Josh Kushner and Bob Iger acquire Los Angeles Lakers for $12.5 billion

Josh Kushner, a venture-capital investor, and Bob Iger, the former chief executive of The Walt Disney Company, reached an agreement this week to buy the Los Angeles Lakers from current owner Mark Walter for $12.5 billion, the highest valuation recorded for a team-sports transaction. The deal was reportedly concluded within three days after the parties learned the franchise might be for sale.

Iger told the California Post that the rapid timeline left little opportunity to develop a long-term plan for the team. He said, "We immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it. The deal came together in three days. It’s that simple."

Kushner, who founded Thrive Capital in 2009 and co-founded Oscar Health, previously held a minority stake in the Memphis Grizzlies before selling it to acquire an interest in the Miami Heat. He will need to divest that stake to complete the Lakers purchase. Iger, a longtime basketball fan who grew up supporting the New York Knicks and later became a season-ticket holder for the Los Angeles Clippers, has no prior ownership experience with the Lakers.

The partnership between Kushner and Iger dates back to a meeting arranged by their spouses eight years ago. Iger joined Thrive Capital as a venture partner in 2022, providing connections to the entertainment industry, while Kushner offered insight into technology investments. Their collaboration resumed this year after Iger returned to Disney for a second tenure as CEO.

Both owners have been noted for their political positions that differ from those of Kushner’s brother, former White House adviser Jared Kushner. Josh Kushner has contributed to progressive candidates and described liberal values as guiding his life, while Iger identifies as an independent with progressive personal views.