It was a move that has left the NBA world in shock. And the deal was done astonishing quickly. The Los Angeles Lakers’ record $12.5bn (£9.3bn) sale was agreed in the space of a weekend.
News broke on Wednesday that Josh Kushner, the brother of US President Donald Trump’s son-in-law Jared, and former Disney chief executive Bob Iger were buying the controlling interest in one of the world’s most iconic sports teams.
Kushner moved fast to get the deal done.
Only last Friday, he approached Mark Walter over the majority stake he purchased only last year. They got to work instantly to hammer out an agreement.
If approved by the NBA’s board of governors, the deal will become the most expensive sports team sale ever reported – and Walter will have made a $2.5bn (£1.9bn) profit on his investment in next to no time.
Walter had not actively been looking to sell his majority stake in the NBA franchise, while Kushner’s move was not influenced by the collapse of Fifa’s controversial World Cup investment plan.
Thrive Eternal, an American venture capital firm founded by Kushner, had been expected to lead the proposed investor group for the Fifa Forward Enterprise (FFE) proposal before it was abandoned.
The speed of the Lakers agreement has added to the level of surprise surrounding the sale in the United States.
When ESPN broke the story on Wednesday, it sparked a flurry of reaction and comment. NBA executives, insiders and other figures within the sport were all stunned.
The Lakers were valued at $10bn (£7.4bn) in June 2025 – then a record for a sports team.
So where does this deal rank in world sport? And will the deal be a good thing for the Lakers?
Walter said after the sale was announced that owning the Lakers had been “one of the great honours” of his life and described it as an “extraordinary investment”.
Reasons for the sudden sale are unclear. Walter is facing an ongoing federal investigation into his company Delaware Life – but there is no suggestion that the Lakers sale was prompted by that investigation.
The numbers involved in the Lakers deal underline why it has caused such a stir.
It surpasses not only the Lakers valuation when Walter bought his stake in 2025, but also the $6.1bn (£4.5bn) valuation of the Boston Celtics when their controlling stake changed hands last year.
It is more than three times the value set for the Phoenix Suns when they were sold to Mat Ishbia for $4bn (£3bn) in 2023.
In addition, it beats the $9.6bn (£7.1bn) for which the NFL’s Seattle Seahawks was sold last month.
The deal is also worth significantly more than those involving leading Premier League clubs.
Todd Boehly’s consortium paid £2.5bn to buy Chelsea in 2022, although the overall deal amounted to £4.25bn ($5.7bn).
Manchester United’s Glazer family were reported to want £10bn ($13.5bn) to sell the club, but that was an asking price rather than a completed transaction. Sir Jim Ratcliffe instead bought a 27.7% stake for about £1.3bn in 2024.
Magic Johnson backs the sale
Kushner and Iger are coming in at a time when the Lakers are in transition.
The Lakers have not won an NBA title since 2020, when LeBron James and Anthony Davis led them to their 17th championship.
With James confirming his exit at the end of June and Luka Doncic the team’s leading man, the Lakers are facing another fresh start. Doncic is preparing to work under his fifth different owner across just the two NBA teams he has played for.
“I’ve gotten used to big changes over these last few years,” he wrote on social media, before adding that he looked forward to “building something special in LA together”.
Kushner and his company have been looking at investing in the NBA for some time, although the sale still brings uncertainty over how the Lakers will be run.
Basketball legend Earvin ‘Magic’ Johnson, a five-time NBA champion with the Lakers, backed the deal, though.
“Lakers fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years,” he said on social media.
“He has always loved the Lakers and basketball and he will bring championships back to LA.”
By BBC Sports
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