Josh Kushner and Bob Iger acquire the LA Lakers in record $12.5B deal

Josh Kushner and Bob Iger acquire the LA Lakers for $12.5B

Josh Kushner and Bob Iger have agreed to buy the Los Angeles Lakers from Mark Walter for $12.5 billion, a record price for a sports franchise. The deal requires NBA Board of Governors approval, which is scheduled to convene next month in New York.

Walter purchased a controlling stake in the Lakers from the Buss family just one year ago for roughly $10 billion. His swift exit—despite initial optimism about the asset—comes as he faces federal investigation into undisclosed related-party transactions at an insurance firm he controls, though Walter has denied wrongdoing.

Kushner is founder and CEO of venture firm Thrive Capital and a cofounder of Oscar Health. He currently owns a minority stake in the Miami Heat, which he will have to divest to complete the Lakers acquisition. Iger stepped down as Disney CEO earlier this year and already holds a controlling interest in Angel City FC of the National Women's Soccer League alongside his wife, Willow Bay.

The franchise has already signaled acceptance. Luca Doncic called the deal "exciting," while Magic Johnson praised both new owners, saying Iger "will bring championships back to LA." Kushner and Iger's joint statement pledged to "build on the family's legacy" and "compete at the highest level."

The strategic read: Among venture and private-equity capital, sports franchises are increasingly viewed as portfolio hedges against technology disruption. When you're long on AGI and frontier tech, locking capital into assets that remain durable across technological shifts—sports properties that will command audiences regardless of how AI evolves—offers genuine diversification. This is less about trophy ownership and more about ballast in a high-conviction, high-volatility portfolio.