The Los Angeles Lakers are being sold to American businessman Josh Kushner and former Disney CEO Bob Iger for $12.5 billion, sources told Ramona Shelburne of ESPN.
The reported sale price establishes a new record for a North American sports franchise.
Kushner and Iger were eyeing an expansion team in Las Vegas but pivoted to buy the Lakers from majority owner Mark Walter, according to Shelburne.
"As lifelong NBA fans, we are deeply honored 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."
The sale still requires approval from the NBA's board of governors. The board's next meeting is scheduled for September.
Walter bought a controlling interest in the Lakers from the Buss family in October 2025 for a then-record of around $10 billion. That deal specified that former majority owner Jeanie Buss would be the club's governor for at least five years - an arrangement that Iger and Kushner plan to see through.
"We have enormous respect and appreciation for Jeanie, her father, and what they've contributed to this franchise," Iger said, according to Khobi Price of the New York Post. "And we have every intention to honor the agreement that was made between Mark and Jeanie. If things change, they'll change, but we're going into this with enormous respect and appreciation for who she is and what she represents in the organization."
Walter is only selling the Lakers, sources told Shelburne. He also has ownership stakes in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea, and several racing teams, including Cadillac Formula 1.
The 66-year-old billionaire is being investigated by federal authorities for alleged tax fraud related to other companies in his business empire.
Kushner, a venture capitalist, was recently part of the failed $20-billion FIFA proposal to sell minority stakes in the World Cup. He's the younger brother of Jared Kushner, President Donald Trump's son-in-law.
Lakers superstar Luka Doncic chimed in on the team's sale.
"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," Doncic wrote Wednesday on X. "I look forward to meeting Josh and Bob so we can get to work building something special in L.A. together."
