Mark Walter sells Lakers for record $12 billion amid legal troubles a year after buying from Jeanie Buss

Less than one year after purchasing the Los Angeles Lakers from Jeanie Buss for $10 billion, Mark Walter is selling the franchise for a record $12 billion to former Disney CEO Bob Iger and businessman Josh Kushner, according to ESPN’s Ramona Shelburne.

Both Iger and Kushner had been involved in the NBA’s current expansion process to bring a franchise to Las Vegas, but now they become the owners of the Lakers in a stunning turn of events.

“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,” Kushner and Iger said in a joint statement to ESPN. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss.

“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 took over the Lakers in October 2025 after his bid to buy the team was unanimously approved by the NBA. In his short stint with the organization, Walter was aggressive in making several business and personnel changes, as well as allowing current lead executive Rob Pelinka to make major roster adjustments, which included moving on from NBA icon LeBron James.

“Owning the Los Angeles Lakers has been one of the great honors 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 told 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.”

Not even a year after purchasing the team, Walter’s time as the owner of the Lakers comes to end amid the legal troubles he now faces.

Walter, who owns or is a part-owner of multiple sports franchises like the Los Angeles Dodgers and Chelsea F.C. in England, has been under investigation by federal prosecutors and the SEC for over roughly $16 billion in potential financial improprieties. As part of this probe and investigation, Walter’s phone and computers were recently seized by federal agents.

This is a developing story that will be updated shortly.

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