One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
A blockbuster $12.5B deal as Josh Kushner and Bob Iger buy the Los Angeles Lakers, AP source says
A view of Los Angeles Lakers themed T-shirts prior to Game Four against the Oklahoma City Thunder in the Second Round of the NBA Western Conference Playoffs at Crypto.com Arena on May 11, 2026 in Los Angeles.
(
Luke Hales
/
Getty Images
)
LOS ANGELES (AP) — The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for a record-breaking price, the second such sale in a year.
This sale agreement is $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details.
ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise, which was valued last year at $10 billion when Mark Walter purchased a controlling stake from the Buss family. The two businessmen had been involved in trying to get an expansion team for Las Vegas.
By buying the Lakers, Iger and Kushner simply don’t have to wait for that decision. Expansion, if it happens, could take place in the 2028-29 season.
The sale still will need approval from the NBA’s board of governors, and that process can take several weeks. The next board meeting is set for next month in New York.
The $12.5 billion price tag is not only record-setting for U.S. pro sports but it continues a trend of NBA franchise values skyrocketing. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, and the Boston Celtics were sold last year at a valuation of just over $6 billion, then a record.
Walter’s purchase of a controlling stake in the Lakers in June 2025 blew that away, and now Iger and Kushner have pushed the bar even higher.
Sponsored message
-
Councilmember says removal is punishment for running against L.A. Mayor Karen Bass. -
The famous 14-year-old bald eagle had been receiving intensive care at the Ojai Raptor Center in recent weeks. -
The shopping center was home to roughly two dozen businesses including Antojitos Martin and Red’s Flavor Table.
Walter’s purchase was approved by NBA owners last October. He originally bought a 27% minority stake in the Lakers in 2021 before the 2025 sale. That was part of a franchise valuation of $10 billion — the highest ever set for a pro sports team.
The Lakers have won 17 championships going back to the franchise’s early years in Minneapolis, the second-most in NBA history behind Boston’s 18. It is a global brand, always at or near the top of the league’s merchandise-sales rankings.
This record sale price comes just weeks after LeBron James, the league’s all-time leading scorer, left the Lakers after eight seasons to become a free agent. James ultimately decided to sign with the Philadelphia 76ers.
AP Basketball Writer Tim Reynolds contributed to this report.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
