In one of the most stunning developments regarding team ownership in modern American sports history, billionaire venture capitalist Josh Kushner and former Disney CEO Bob Iger purchased the Los Angeles Lakers for a record $12 billion in a move that was announced on Wednesday.
The sale comes one year after Guggenheim Partners CEO and Los Angeles Dodgers owner Mark Walter purchased the Lakers for a then-record price of $10 billion, which ignited hope that the Lakers could be in store for an era of dominance like the Dodgers are currently experiencing. However, it’s been a turbulent year for the 66-year old Walter since the sale. He’s notably been at the center of a federal investigation into his business dealings and loans received, plus there have been questions about his cognitive abilities raised after a stroke he suffered in 2024.
Regardless, the sale comes as a shock, if for no other reason than the fact it means the Lakers were essentially a short term buy-and-flip for one of the world’s richest men. The timing of the sale certainly makes you wonder if Walters could see the walls closing in on him, and the fact that Kushner’s brother Jared is Donald Trump’s son-in-law and one of the more prolific members of his administrations certainly hasn’t quelled allegations of conspiracy. Bloomberg reported on Wednesday that Walter has been in talks with investors to help pay off the loans he was being investigated for.
Billionaire Mark Walter’s firm is in talks with investors to raise money to help pay down loans on the books of its insurers that had drawn scrutiny from the Justice Department https://t.co/GEN7XSDec1
— Bloomberg (@business) August 12, 2026
Change In Plans
For Kushner and Iger, the decision to purchase the Lakers was a sudden diversion from their original plan, which was to pursue ownership of the prospective expansion franchise in Las Vegas. After it became apparent that Walters was looking at offloading his majority stake in the Lakers, Iger told the California Post on Wednesday that the deal came together in just three days.
“We were involved in pursuing the new franchise in Vegas,” Iger said. “And while that happened, it was suggested to us that maybe Mark Walter would be interested in selling his stake in the Lakers. And 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.”
Where Does Walter Stand?
Walter expressed humility for the Buss family, the city of Los Angeles and the Lakers fanbase in a statement on Wednesday. He’s currently holding on to his take in the Dodgers, though that could be something to look for in the coming months if there are any developments in the federal investigation.
“Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter said in a statement. “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
In terms of the Lakers’ operations, I wouldn’t expect too much to change as long as Jeanie Buss and family are running the operation. Mark Walter, well, it’s safe to say there he’s had better days. It will also be interesting to see what this means for the upcoming franchise in Las Vegas now that arguably the most formidable buyers are out of the picture.
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