LOS ANGELES — In a stunning development that has sent shockwaves through the sports and financial worlds, the Los Angeles Lakers have agreed to a sale valued at an unprecedented $12.5 billion (approx. £9 billion).
Venture capitalist Josh Kushner and former Disney Chief Executive Officer Bob Iger have reached an agreement to purchase the iconic NBA franchise from Mark Walter. The agreement comes merely 14 months after Walter secured his controlling stake in the team for a then-record $10 billion, marking one of the fastest and most lucrative ownership turns in professional sports history.
A Lightning-Fast Agreement
The blockbuster transaction came together with remarkable speed, reportedly finalized in just three days. In a joint statement provided to media outlets, Kushner and Iger expressed their profound excitement about stepping into stewardship of one of basketball’s crown jewels:
“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. “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.”
While the agreement is fully struck between the parties, the transaction remains subject to formal approval from the NBA Board of Governors, with a review expected during upcoming meetings. A New Era for the Purple and Gold
The sale marks another massive shift for a franchise steeped in legendary history. The Lakers, winners of 17 NBA championships, recently entered a transitional roster phase following LeBron James’ high-profile departure to the Philadelphia 76ers, with superstar Luka Doncic leading the team into its next competitive chapter.
For Mark Walter, parting ways with the Lakers does not spell a complete exit from the sports landscape; he retains ownership of MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, and stakes in English Premier League club Chelsea. However, the sale immediately resets the financial ceiling for sports team valuations worldwide, cementing the Lakers as the most expensive sports franchise ever sold.
