Iger and Kushner Buy Lakers for $12.5 Billion After Three-Day Negotiation

Bob Iger and Josh Kushner closed a $12.5 billion agreement to purchase the Los Angeles Lakers from Mark Walter on August 11. The deal was finalized in Italy, where Iger was aboard his 213-foot superyacht during a monthlong vacation. The transaction occurred over three days and concluded hours before public reports emerged on the morning of August 12.

The sale values the franchise at a 25 percent increase from Walter's original purchase price. Walter acquired 27 percent of the team for a $5 billion valuation in 2021. He had agreed to buy the remaining shares from the Buss family for a $10 billion valuation just one year prior. Sources indicate the new owners purchased the team without extensive due diligence, a process typically expected for a deal of this magnitude.

Iger and Kushner had been leading a group bidding on a potential Las Vegas NBA expansion franchise. Industry sources project the expansion bid threshold was between $6 billion and $8 billion, though competing offers had approached the $10 billion mark set by the Lakers sale. The buyers required an additional $2 billion to construct an arena in Las Vegas. The pivot to the Lakers came as the group sought an alternative to the expansion process.

Walter received the initial offer on August 9 while staying at a ranch with limited cell service. A friend relayed the inquiry from Kushner and Iger. Walter initially stated the team was not for sale but agreed to return to his estate in White Oak, Florida, after receiving a specific valuation. He consulted his wife, Kimbra, and daughter, Samantha, who both approved the sale. The family had owned the Los Angeles Dodgers for 14 years, but their involvement with the Lakers had only begun recently.

The rapid transaction complicates an already tense relationship between the new owners and the former Buss family. Jeanie Buss, who served as team governor, learned of the agreement hours before public reporting. She had negotiated the previous sale to Walter after 46 years of family ownership. The process of that prior sale created friction among the six Buss siblings.

Younger brothers Joey and Jesse Buss had not responded to the initial vote on the sale to Walter. They had proposed a minority share sale at a lower valuation than the $10 billion figure agreed upon by their sister. After joining the vote to sell, the three younger siblings were fired from their positions with the franchise within two months of the deal closing. The contract with Walter guaranteed Jeanie a leadership role for five seasons but included no such protections for the other family members.

Janie Buss told ESPN that the actions of her sister made her feel disrespected. She described herself as a crumpled piece of paper thrown into the trash. She cited the wishes of their late father, Jerry Buss, who purchased the team in 1979. The family also faced increased costs for hospitality and game tickets shortly before the playoffs, a change implemented as part of business restructuring under the new management structure.

The new owners are evaluating the roster, which was recently rebuilt around superstar Luka Doncic. The deal leaves the franchise in a state of transition with unresolved financial and personal disputes among the former owners hanging over the start of the new season. The NBA league executives and team insiders described the process as a furious 72-hour negotiation that upstaged the previous offseason changes.