Tech investor Josh Kushner and former Disney executive Bob Iger reached a stunning agreement to acquire the Los Angeles Lakers from Mark Walter at a valuation of $12.5 billion, marking a record-breaking price for a North American sports franchise just days after the swift deal came together.
For a venture capitalist who has managed to stay off the front pages to a remarkable degree, the summer brought a dramatic shift. Joshua Kushner, founder of Thrive Capital, teamed up with media heavyweight Bob Iger to pull off what sports business analysts call an astonishing transaction. The deal values the iconic 17-time NBA championship franchise at $12.5 billion, establishing a record-breaking valuation for a North American sports franchise just months after previous ownership changes shook up the league.
From Las Vegas Expansion Plans to a Sudden Lakers Pivot
The path to acquiring the Lakers did not begin in Los Angeles boardrooms. Iger confirmed that he and Kushner had originally teamed up to pursue an NBA expansion team in Las Vegas. That strategy changed overnight when the partners learned that Mark Walter might be willing to part ways with the franchise.
“We immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days. It’s that simple.”
Bob Iger, via Los Angeles Times
The swift maneuver caught the sports world flat-footed. Walter’s decision to flip the team netted him a $2.5-billion profit in just over a year of ownership, though the transaction still requires formal approval from the NBA Board of Governors.
Behind the $12.5 Billion Valuation and the New Ownership Duo
The staggering $12.5 billion figure shatters previous records for professional sports team sales. While Forbes estimates Kushner’s personal net worth at about $5 billion, the transaction amount represents the total enterprise valuation rather than out-of-pocket cash from any single partner.
The partnership itself stems from a personal network bridging Silicon Valley venture capital and Hollywood media. What began as mentorship evolved when Iger joined Thrive Capital as a venture partner in 2022 after stepping away from Disney, before returning to helm the entertainment conglomerate for a second stint.
Navigating Basketball Backgrounds and Fan Base Reactions
Neither new co-owner brings a traditional basketball pedigree rooted in purple and gold.
Fans and organization insiders experienced immediate whiplash. Thousands of supporters across the region reacted with raised eyebrows upon learning that Josh Kushner—younger brother of presidential son-in-law Jared Kushner—was taking control of their beloved franchise.
“It’s just premature to speculate at all about what we plan to do, because frankly, we haven’t made any plans yet. Again, we go into this with an appreciation of who the Lakers are. And we just want to build value from today on.”
Bob Iger, via Los Angeles Times
Federal Scrutiny Surrounding the Previous Owner
The timing of Walter’s exit coincides with growing legal and regulatory pressure on his broader business empire.
What Comes Next for the Franchise
With the agreement hammered out in a matter of days, the transaction now shifts from negotiation to institutional review. The final hurdle rests with the NBA approval process, where the Board of Governors must vet the ownership group and authorize the transfer. Until that vote concludes, the organization remains in a transitional holding pattern while two of the business world’s most recognizable figures prepare to take the reins of professional basketball’s most scrutinized franchise.
