The Los Angeles Lakers are set for another major ownership change after Mark Walter agreed to sell his controlling interest in the franchise to venture capitalist Josh Kushner and former Disney CEO Bob Iger for a record $12.5 billion valuation.
The agreement comes less than a year after Walter completed his purchase of the Buss family’s controlling stake in October 2025, when the Lakers were valued at $10 billion. The latest deal would therefore represent a remarkable turnaround for Walter, who would reportedly make about $2.5 billion from the sale.
The proposed transaction still requires approval from the NBA’s Board of Governors, with the next meeting expected in September. Until that approval is secured, the ownership change is not officially complete.
Walter’s brief spell in charge has nevertheless come to an unexpected end. His arrival in 2025 marked the conclusion of the Buss family’s control of the Lakers, which had lasted for more than four decades. Walter had previously owned a 26% stake through TWG Global before taking control of the franchise.
The latest agreement caught many around the NBA by surprise because Walter had appeared to be building toward a long-term future with the Lakers. Sources cited in the original report described the sale as a major shock, particularly because sports franchises are rarely bought and resold within such a short period.
Table of Contents
Walter walks away after huge profit
Walter’s decision to sell has raised questions about why he chose to leave the NBA’s most iconic franchise so quickly.
According to the report, Walter would have made approximately $2.5 billion in profit from the transaction. He had acquired the Lakers at a $10 billion valuation before agreeing to the new deal at $12.5 billion.
Walter described his time as Lakers owner as an honour while thanking Jeanie Buss, the Buss family, the players and staff for welcoming him into the organisation.
“Owing the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment,” Walter said, adding that what he would carry with him was the relationship with the community, fans and city.
The timing has also attracted scrutiny because Walter’s wider business empire has faced federal investigation. Reports have said TWG Global was being examined over financial matters involving its insurance business, although there has been no finding that the investigation forced Walter to sell the Lakers. Walter has not been charged with wrongdoing in connection with the matter.
Iger and Kushner prepare for new Lakers era
For Iger and Kushner, the agreement represents a dramatic change in their plans.
The pair had reportedly been pursuing an NBA expansion franchise in Las Vegas before the opportunity to acquire the Lakers emerged. Iger later revealed that the deal came together in just three days after they were approached about Walter’s willingness to sell.
The new ownership group has already made clear that it intends to respect the history of the franchise.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” Iger and Kushner 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.”
Iger also indicated that Jeanie Buss would remain involved. He said the new owners intended to honour the agreement made between Walter and Buss and would begin their tenure with “enormous respect and appreciation” for what she represents.
That could provide some continuity for a franchise that has undergone enormous changes in a short period.
Luka Dončić becomes the face of the franchise
The ownership change arrives at another crucial point for the Lakers on the basketball side.
Luka Dončić is now the undisputed centrepiece of the franchise after LeBron James left Los Angeles and eventually joined the Philadelphia 76ers. Dončić was not consulted before the ownership agreement was reached, but he is expected to speak with Iger and Kushner as the new owners prepare to take charge.
The Slovenian superstar has already experienced multiple ownership changes during his NBA career, having previously played for the Dallas Mavericks before moving to Los Angeles.
The latest change could nevertheless be significant for Dončić because the new owners will be expected to provide the financial resources and sporting ambition required to build another championship contender around him.
A source close to Dončić told ESPN that players are generally more concerned about whether ownership is prepared to provide the resources needed to win than who specifically sits in the owner’s box.
The Lakers enter the new era with 17 NBA championships, a global fanbase and one of the biggest brands in professional sports. The record $12.5 billion valuation further underlines the franchise’s extraordinary commercial strength.
For Iger and Kushner, however, owning the Lakers will now be about more than making a historic investment. They will inherit a team under immense pressure to win, with Dončić leading the next generation and fans expecting the new ownership group to restore the Lakers to championship contention.
The proposed sale must first receive NBA approval, but once completed, it will mark the second Lakers ownership change in just over a year and open another defining chapter in the franchise’s history.