Josh Kushner and Bob Iger Acquire Los Angeles Lakers in $12.5 Billion Deal Amid Ongoing Investigation of Owner

Josh Kushner and Bob Iger completed a $12.5 billion acquisition of the Los Angeles Lakers, marking the highest-valued sale of a sports franchise to date. The transaction follows a federal fraud investigation into Mark Walter, the Lakers’ previous owner, which is focused on alleged irregularities in private-credit loans routed through insurers owned by Walter’s holding company, TWG Global.

Manhattan prosecutors and the Securities and Exchange Commission are reviewing whether loans from Walter-controlled insurance firms were improperly directed to entities affiliated with him. Insurers Delaware Life and Clear Spring have reclassified billions of dollars in investments as affiliated and have received subpoenas. The FBI also seized Walter’s cellphone and computer last year.

"Mark Walter and TWG have always acted in good faith, and those who have done business with Mark know him as honest and straightforward," a TWG Global spokesperson said, adding confidence that the matters will be resolved favorably.

The Lakers purchase comes weeks after a separate deal involving Josh Kushner and a proposed partial sale of FIFA’s commercial arm collapsed amid opposition from European and North American football associations. The failed FIFA transaction had been promoted by former U.N. Secretary-General and FIFA president Gianni Infantino and was criticized by several governing bodies.

Walter is expected to retain ownership of the Los Angeles Dodgers, which Forbes values at $7.8 billion, making them the second-most valuable MLB franchise. Kushner’s net worth is estimated at $5.2 billion.