Former Disney chief executive, Bob Iger and venture capitalist Josh Kushner have struck a deal to acquire the Los Angeles Lakers in a transaction valuing the storied NBA franchise at 12.5 billion dollars, the largest sum ever paid for a sports team in the United States.

The agreement, first reported by ESPN and later confirmed by both buyers, sees the pair take over the franchise from billionaire businessman Mark Walter, who had only completed his own purchase of a controlling stake in the team from the Buss family around ten months ago at a then record valuation of roughly 10 billion dollars.

The new figure surpasses that mark as well as the 9.6 billion dollar sale of the Seattle Seahawks earlier in the year, making it the costliest franchise acquisition in North American sports history.

In a joint statement, Kushner and Iger described themselves as lifelong fans of the NBA and said they were deeply honoured by the opportunity to become stewards of one of the most iconic sports franchises in the world. They expressed respect for the leadership and vision of Jerry and Jeanie Buss, the family that built the Lakers into a global sporting institution before selling their controlling interest last year, and pledged a long term commitment to building on that foundation while competing at the highest level for the fans and the city of Los Angeles.

Kushner, aged forty one, is the founder of venture capital firm Thrive Capital and the brother of Jared Kushner, son in law of United States President Donald Trump. He currently holds a minority stake in the Miami Heat, which he will be required to divest to clear the way for the Lakers purchase, and previously held a minority interest in the Memphis Grizzlies. Iger, seventy five, stepped down as Disney chief executive earlier this year and became the controlling owner of the National Women’s Soccer League club Angel City FC in 2024 alongside his wife Willow Bay.

For his part, Walter, who also owns the Los Angeles Dodgers and had guided the baseball team to three World Series titles in six seasons, described his time steering the Lakers as one of the great honours of his life, adding that what he would carry with him most was the sense of community and the fans who treat the team as family. The sale nets Walter an estimated 2.5 billion dollar profit on his investment after just over a year of ownership, and comes as his broader business empire faces separate scrutiny from federal prosecutors and the Securities and Exchange Commission over tax related matters.

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