failed to disclose $16 billion in loans to his insurance firm, Delaware Life.

The new ownership group intends to retain Jeanie Buss as acting governor and general manager Rob Pelinka for the foreseeable future. Iger confirmed his commitment to honouring the existing agreement with Buss, citing respect for her role in the franchise’s history. This continuity is expected to stabilise the front office, where Pelinka recently signed a multi-year extension and has worked closely with the Dodgers’ baseball operations team.

The sale represents a significant pivot for Iger and Kushner, who had previously been pursuing an expansion franchise in Las Vegas. Sources indicate the new owners were drawn to the Lakers’ iconic status and immediate availability, finalising the deal in three days. The acquisition also highlights the deepening ties between the NBA and media executives, given Iger’s longstanding professional relationship with NBA Commissioner Adam Silver.

Star player Luka Doncic was not consulted prior to the announcement but plans to hold a video conference with the new owners next week. Despite the shock of another ownership change, Doncic has expressed readiness to adapt, noting he has already adjusted to five different owners during his career. The league remains focused on the broader financial implications, with the record valuation reinforcing the NBA’s growing asset value ahead of potential expansion and international league launches.