The Los Angeles Lakers are being sold to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner at a $12.5 billion valuation, per regulatory filings surfaced Tuesday. The price eclipses the $6.05 billion Mat Ishbia paid for the Phoenix Suns in 2023 and resets the North American franchise ceiling by more than 100%. The Buss family, who have controlled the team since Jerry Buss bought it for $67.5 million in 1979, are exiting entirely.
The deal structure remains opaque, but people familiar with the matter say Iger is taking the lead governor role while Kushner anchors the financial architecture through a consortium that includes family offices and at least one sovereign wealth fund. The NBA's Board of Governors will vote on the sale in October. Commissioner Adam Silver has been briefed. The valuation implies an enterprise value north of 28x trailing revenue, a multiple last seen in English Premier League sales and never before applied to a North American basketball team.
What this does: it immediately reprices every NBA franchise. The Knicks, previously estimated at $7.5 billion by Forbes, are now worth closer to $15 billion under this model. The Warriors, Celtics, and Bulls all step up a tier. For sponsors and media buyers, the math changes too. If the Lakers are worth $12.5 billion, then a jersey patch isn't a $20 million annual play — it's a $40 million one, because the asset itself just validated a scarcity premium no one priced in. Expect renegotiations on naming rights, kit deals, and regional streaming windows before the 2026-27 season starts.
The Iger component matters more than the number. He spent fifteen years turning ESPN into a content fortress, then another seven teaching Disney how to own distribution. He knows how to build a direct relationship with a subscriber base, which is what the Lakers become under this ownership: a $12.5 billion media company that happens to play basketball. Kushner, meanwhile, built Thrive into a $13 billion AUM operation by betting early on Instagram, Spotify, and Stripe. His LP base includes European family offices and Middle Eastern sovereign funds, the same capital pools now circling Premier League clubs and Formula 1 teams. Together, they bring the only playbook that justifies the price — turn the Lakers into a global subscriber product with tiered access, localized content, and a tech stack that can monetize every possession.
The Buss family's exit is clean but not voluntary. Jeanie Buss, who ran the team since 2017, faced pressure from siblings who wanted liquidity and a board that saw the valuation window closing as interest rates normalized. The Lakers missed the playoffs twice in four years, and while LeBron James's twilight kept the brand alive, the operational engine needed capital the family couldn't deploy. Iger and Kushner offered a number the Busses couldn't refuse and a plan the NBA couldn't block. The commissioner has spent two years talking about global expansion and digital monetization; this sale is proof of concept.
What to watch: the NBA's October board vote, which is procedural but will surface any friction around foreign capital or governance structure. Kushner's consortium reportedly includes a 15% stake from a Gulf-based sovereign fund, and while the league has approved similar arrangements for the Suns and Nets, the size of this deal invites scrutiny. Separately, watch for Iger's first executive hires — if he brings in a Disney Streaming alum or a former ESPN executive, the product roadmap is already written. Sponsor renewal windows open in Q1 2027, and the Lakers' sales deck just got a new comp set.
The deal closes in November, pending league approval. The new ownership group has already scheduled meetings with the Lakers' top-tier sponsors, including Delta, Crypto.com, and Bibigo. The jersey patch comes up for renewal in 2028. The current deal pays $20 million annually. The new one won't.
The takeaway
Iger and Kushner's $12.5B Lakers buy reprices every NBA team and turns the franchise into a direct-to-consumer media play.
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