The Los Angeles Lakers have been sold to businessmen Josh Kushner and Bob Iger for a remarkable $12.5 billion. This sale marks the second-largest transaction in U.S. pro sports within a year. The details were shared by a source acquainted with the terms, who requested anonymity as official details are yet to be disclosed by either party.

ESPN announced that Kushner and Iger are acquiring the NBA’s most prestigious franchise. Last year, the Lakers were valued at $10 billion when Mark Walter obtained a majority stake from the Buss family. Iger and Kushner had previously sought an expansion team in Las Vegas, but with this acquisition, they no longer need to wait for expansion processes, which might occur in the 2028-29 season.

The purchase still requires approval from the NBA’s board of governors, a procedure that can take several weeks. The next board meeting is scheduled for next month in New York. The $12.5 billion price sets a new benchmark for NBA franchise valuations; previously, Michael Jordan sold his majority stake in the Charlotte Hornets at a valuation of $3 billion.

Last year, the Boston Celtics were sold for slightly over $6 billion, which at the time was a record. However, Walter’s acquisition of the Lakers in June 2025 set a new record. He initially obtained a 27% minority share in the team in 2021 as part of a $10 billion valuation.

The Lakers have secured 17 championships since their formative years in Minneapolis, ranking second only to the Boston Celtics, with 18 titles. The franchise is a globally recognized brand, frequently dominating the league’s merchandise sales rankings.

This record sale was announced shortly after LeBron James, the NBA’s all-time leading scorer, left the Lakers and became a free agent. He ultimately signed with the Philadelphia 76ers.