LA Lakers set for record $12.5bn sale

Dubai: The Los Angeles Lakers are reportedly set to change hands in a record-breaking $12.5 billion (£9.3bn) deal, less than a year after Mark Walter became the NBA franchise’s majority owner.

Josh Kushner, the brother of US President Donald Trump’s son-in-law Jared Kushner, and former Disney CEO Bob Iger are behind the deal to acquire the controlling stake in one of basketball’s most iconic franchises.

Walter’s purchase, reportedly valued at around $10bn (£7.45bn), had previously set the record for the most expensive sports team sale. The deal to buy the stake from the Buss family was unanimously approved by the NBA Board of Governors in October 2025.

Kushner and Iger said in a statement: "As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

"We have immense respect for the leadership and vision of Jerry and Jeanie Buss.

"Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

Jerry Buss acquired the Lakers in 1979 for $67.5 million (£50m), with the deal also including the NHL’s Los Angeles Kings and the arena now known as the Kia Forum.

Following Buss’ death in 2013, ownership of the franchise was transferred to his six children through a family trust. That arrangement remained in place until Mark Walter completed his deal to take control of the Lakers. Walter also holds a stake in MLB’s Los Angeles Dodgers alongside Todd Boehly.

"Owning the Los Angeles Lakers has been one of the great honors of my life," said Walter.

"It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.

Kushner’s move for a controlling stake in the Lakers comes shortly after his involvement in a controversy surrounding FIFA president Gianni Infantino and a proposed investment plan involving private investors.

Thrive Capital, the US venture capital firm founded by Kushner, had been expected to head an investment group involved in FIFA’s proposed Forward Enterprise initiative.

The Lakers are also entering a new era on the court after LeBron James departed the franchise this summer following eight seasons in Los Angeles. The four-time NBA champion leaves behind a major void, having led the team to its 2020 championship, with Luka Dončić now taking centre stage as the face of the franchise.