The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for $12.5 billion. This represents a record-breaking price for an NBA franchise.
Details of the sale were shared with The Associated Press by an unnamed source. The Lakers, previously valued at $10 billion when Mark Walter acquired a controlling stake last year, are now being valued even higher.
Kushner and Iger were previously involved in efforts to secure an expansion team for Las Vegas. By purchasing the Lakers, they bypass the need to wait for expansion, which is not expected before the 2028-29 season.
The transaction requires approval from the NBA’s board of governors, a process that can extend over several weeks. The next board meeting is scheduled for next month in New York.
The $12.5 billion valuation continues the trend of rising NBA franchise values. Three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation. Last year, the Boston Celtics recorded a sale at over $6 billion.
Mark Walter’s purchase, approved by NBA owners in October 2025, had previously set the highest valuation for a pro sports team. Walter initially invested in a 27% minority stake in 2021, part of a larger $10 billion franchise valuation.
The Lakers have a storied history with 17 championships since their early days in Minneapolis, making them a global brand and a leader in merchandise sales within the league. Their record sale coincides with LeBron James leaving the team after eight seasons to become a free agent. James has now signed with the Philadelphia 76ers.
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