The Los Angeles Lakers are changing hands for $12.5 billion, the highest price ever paid for a professional sports franchise.

Former Disney CEO Bob Iger, 75, and venture capitalist Joshua Kushner, 41, are buying approximately 65% of the team from Mark Walter, who purchased his controlling stake just 14 months ago for $10 billion. The deal, first reported by ESPN's Ramona Shelburne on Aug. 12, came together in three days after the pair pivoted from pursuing an expansion franchise in Las Vegas.

"The deal came together in three days. It's that simple," Iger told the California Post on Aug. 12.

The sale grew even larger on Aug. 17, when the Buss family announced it would sell its remaining 17.8% stake to the new ownership group. That brings Iger and Kushner's combined share to roughly 83%. The Buss family, which owned the Lakers for 46 years after Dr. Jerry Buss bought the team in 1979 for $67.5 million, said in a statement that it was "time to use this opportunity to move on and exit gracefully while we still can."

Jeanie Buss will lose her role as team governor under NBA rules requiring governors to hold at least a 15% stake. She had served in that role since her father's death in 2013.

What it means for LA

The new owners bring deep Los Angeles ties. Iger already co-owns Angel City FC of the NWSL and was a longtime Clippers season ticket holder. His wife, Willow Bay, is dean of the USC Annenberg School. Kushner founded Thrive Capital in 2009; Iger joined the firm as a venture partner in 2022, and the two had an established business relationship before pursuing the Lakers.

On the court, the franchise enters the new ownership era built around Luka Doncic, who signed a three-year, $165 million extension last offseason. LeBron James departed for the Philadelphia 76ers in the weeks before the sale was announced.

@MagicJohnson: "Laker fans, you couldn't have two better owners. I've known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA."

Federal probe shadows Walter's exit

Walter's rapid turnaround as owner coincides with federal scrutiny of his financial empire. Two of his companies, Delaware Life Insurance Company and Clear Spring Life and Annuity, received grand jury subpoenas in February 2026 from the U.S. Attorney's Office for the Southern District of New York. The SEC is running a parallel investigation. The FBI seized Walter's phone and laptop in September 2025.

Walter has not been charged with any crime, and his companies have said they are cooperating with investigators. He is retaining ownership of the Dodgers and the WNBA's Sparks.

What's next

Both transactions still need approval from the NBA's Board of Governors, which requires a three-quarters vote. The next board meeting is scheduled for Sept. 15-16 in New York. Before that vote, Kushner must divest his minority stake in the Miami Heat, as NBA rules prohibit ownership interests in two franchises.

When Walter's purchase was approved on Oct. 30, 2025, the process took about 4.5 months from agreement to vote.