American basketball club the Los Angeles Lakers will be sold to venture capitalist Joshua Kushner and former Disney chief executive Bob Iger for $12.5 billion.
The transaction sets a new record valuation for a sports franchise, surpassing the team's previous $10 billion valuation by more than a quarter, according to ESPN reporting based on several sources.
The takeover remains subject to approval by the NBA Board of Governors. The process could take several weeks, with the board's next meeting scheduled for next month in New York.
League approval and franchise history
Based in Los Angeles, California, the Lakers are one of the most decorated teams in the National Basketball Association, having won 17 league championships.
Kushner and Iger initially participated in preparations for a potential NBA expansion team in Las Vegas. However, the duo ultimately chose to submit a direct buyout offer to current Lakers owner Mark Walter.
Walter purchased a controlling stake in the franchise from the Buss family last year for approximately $10 billion, which established the previous record valuation for a professional sports team.
Seller sports portfolio and buyer backgrounds
Walter will retain his extensive array of other sports investments. His holdings include stakes in Major League Baseball's Los Angeles Dodgers, the WNBA's Los Angeles Sparks, English Premier League soccer club Chelsea, and the Professional Women's Hockey League.
Through TWG Motorsports, Walter also controls several auto racing teams, including the Cadillac entry in Formula 1.
The 41-year-old Kushner is the founder and head of venture capital firm Thrive Capital, as well as co-founder and vice-president of health insurer Oscar Health. He is the brother of Jared Kushner, who is the son-in-law of US President Donald Trump.
Kushner currently holds a minority stake in the Miami Heat, which he will be required to sell in order to complete the acquisition of the Lakers. He was also previously a minority owner of the Memphis Grizzlies.
Disney leadership and international business ties
The 75-year-old Iger stepped down earlier this year from his second tenure as chief executive of media conglomerate Disney, where he was succeeded by Josh D'Amaro.
Iger expanded his sports investments in 2024 when he and his wife, Willow Bay, acquired controlling ownership of Angel City FC, a team in the National Women's Soccer League.
The deal comes shortly after global soccer governing body FIFA abandoned a major commercial venture on August 1. The proposed FIFA Forward Enterprise initiative aimed to sell a minority stake in commercial rights, including the World Cup and Club World Cup, to private investors.
FIFA had planned to raise up to $4.2 billion through the venture, which carried an overall valuation of approximately $20 billion. Investment bank JP Morgan Chase & Co was appointed as financial advisor, while Thrive Capital, led by Kushner as chief executive, was positioned to lead the investor group. FIFA stated that Jared Kushner would not participate as an investor in the deal.
