The Los Angeles Lakers could soon have a new owner. Again. About 14 months after Mark Walter agreed to buy a controlling interest in the franchise from the Buss family, and is revisiting the conversation. This time, Josh Kushner and Bob Iger are stepping in with a massive offer that could change the Lakers forever.

ESPN’s Ramona Shelburne reported that Walter has agreed to sell his controlling interest to a group led by Kushner and Iger. The deal values the Lakers at $12.5 billion, making it the biggest sports franchise deal ever. The sale still needs NBA approval before it can become official.

14 months ago, Walter decided to buy the Lakers and has now spoken about his decision to sell. In a statement to ESPN, Walter looked back on his short time as the Lakers’ controlling owner and thanked the people who made the experience special for him.

“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”

That last line is the one that stands out. Walter is leaving the Lakers, but he knows the team is much bigger than its owner. The Lakers have been part of Los Angeles for decades, and Walter made sure to mention the fans and the city in his first statement after the sale.

He also called owning the Lakers an “extraordinary investment.” Walter agreed in June 2025 to acquire control at an approximately $10 billion valuation; the NBA approved the deal in October. About 14 months later, Kushner and Iger have agreed to acquire the team at a reported $12.5 billion valuation. That is a jump of more than 20% in a very short time.

Interestingly, Kushner and Iger were not originally trying to buy the Lakers. The two had been working on a plan to bring an NBA expansion team to Las Vegas. Kushner, the founder of Thrive Capital, had teamed up with Iger as they looked at the chance to become part of the NBA through expansion.

Then the Lakers became available. Instead of waiting years for an expansion team, Kushner and Iger changed plans and made an aggressive offer for the Lakers. Their offer was big enough to convince Walter to sell.

Kushner is best known for Thrive Capital, which has invested in companies such as Spotify, Instagram, Stripe and OpenAI. He has also been building his sports investment portfolio through Thrive Eternal.

Additionally, he also co-founded Oscar Health in 2012 and has served as vice chair of its board since February 2021. That background gives Kushner experience across technology investing and corporate leadership as he prepares to take on a far more visible role in professional sports.

Iger brings a very different background. He spent years as the CEO of Disney and was also closely involved with ESPN during his time at the company. Now, the two are trying to take over one of the biggest teams in all of sports.

But there is still one big question around the sale.

Speculation swirls around why Walter is selling

Why would Walter sell the Lakers after only about a year?

There is no confirmed answer. The simplest explanation is the money. Walter bought the Lakers at a $10 billion valuation, and Kushner and Iger came in with an offer that pushed the value to $12.5 billion. Reports say the offer was so high that it was very difficult to turn down.

But there is another part of Walter’s life that has made the timing of the sale interesting.

Companies connected to Walter are currently under federal investigation. Federal prosecutors in Manhattan, the SEC, and the FBI are looking into financial practices involving companies tied to his TWG Global group. Two insurance companies connected to Walter, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., received federal grand jury subpoenas in February 2026.

The investigation is focused on related-party investments and whether some of those investments were properly reported. An internal review at Delaware Life also led to between $16 billion and $17 billion being reclassified as affiliated or related-party investments. The company had previously reported only about $1.4 billion in such investments.

That has naturally led to questions about whether the investigation has anything to do with Walter selling the Lakers. But there is no proof of that right now. No government agency has ordered Walter to sell the Lakers. There is also no verified report saying the federal investigation forced him to give up the team. Walter has not been charged with a crime either, and the Lakers are not a target of the investigation.

So, for now, any link between the investigation and the Lakers sale is only speculation.

One possible reason people will keep looking at it is the huge amount of money Walter is getting from the deal. Selling a non-core asset for $12.5 billion could give his business group a lot of cash while some of its insurance companies deal with the federal investigation and other financial issues.

But that is only a possibility. There is no confirmed connection between the two events. What is clear is that Walter is not walking away from sports completely.

Shelburne reported that Walter is only selling the Lakers and will keep the Dodgers. He also remains involved with Chelsea FC, the Los Angeles Sparks, and the PWHL.

The Lakers are entering another new era

The Buss family had controlled the Lakers since Jerry Buss bought the franchise in 1979. Under the family’s leadership, the Lakers won 11 of their 17 NBA championships, reached 17 NBA Finals and became one of the league’s most recognizable global brands.

Jerry Buss helped turn Lakers basketball into a major entertainment attraction during the Showtime era, which featured Magic Johnson, Kareem Abdul-Jabbar, and James Worthy, before later championship runs led by Shaquille O’Neal, Kobe Bryant, and Pau Gasol.

After Jerry Buss passed away in 2013, Jeanie Buss became the team’s governor and guided the franchise through its next chapter. The Lakers won the 2020 NBA championship under her leadership, making her the first woman controlling owner of an NBA title-winning team. When Walter took over in 2025, Buss stayed on as governor, giving the franchise continuity during its first major ownership change in nearly five decades.

Now, that stability is about to change again. Kushner and Iger have already shared their excitement about the deal. They said they are honored by the chance to become the next owners of the Lakers and want to build on what Jerry and Jeanie Buss created.

Still, the sale is not finished yet. The NBA has to review the new ownership group, and the Board of Governors must approve the deal before it can officially close. For Walter, his time with the Lakers is coming to an end much sooner than anyone expected. If approved, the deal would end Walter’s tenure less than a year after it began.

But he leaves after the Lakers’ valuation jumped from $10 billion to $12.5 billion. And in the end, Walter did not choose to focus on the money when he said goodbye. He chose the city, the fans, and the people around the team.

“The Lakers belong to Los Angeles.”