The Lakers sale $12.5 billion deal is now agreed in full. Los Angeles Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have settled every outstanding term of a sale of the Lakers at a $12.5 billion valuation, the largest franchise sale in sports history. ESPN reporter Ramona Shelburne reported the agreement. The two men met in person at Walter’s home in Florida on Thursday, October 30, to settle the final terms. Nothing is signed yet. The next step is a formal agreement, then a review from the NBA.
Quick Facts
| Fact | Detail |
|---|---|
| Sale valuation | $12.5 billion, the largest franchise sale in sports history |
| Buyer becoming majority owner | Josh Kushner, founder of Thrive Capital |
| Minority owner and day-to-day operator | Bob Iger, former Disney chief executive |
| Seller | Mark Walter, current Lakers owner |
| Stake being purchased | The remaining 17.8 percent from the Buss family |
| Final terms settled | October 30, at Walter’s home in Florida |
| Deal first reached | August 12 |
| NBA approval needed | At least three quarters of the Board of Governors |
| Buss family court date | December 8 |
| Walter’s earlier purchase | Control bought at a $10 billion valuation in 2025 |
| Lakers record on the court | 9-2 after beating Detroit 121-116 on November 8 |
Lakers Sale $12.5 Billion: How the Deal Came Together
The deal started with a phone call. Kushner first called Walter with the $12.5 billion offer about 72 hours before the agreement that followed. That call set the price.
On August 12, Kushner and Iger reached a deal with Walter to join the purchasing group. From there, the work moved to the details, and the details took months to settle through the late summer and into the fall.
The two men met in person at Walter’s home in Florida on Thursday, October 30, to work out the final terms. After that meeting, every outstanding term was agreed.
At $12.5 billion, this is the largest franchise sale in sports history. No team in any sport has ever sold for more. The Lakers are one of the most famous names in world sport, with a global fan base and a home in Los Angeles, one of the biggest media markets on the planet.
Walter bought his first 27 percent of the team at a $5 billion valuation in 2021. He then bought control from the Buss family at a $10 billion valuation, a deal the NBA Board of Governors approved unanimously in October 2025. Now, at $12.5 billion, he stands to make close to $4 billion on the Lakers.
Who Is Buying and Who Is Running the Team
Kushner would become the majority owner of the Lakers. He is the founder of Thrive Capital, a major investment firm. As majority owner, he would hold the controlling stake and the final say on big decisions.
Bob Iger would take a minority stake and run the team’s day-to-day operations, according to Front Office Sports. Iger is the former chief executive of Disney, one of the biggest media companies in the world. Putting him in charge of daily operations gives the Lakers a steady hand at the top from day one.
The buying group is purchasing the remaining 17.8 percent stake directly from the Buss family. Once it changes hands, the new ownership group will hold the team in full.
The split of roles is clear. Kushner brings the money and the controlling stake. Iger brings the operating experience and the public face of the new regime. Each man covers a gap the other does not.
There is still work to do before the change becomes official. Once the formal agreement is signed, the NBA will review the financing and the ownership structure. Then at least three quarters of the Board of Governors must approve it before the change in control becomes official. The league will look closely at where the money is coming from and how the ownership is structured.
The Buss Family Fight Over the Final Stake
The sale is not happening in a vacuum. Behind it sits a family dispute that has been running for years. Jeanie Buss, who has served as the Lakers’ governor since her father Jerry Buss died in 2013, is fighting her five siblings over the family trust’s remaining 17.82 percent stake, worth about $2.2 billion at this price.
The dispute is over who controls that stake and how it should be handled. Jeanie Buss has run the team as governor for more than a decade. Her siblings have a different view of how the trust should be managed, and the disagreement has ended up in court.
The next major development is expected on December 8, when the court is scheduled to hear the dispute.
The league requires a team governor to hold at least a 15 percent stake in the franchise. That rule matters here, because the stake in dispute is just under 18 percent.
The Buss family has owned the Lakers since 1979, when Jerry Buss bought the team. The sale marks the end of that era, and the family dispute does not stop the sale from moving forward, but it does add risk. A court case can slow things down, and it can create headlines that neither side wants.
The Money Questions Still Hanging Over the Deal
A $12.5 billion price tag raises an obvious question: where is the money coming from?
On his podcast, Bill Simmons said Kushner is still $5 billion to $6 billion short of the purchase price. Kushner has assured Walter that he has raised all the money needed to close.
Kushner and Iger have been offering minority stakes to investors for $250 million to $300 million apiece. At a $12.5 billion valuation, $250 million buys 2 percent of the team.
NBA rules cap a private equity firm at 20 percent of a team, so Kushner’s investment arm Thrive Eternal can own no more than about $2.5 billion of the Lakers at this price. That cap means the buying group cannot simply lean on one fund to cover the whole price.
Iger is putting in only a small amount himself, per Simmons. Still, it means the bulk of the money has to come from Kushner and the minority investors he is bringing in.
Walter is reported to be under a federal investigation into his personal dealings. This is reported only, with no specifics about the nature of the probe, and it should be treated as such.
The Will Iger Broadcast Job
There is a side story to this sale that has drawn attention of its own. Bob Iger’s son Will Iger has been named the play-by-play announcer for the Coachella Valley Lakers, the Lakers’ G League affiliate, for the 2026-27 season. The announcement came on Thursday, November 5. He will work alongside game analyst A.C. Green.
The timing of the announcement raised eyebrows, because it came while his father’s ownership talks were moving toward a close. The Lakers have not linked the hire to his father’s ownership negotiations, and there has been no indication from the Lakers that the broadcast hire was tied to the ownership talks.
Will Iger is starting at the G League level, which is the natural place for a young broadcaster to learn the job. Working with A.C. Green, a former Lakers player who knows the organization well, gives him a strong partner in the booth.
What the Sale Means on the Court
For all the talk of money and ownership, the Lakers are still a basketball team, and the team is playing well right now. The Lakers beat the Detroit Pistons 121-116 on November 8, with Austin Reaves scoring a season-high 43 points. The win was the team’s fifth straight, and it moved the Lakers to 9-2 on the season.
Reaves scored a season-high 43 points, and his night against Detroit was the best of his year so far. The Lakers are winning, and that matters for the sale. A winning team is easier to market and easier to sell tickets for. The new owners will inherit a team that is in good shape on the court, with a star in Reaves playing at a high level.
The challenge for the new owners will be to keep the focus on the court. You can read about another big win from the same weekend in our coverage of the Bears beating the Buccaneers 27-24 on a game-winning field goal, and the Packers beating the Patriots 45-27. For more on the Lakers themselves, see our report on the Lakers beating the Pistons 121-116 behind Reaves and his 43 points.
FAQs
How much are the Lakers being sold for?
The Lakers are being sold at a $12.5 billion valuation, the largest franchise sale in sports history.
Who is buying the Lakers?
Josh Kushner, the founder of Thrive Capital, would become the majority owner. Bob Iger, the former chief executive of Disney, would take a minority stake and run the team’s day-to-day operations. The two reached a deal with Walter to join the purchasing group on August 12.
Is the sale final yet?
No, nothing is signed yet. Once the formal agreement is signed, the NBA will review the financing and the ownership structure. At least three quarters of the Board of Governors must approve the deal before the change in control becomes official.
What is the Buss family dispute about?
Jeanie Buss, the Lakers’ governor since her father Jerry Buss died in 2013, is fighting her five siblings over the family trust’s remaining 17.82 percent stake, worth about $2.2 billion at this price. The court is scheduled to hear the dispute on December 8.
Sources
Final Thoughts
The Lakers sale $12.5 billion deal is a landmark moment for the team and for American sport. Josh Kushner and Bob Iger are taking over one of the most famous teams in the world, and they are doing it at a moment when the team is winning on the court.
There are still questions to answer. The financing has to pass the league’s review, the Buss family dispute has a court date on December 8, and the Board of Governors still has to vote. But the terms are agreed, the price is set, and the direction of travel is clear.
For Lakers fans, the message is simple. The team is changing hands, but the team is still winning. If the new owners can keep that going, the record price will look like money well spent.
