Los Angeles Lakers minority owner Jeanie Buss was reportedly blindsided by Mark Walter's decision to sell his controlling stake in the franchise to Josh Kushner and former Disney CEO Bob Iger for a record $12.5 billion valuation in August, less than a year after his purchase received NBA approval.
According to ESPN's Ramona Shelburne, who detailed the circumstances surrounding the transaction in a report Tuesday, Buss learned of Walter's agreement just hours before the news became public on Aug. 12. The development reportedly stunned Buss, who had personally selected Walter to succeed her family as the Lakers' majority owner.
The revelation comes as the Lakers (3-0) prepare to host the Portland Trail Blazers (2-0) Wednesday night at 8 p.m. PT.
Shelburne reported that Kushner and Iger began exploring a potential acquisition in early August after learning Walter might be interested in restructuring his financial holdings amid federal investigations involving his business operations.
Walter initially rejected the idea when an associate contacted him on Aug. 9 while he was spending the weekend at a ranch. However, Kushner subsequently approached him directly with an offer valuing the Lakers at $12.5 billion, representing a 25% increase over the $10 billion valuation attached to Walter's previous purchase.
The proposal prompted Walter to return to Florida and consult his wife, Kimbra, and daughter, Samantha, about selling the franchise. Neither objected, according to ESPN.
Walter also considered the substantial financial return, particularly because he had acquired his initial 27% interest in the Lakers at a $5 billion valuation in 2021.
Negotiations accelerated with little time for the extensive due diligence typically associated with a multibillion-dollar transaction.
By Aug. 11, Walter had reached an agreement with Kushner and Iger, approximately 72 hours after the possibility of a sale was first presented to him.
Jeanie Buss believed Mark Walter would be Lakers' long-term owner
Walter's sudden departure contrasted with the expectations Buss had established when she began planning the Lakers' ownership transition.
Their relationship developed through Walter's ownership of the Los Angeles Dodgers, whose ownership group includes Lakers legend Magic Johnson. The two frequently attended each other's teams' games and maintained close professional ties.
In 2021, Buss approached Walter about purchasing Philip Anschutz's minority interest in the Lakers, positioning him to eventually acquire the Buss family's controlling stake.
According to Shelburne, Buss favored Walter because of his success operating the Dodgers and recommendations from trusted associates, including Johnson, Billie Jean King and longtime Dodgers executive Lon Rosen.
She reportedly believed Walter shared her late father Dr. Jerry Buss' commitment to winning championships.
When Walter purchased control of the Lakers in 2025, the agreement valued the franchise at $10 billion, providing approximately $800 million to each Buss sibling. It also included a written provision allowing Jeanie to remain in charge for five years.
Buss publicly celebrated the arrangement.
“Over the past decade, I have come to know Mark well — first as a businessman, then as a friend and now as a colleague,” Buss said in a statement. “He has demonstrated time and time again his commitment to bringing championships to Los Angeles, and, on behalf of Lakers fans everywhere, I am beyond excited about what our future has in store.”
However, Walter's decision to sell less than a year later frustrated those who believed he intended to retain the franchise long term.
“I mean, he made $2.5 billion in 10 months by flipping the Lakers like a spec house,” one family confidant told ESPN. “But that wasn't supposed to be the deal. Jeanie picked him because he was going to own it like he's owned the Dodgers.”
Lakers ownership change raises questions about Jeanie's promises to Luka Doncic
Beyond Buss' disappointment, Walter's departure has raised questions about the Lakers' leadership structure and the assurances previously given to superstar Luka Doncic.
Shelburne reported that Buss showed Doncic and his representatives documentation confirming her continued authority over basketball decisions following Walter's acquisition.
Doncic's manager, Lara Beth Seager, confirmed that the paperwork was presented to reassure the six-time All-Star about the franchise's stability.
The assurance carried particular significance after Doncic's unexpected February 2025 trade from the Dallas Mavericks.
Former Mavericks majority owner Mark Cuban had anticipated maintaining influence over basketball operations after selling control to the Adelson family in 2023. However, Cuban was not involved in the negotiations that ultimately sent Doncic to Los Angeles.
Article Continues BelowAlthough Kushner and Iger have indicated their intention to honor Buss' existing leadership arrangement, the latest transaction introduces another unexpected ownership change.
Walter's federal investigations add another layer to $12.5 billion sale surprise
Meanwhile, Walter's financial operations have attracted federal scrutiny.
The Wall Street Journal reported that FBI agents seized Walter's laptop and cellphone during a September 2025 search of a private aircraft at Chicago's Midway Airport as part of investigations involving his financial businesses.
Walter has not been charged with a crime, and the investigations do not establish wrongdoing.
In August, The Walter Group rejected allegations concerning its insurance operations and outlined efforts to address regulatory concerns involving affiliated transactions, including changes affecting $6.5 billion in assets.
Walter has also moved to sell his minority stake in Premier League club Chelsea, while potential buyers have expressed interest in other sports properties associated with his ownership group.
For Buss, the unexpected sale represents a significant departure from the succession plan she envisioned after nearly five decades of family ownership.
Walter's acquisition was intended to provide the Lakers with a financially powerful, championship-focused owner while preserving Jeanie's leadership. Instead, his rapid agreement with Kushner and Iger has left her navigating another ownership transition less than a year after relinquishing her family's controlling interest.