Lakers Sale at $12.5 Billion: Kushner and Iger Agree Final Terms in Record NBA Deal
The Los Angeles Lakers are a step closer to changing hands in the biggest deal in sports history. Owner Mark Walter and Thrive Capital founder Josh Kushner have agreed all outstanding terms of a sale that values the Lakers at $12.5 billion, with former Disney chief executive Bob Iger set to take a minority stake and run the team’s day-to-day operations. The agreement, first reported by ESPN’s Ramona Shelburne on 30 October 2026, still has to be signed and then approved by the NBA before the sale becomes official.
Walter and Kushner met in person at Walter’s home in Florida on Thursday 29 October to settle the remaining details, according to sources close to the negotiations. The two sides are expected to sign the formal agreement soon. Once signed, the NBA will review the financing and the ownership structure, and at least three-quarters of the league’s Board of Governors must approve the deal before control changes hands.
| Valuation | $12.5 billion — the largest price ever agreed for a professional sports franchise |
| Buyer | Josh Kushner (Thrive Capital founder), majority owner; Bob Iger, minority owner |
| Seller | Mark Walter, current controlling owner |
| Terms agreed | 29–30 October 2026, at Walter’s Florida home (ESPN) |
| Formal agreement | Not yet signed |
| NBA approval | Review of financing and ownership, then a Board of Governors vote (at least three-quarters required) |
| Previous valuation | $10 billion when Walter bought control from the Buss family, approved 30 October 2025 |
| Buss family stake | 17.82% remaining, subject to a court dispute; hearing set for 8 December 2026 |
| Court hearing | 8 December 2026 |
How the $12.5 billion Lakers deal took shape
The deal came together with remarkable speed. Kushner first called Walter with an offer at $12.5 billion in August 2026, and within about 72 hours the two sides had agreed the headline terms. The formal announcement followed on 12 August 2026, when Kushner and Iger said in a joint statement that they were deeply honoured to become stewards of one of the most iconic sports franchises in the world. The price was 25% more than the $10 billion valuation Walter had paid the Buss family for control of the team, a purchase the NBA’s Board of Governors approved unanimously on 30 October 2025. Walter had first bought a 27% stake in the Lakers in 2021 at a $5 billion valuation. According to ESPN Research, the Lakers now account for the two highest prices ever paid for a professional sports franchise: $12.5 billion in 2026 and $10 billion in 2025.
What still has to happen before the sale closes
Agreement on terms is not the same as a completed sale. The formal agreement still has to be signed, and the NBA’s review does not begin in earnest until it is. The league will examine the financing arrangements and the proposed ownership structure before the Board of Governors votes. Walter’s own purchase took about four and a half months from agreement to the board’s vote, so a quick close is far from guaranteed. The board met in September 2026 without voting on the Lakers sale, and no public date has been set for a vote. Until the board approves, Walter remains the Lakers’ controlling owner. Kushner is expected to become the majority owner when the deal closes, with Iger holding a minority stake and running day-to-day operations.
The funding questions hanging over the deal
The biggest open question is whether the money is fully in place. Podcaster Bill Simmons reported that Kushner is still $5 billion to $6 billion short of the $12.5 billion and that Iger is putting in only about $63 million, a claim Simmons has repeated on his podcast. Those figures are claims, not confirmed facts, and ESPN’s reporting says Kushner has assured Walter he has raised all the money needed to complete the sale. To fund the purchase, Kushner and Iger have been offering minority stakes to investors at $250 million to $300 million each, according to four people familiar with the talks. At a $12.5 billion valuation, $250 million buys a 2% stake in the franchise. Forbes puts Kushner’s net worth at $16.7 billion, more than double Walter’s $7.3 billion at the same source.
The Buss family fight over the remaining 17.82% stake
The sale is also caught up in a dispute inside the family that ran the Lakers for 46 years. Jeanie Buss has been the team’s governor since her father Jerry Buss died in 2013, and she has filed a petition to block her five siblings — Jimmy, Johnny, Jesse, Janie and Joey — from selling the family’s remaining 17.82% stake under a “tag-along” provision. The siblings voted to include those shares in the proposed transaction with Iger and Kushner. The league requires a team governor to hold at least a 15% stake, so if the family’s entire remaining share is sold, Jeanie Buss would lose the ownership stake needed to keep her position. A court hearing on the dispute is set for 8 December 2026. The deal is not the only Lakers news this month: on 5 November, Will Iger, Bob Iger’s son, was named play-by-play announcer for the Coachella Valley Lakers, the team’s G League affiliate.
Why the price jumped $2.5 billion in a year
The $2.5 billion rise in twelve months is the sharpest part of the story. Walter bought control at $10 billion in 2025 and agreed to sell at $12.5 billion in 2026, with the same roster, the same arena arrangement and the same local television deal. The jump reflects how fast top sports franchises have appreciated: the twelve priciest United States sports team sales have all happened since 2019, and nine of them were NBA teams. The NBA has no holding period for owners and no rule against flipping a franchise quickly, unlike the NFL, which requires a single owner to hold at least 30% of a team’s equity. Whether the league will use this sale to tighten its ownership rules is an open question for the Board of Governors.
Your questions on the Lakers sale $12.5 billion, answered
Has the Lakers sale been completed? No. Walter and Kushner have agreed all outstanding terms, but the formal agreement has not been signed and the NBA has not yet approved the deal.
Who will own the Lakers if the deal closes? Josh Kushner is expected to be the majority owner, with Bob Iger holding a minority stake and running the team’s day-to-day operations.
How much is the Lakers sale worth? The deal values the franchise at $12.5 billion, the largest price ever agreed for a professional sports franchise.
When will the NBA decide on the sale? The league reviews the deal after the agreement is signed, and at least three-quarters of the Board of Governors must approve it. No public date has been set for the vote.
What is the Buss family dispute about? Jeanie Buss is fighting her five siblings over the family’s remaining 17.82% stake, which they voted to sell under a tag-along provision. A court hearing is set for 8 December 2026.
