Lakers Sold for $12.5 Billion in 72-Hour Deal

Bob Iger and Josh Kushner completed the acquisition of the Los Angeles Lakers for $12.5 billion on Aug. 12. The transaction closed in just 72 hours, a timeframe that sources describe as rapid even for a deal of this magnitude. The new ownership group secured the franchise from Mark Walter, who had purchased the majority stake from the Buss family only a year prior.

The sale represents a 25% increase in valuation in 14 months. Walter bought his initial 27% stake in 2021 at a $5 billion valuation. The new price tag places the Lakers as the most valuable asset in the NBA, surpassing the $10 billion figure paid by Walter in his previous acquisition.

The deal originated from a pivot in the Las Vegas NBA expansion process. Iger and Kushner had been leading a bid for the new franchise, which the NBA initially projected would sell for $6 billion to $8 billion. As competing bids approached the $10 billion mark, the two assessed the cost of building an arena in Las Vegas, estimated at an additional $2 billion. They considered the Lakers a more established brand than an expansion team, despite the Lakers not being publicly listed for sale.

On Aug. 9, Kushner called Walter while the owner was at a ranch with limited cell service. The initial inquiry asked if Walter would consider selling. Walter initially said no but agreed to hear a specific number. Kushner offered the $12.5 billion valuation. The offer was contingent on a response within 24 hours, leaving no time for standard due diligence or intermediary negotiations.

Walter returned to his estate in White Oak, Florida, to discuss the proposal with his wife, Kimbra, and daughter, Samantha. They approved the sale, noting the liquidity would help Walter address federal investigations into alleged fraud within his financial empire. The family had been involved with the Los Angeles Dodgers for 14 years but viewed their connection to the Lakers as new.

The rapid closing upstaged an already transformative offseason for the team. The roster had been overhauled to center on superstar Luka Doncic. The new owners are evaluating all aspects of the franchise. This transition has also reopened tensions among the six Buss siblings, who remain involved in the team's history and financial legacy.

Jeanie Buss, the former governor, learned of the sale hours before ESPN reported it on the morning of Aug. 12. The previous sale to Walter was not without friction. Joey and Jesse Buss, younger brothers with a last-man-standing provision in the family trust, had initially held back from voting on the 2025 sale. They had proposed a minority stake at a lower valuation than the $10 billion Jeanie agreed to with Walter.

Disagreements deepened after Walter fired Janie, Joey, and Jesse Buss from their roles within two months of closing the 2025 deal. Janie Buss told ESPN last season that her sister's actions made her feel like a crumpled piece of paper thrown into the trash. She cited their father Jerry Buss, who bought the team in 1979, as a guide for how the family should have handled the transition. The siblings also faced increased costs for hospitality and game tickets shortly before the playoffs, a move attributed to a restructuring of business practices under Walter.

Iger and Kushner are now tasked with managing the team while the NBA processes the new ownership structure. The deal highlights the premium the league places on legacy brands over expansion teams. The Buss family's direct involvement in day-to-day operations has ended, but their financial ties to the franchise remain a point of discussion among insiders.