In October 1979, a real estate developer named Jerry Buss paid $67.5 million for the LA Lakers, the Los Angeles Kings, and the Forum combined. Buss built a dynasty out of that purchase: 11 championships, Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O’Neal. Less than a year ago, his family sold their controlling stake for $10 billion, a franchise record. On Wednesday, that record didn’t even survive twelve months.

The Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, according to ESPN’s Ramona Shelburne. Kushner and Iger pledged to preserve the franchise’s identity while pushing it toward another championship era, telling ESPN in a joint statement:

“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss.”

Magic Johnson, a former Lakers minority owner, reacted within hours on X.

“Laker fans, you couldn’t have two better owners,” Johnson wrote. “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.”

He followed with a second post: “I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!”

Iger served as the CEO of Walt Disney Company from 2005 to 2020 and returned for a second term from 2022 through early 2026. A run that included the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox, deals that transformed Disney into the dominant force in global entertainment.

Iger and his wife, Willow Bay, are also the controlling owners of Angel City FC. The NWSL franchise in Los Angeles, giving him direct, hands-on experience running a professional sports franchise in the same city, not just as an investor, but as an operator making basketball and business decisions in the L.A. market specifically.

Kushner, 41, is the founder and CEO of venture capital firm Thrive Capital and co-founder and vice chairman of Oscar Health. Thrive’s portfolio includes Instagram, Spotify, Patreon, Robinhood, OpenAI, and A24.

Kushner and Iger had actually been preparing a bid for a prospective NBA expansion team in Las Vegas through Thrive Eternal. They then pivoted toward the aggressive Lakers offer instead.

Mark Walter, who purchased the Lakers from the Buss family just fourteen months ago at a $10 billion valuation, is selling amid reports that the Securities and Exchange Commission and federal prosecutors are investigating potential financial improprieties at two of his insurance companies and at Guggenheim Partners, the financial firm he co-founded.

Walter’s TWG Global holding company controls those insurers, along with his stakes in the Dodgers, Chelsea, and the Sparks.