NBA's Los Angeles Lakers to be sold to Josh Kushner, Bob Iger for record US$12.5 billion

American businessman Josh Kushner and former Disney executive Bob Iger are purchasing the Los Angeles Lakers for a record-breaking price of US$12.5 billion, ESPN reported on Wednesday (Aug 12).

According to the network, the duo purchased controlling interest from Mark Walter, who bought a controlling interest in the team from the Buss family for US$10 billion in October 2025. The NBA Board of Governors unanimously approved the sale of the majority interest to Walter on Oct 30.

"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," Kushner and Iger said in a statement. "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."

Walter is the CEO and chairman of diversified holding company TWG Global. The group is also involved with Premier League club Chelsea and the Professional Women's Hockey League.

"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," Walter said in a statement to ESPN.

"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."

Kushner and Iger reportedly were involved in an expansion process to land an NBA team in Las Vegas before switching gears toward purchasing the Lakers.

Kushner is the younger brother of Jared Kushner,