Former Disney CEO Bob Iger is getting into the professional basketball business in a massive way.
Iger and Thrive Capital founder Joshua Kushner (brother of President Trump’s son-in-law Jared Kushner) have reached an agreement to purchase a majority interest in the Los Angeles Lakers from Mark Walter in a deal that values the legendary NBA franchise at a staggering $12.5 billion, according to multiple reports.
CNBC reported Wednesday that Walter has sold his majority equity in the Lakers to Iger and Kushner, citing a statement announcing the transaction. A person familiar with the terms told the outlet that the deal values the Lakers at $12.5 billion.
The Associated Press separately reported the $12.5 billion figure, which would establish yet another record for the sale of a professional sports franchise.
It is a remarkable turn of events not only because of the enormous price tag, but because Walter only became the Lakers’ controlling owner last year.
Lakers Change Hands Again Less Than A Year Later
The Buss family agreed to sell its controlling interest in the Lakers to Walter in June 2025 in a transaction that valued the franchise at approximately $10 billion.
The NBA Board of Governors unanimously approved Walter’s acquisition on October 30, 2025, with the league announcing that the Buss family would retain an ongoing ownership interest in the franchise. Jeanie Buss was also set to remain the Lakers’ governor for at least five years following the transaction.
That means Walter is turning around and selling his majority equity less than a year after the NBA approved his takeover.
And the valuation has already jumped considerably.
The Lakers were valued at approximately $10 billion when Walter acquired control. The new transaction reportedly values the franchise at $12.5 billion — an increase of $2.5 billion, or 25%, in less than a year.
The circumstances make an already enormous sports business story even more extraordinary. Walter had previously owned a significant minority interest in the Lakers before acquiring control from the Buss family, but his period as majority owner proved remarkably brief.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Iger and Kushner said in a joint statement obtained by CNBC. “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.”
Bob Iger Moves From Disney To The Lakers
The deal represents another major post-Disney move for Iger.
Iger stepped down as Disney CEO earlier this year after two separate runs leading the entertainment giant that totaled roughly two decades. His departure finally ended the lengthy succession saga that began with his original exit from the CEO position in 2020 and his subsequent return to replace Bob Chapek in 2022.
Now the 75-year-old executive is attaching himself to another of the most recognizable entertainment brands in the world.
Iger is not entirely new to professional sports ownership, either. He has previously invested in Angel City FC of the National Women’s Soccer League.
Bob Iger | 2019 Disney Legends Awards Ceremony | D23 EXPO 2019. Photo Credit: nagi usano from Tokyo, Japan, CC BY-SA 2.0 <https://creativecommons.org/licenses/by-sa/2.0>, via Wikimedia Commons
More importantly, his partnership with Kushner did not begin with the Lakers.
Iger joined Thrive Capital, the venture capital firm founded by Kushner, earlier this year. The pair had also reportedly been involved in efforts to secure a potential NBA expansion franchise in Las Vegas.
Rather than waiting for the NBA to determine whether and when it will expand, Iger and Kushner have now landed something significantly bigger: control of the Lakers.
The Associated Press reported that the pair’s purchase remains subject to approval from the NBA’s Board of Governors.
Joshua Kushner’s Growing Sports Ambitions
Kushner, meanwhile, brings enormous financial resources and Silicon Valley connections to the ownership group.
He founded Thrive Capital in 2009 and has built the venture capital firm into a major technology investor.
Kushner is also the younger brother of Jared Kushner, the former White House senior advisor who is married to President Donald Trump’s daughter Ivanka Trump.
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The Lakers acquisition comes amid Kushner’s increasingly visible interest in major sports investments. Acquiring the Lakers immediately puts the pair at the center of the NBA instead.
There are few, if any, franchises in American sports with the combination of history, celebrity, international recognition, and media value possessed by the Lakers.
A New Era For One Of Sports’ Biggest Brands
For Iger, the acquisition represents a fascinating next chapter after spending decades overseeing some of the biggest entertainment properties in existence.
At Disney, Iger presided over the acquisitions of Pixar, Marvel Entertainment, Lucasfilm, and much of 21st Century Fox while transforming the company into an intellectual property powerhouse.
Now he and Kushner will be responsible for protecting and growing a different kind of franchise.
And unlike many of the entertainment properties Iger managed at Disney, the Lakers’ value is tied not merely to exploiting a recognizable brand but to something considerably less predictable: winning basketball games.
A sign honoring Disney CEO Bob Iger at Castaway Cay – Photo Credit: That Park Place
The pair appear well aware of that responsibility.
Their statement specifically promised a commitment to “compete at the highest level” while honoring the foundation established by Jerry and Jeanie Buss.
Assuming the transaction receives the necessary NBA approval, one of the most famous franchises in professional sports will therefore begin its third ownership era in remarkably quick succession: the Buss family, Mark Walter, and now the Iger-Kushner group.
The Lakers spent 46 years under Buss family control. Walter’s tenure as majority owner didn’t even make it through one. And at a reported $12.5 billion valuation, Iger and Kushner are paying a historic premium for the privilege of becoming the next stewards of the purple and gold.
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