FOLLOW US

Sports franchises don't usually change hands twice in a single year. The Lakers just did.

Former Disney CEO Bob Iger and venture capitalist Josh Kushner are acquiring the Los Angeles Lakers for a record-breaking $12.5 billion, according to a person familiar with the matter who spoke to CNN. Kushner is the brother of Jared Kushner, President Donald Trump's son-in-law. The price tag alone makes this the largest sale in the history of the sport — and the timing makes it stranger still.

A Deal Confirmed, With a Statement to Match

Iger and Kushner confirmed the acquisition Wednesday in a joint statement, after the deal was first reported by ESPN. They described the opportunity as a genuine honor, framing themselves as lifelong NBA fans stepping into stewardship of one of the sport's most iconic franchises. Their stated intention going forward centers on building on the team's existing foundation, competing at the highest level, and serving the Lakers' fans and the city of Los Angeles.

The purchase still isn't finalized. It requires formal approval from the NBA's Board of Governors before Iger and Kushner can officially take control of the franchise.

A Storied Team, Freshly Sold — Again

The Lakers arrive at this sale with 17 championships to their name, making them one of the most decorated franchises in NBA history, though their most recent title dates back to the 2019-20 season.

What makes this particular sale so unusual isn't the buyers or the price — it's how recently the team last changed hands. Mark Walter, whose Guggenheim Investments also owns the Los Angeles Dodgers, bought a majority interest in the Lakers just over a year ago, in a deal that valued the franchise at $10 billion, though Walter didn't acquire full ownership. He's run the team since taking over last October.

Walter reflected on his time with the franchise in a statement to ESPN, calling ownership of the Lakers one of the great honors of his life and describing the experience less in financial terms and more in terms of the community and fanbase that came with it — a city, he said, that treats the team like family.

A Flip Nobody in the Industry Expected

That sentiment makes the speed of this sale even more jarring to people inside the sports business world. Franchise ownership in major American sports leagues typically spans decades, not months — a dynamic that makes what just happened with the Lakers genuinely unusual.

One banker involved in sports deals told CNN the situation was essentially unprecedented, noting that no one flips a premier sports franchise in less than a year — a reaction that reflects just how far outside industry norms this turnaround sits.

The Legal Trouble in the Background

The sale isn't happening in a vacuum. It comes as Walter's broader financial business faces mounting legal scrutiny. Late last month, the Wall Street Journal reported that an internal whistleblower complaint tied to Walter's Guggenheim Investments triggered a federal investigation into the firm.

Whether that investigation played any role in the timing of the Lakers sale remains unclear — but the overlap between Walter's legal troubles and his abrupt exit from one of sports' most valuable franchises is difficult to ignore.

What Happens Next

With the deal still pending Board of Governors approval, the Lakers' next chapter isn't official yet. But if it goes through, the franchise will have changed majority owners twice in roughly 14 months — an outcome that, as one industry insider put it, simply doesn't happen with a franchise of this caliber.