Shock $12bn Lakers sale smashes world-record and deals blow to Las Vegas expansion hopes

The Los Angeles Lakers have been sold… again.

One of the NBA‘s most successful teams are being sold to American businessman Josh Kushner and Bob Iger.

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The price is for a whopping $12 billion, which is now a world-record for a team sale, surpassing that of NFL team, and reigning Super Bowl champions Seattle Seahawks‘ $9.6 billion sale back in July.

“Kushner and Iger were involved in the expansion process in Las Vegas, but a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year,” According to ESPN insider Ramona Shelburne reported, before adjusting the fee to $12.5 billion.

They have since released a joint statement.

“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 statement.

“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, who also owns the MLB outfit Los Angeles Dodgers, and a myriad of other professional sports organizations including Premier League club Chelsea, only acquired a majority state in the 17-time NBA champions back in October.

“The Los Angeles Lakers are one of the most iconic franchises in all of sports, defined by a history of excellence and the relentless pursuit of greatness,” he said at the time.

“Few teams carry the legacy and global influence of the Lakers, and it’s a privilege to work alongside Jeanie Buss as we maintain that excellence and set the standard for success in this new era, both on and off the court.”

Now, he has made a $2.5 billion profit just 10 months later.

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“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 said in a statement.

“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.”

Shelburne’s report later added: “Walter, who built his financial empire in the insurance industry, is under federal investigation for alleged tax fraud by other companies tied to the billionaire.

“Bloomberg reported in July that U.S. prosecutors in Manhattan are examining whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., two insurers controlled by Walter, failed to disclose that their private credit holdings backed other Walter-controlled ventures. The Securities and Exchange Commission is running a parallel investigation, according to the Bloomberg report.”

Pivot away from Las Vegas expansion team

For Kushner and Iger, this is a huge pivot, having previously expressed their interest in securing an NBA expansion team — the one headed to Las Vegas (the other being Seattle).

Kushner is known for being the founder and managing partner of venture capital firm Thrive Capital, while he quietly bought a minority stake in the Miami Heat in 2024.

Iger, on the other hand, served as the CEO of the Walt Disney Company from 2005-2020, and from 2022-2026, and in past roles has been the president of the American Broadcasting Company.

But Kushner and Iger were not the only ones who had expressed an interest in forming part of an ownership group in bringing an NBA team to the Sin City.

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According to reports, one group spearheaded by Hall of Fame icon Earvin “Magic” Johnson called ‘MAGI’ expressed his interest in February.

This was before Commissioner Adam Silver’s announcement that the green light had been given on bringing two new teams into the league.

Similarly, Golden Knights owner Bill Foley announced his bid back in June, as did Milwaukee Bucks co-owner Marc Lasry.

Furthermore, both Shaquille O’Neal and Michael Jordan‘s names have been linked with being part of a potential ownership group.

With so much interest, it may have made more sense, from a business standpoint, to invest in a team that already has such stature and caliber within basketball instead and leave the startup to others.