Los Angeles Lakers Agree to Record-Breaking USD 12.5 Billion Sale to Josh Kushner and Bob Iger

The Los Angeles Lakers have entered into an agreement to be sold to businessmen Josh Kushner and Bob Iger for USD12.5 billion (AUD17.7 billion), a landmark valuation in global sports franchise history.

The transaction sees the group pivot away from a proposed Las Vegas expansion bid to acquire the iconic NBA franchise from Mark Walter, who only secured a controlling interest from the Buss family last year at a then-record USD 10 billion valuation. The deal underscores the rapidly escalating commercial value of elite sports assets, positioning the Lakers as the most expensive sports organisation ever sold.

Kushner and Iger emphasised their  vision for the storied club in a joint statement.

“As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.”

“We have immense respect for the leadership and vision of Jerry and Jeanie Buss.”

“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,” Kushner and Iger stated. 

Explaining the rapid progression of the negotiations, Iger detailed how the opportunity materialised unexpectedly during their pursuit of a Nevada-based expansion team.

“We were involved in pursuing the new franchise in Vegas. And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers.”

“And we immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it.

“The deal came together in three days,” Iger told the California Post. “It’s that simple,” Iger said.

Mark Walter reflected on his brief tenure at the helm of the franchise while retaining his extensive broader sports portfolio through TWG Global, which includes Major League Baseball’s Los Angeles Dodgers and Premier League club Chelsea.

“Owning the Los Angeles Lakers has been one of the great honours of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.”

“I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” Walter said in a statement. 

On the court, franchise player Luka Doncic, expressed enthusiasm regarding the ownership shift as the club prepares for the campaign.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA.

“I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise.

“I look forward to meeting Josh and Bob so we can get to work building something special in LA together,” Doncic posted on X.

The transaction remains subject to formal approval by the NBA’s Board of Governors.

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