Mar 5, 2026; Los Angeles, California, USA; The Los Angeles Lakers logo at midcourt at the Crypto.com Arena. Photo: Kirby Lee-Imagn Images via Reuters

Former Disney CEO Bob Iger and venture capitalist Joshua Kushner, both of whom are Jewish, have teamed up to purchase the LA Lakers in a deal that values the franchise a record $12.5 billion, ESPN first reported on Wednesday.

Iger, 75, and Kushner, 41, are purchasing the team from Mark Walter, who bought the Lakers a year ago in a deal that valued the club at $10 billion. Before Walter, the Lakers was owned by Jerry Buss or his children. The Buss family still has shares in the franchise and Jeanie Buss will remain the team’s governor. The new deal with Iger and Kushner still needs to be approved by the NBA’s board of governors.

Kushner, who is the younger brother of President Donald Trump’s son-in-law Jared Kushner, previously owned a minority share of the Memphis Grizzlies but sold his stake to buy a minority stake in the Miami Heat in 2024. Iger is a senior adviser and a board member at Disney until his contract expires at the end of the year.

Iger and Kushner have worked together before. Thrive Eternal is the holding company of Kushner’s venture capital firm Thrive Capital, which he started in 2009. In 2022, Iger bought a minority stake in Thrive Capital, and this year became an adviser for the firm.

“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 about their purchase. “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.”

Lakers guard Luka Dončić commented on the new deal in a post on social media.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Dončić posted on X. “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

“Laker fans, you couldn’t have two better owners,” Lakers icon Earvin “Magic” Johnson wrote on X. “I’ve known Bob personally for over 40 years — he has always loved the Lakers and basketball, and he will bring championships back to LA.”

Kushner co-founded the health insurance company Oscar Health in 2012. Iger served as Disney’s CEO first from 2005 to 2020, during which the company bought Pixar, Marvel, Lucasfilm, and the majority of 21st Century Fox. He then passed the torch to Bob Chapek and remained with the company before becoming its CEO again in November 2022 when Chapek was fired. Iger left Disney in March and was succeeded as CEO by Josh D’Amaro. Iger and his wife have a controlling stake in the National Women’s Soccer League club Angel City FC.

During the offseason, LeBron James left the Lakers to join the Philadelphia 76ers.