Lakers' Record $12.5 Billion Sale Clears a Key Hurdle as Walter and Kushner Settle Final Terms

Mark Walter and Thrive Capital's Josh Kushner have agreed on every remaining term, but the deal still needs NBA approval, a slate of $250 million investors and a Dec. 8 court fight over the Buss family's 17.8% stake.

By Herald Staff · Nov. 1, 2026, 2:30 PM ET

A large modern arena with a curved glass facade glowing purple and gold from inside stands beside a wide, empty stone plaza lined with palm trees at dusk, with the lit towers of downtown Los Angeles rising under a violet and orange sky. — Downtown Los Angeles at dusk, home court of a franchise now valued at a record $12.5 billion. The sale to Josh Kushner and Bob Iger still needs approval from at least 23 of the NBA's 30 owners.

The record sale of the Los Angeles Lakers took a big step forward this weekend. Owner Mark Walter and Josh Kushner, the founder of the venture firm Thrive Capital, have agreed on every outstanding term of a deal that values the franchise at $12.5 billion, the most ever for a North American sports team. ESPN first reported the agreement Friday, citing sources close to the negotiations, and the Los Angeles Times confirmed it with several people familiar with the talks.

The two men met in person Thursday at Walter's home in Florida to settle the remaining details. According to ESPN, they are expected to sign the formal agreement soon, and Kushner has assured Walter that he has raised all the money needed to close.

What Still Has to Happen

A handshake on terms is not a closed deal. Once the paperwork is signed, the NBA reviews the buyers' financing and ownership structure, a process ESPN noted "generally takes some time." After that, the league's Board of Governors must vote. Under the NBA's constitution, a sale needs the approval of three-quarters of the owners, or 23 of the 30 teams, USA Today explained when the deal was first reported in August. It warned then that the process could stretch into 2027.

It has already been slower than some expected. The league's board met in September without voting on the Lakers sale, Lakers Wire noted. One source told Front Office Sports the transaction could be completed "within the next few months."

A Quick Flip at a Record Price

The price has not changed since summer. Kushner and former Disney chief executive Bob Iger agreed in August to buy the team from Walter, the Dodgers owner and chief executive of Guggenheim Partners. Walter had bought majority control of the Lakers from the Buss family in 2025 at a $10 billion valuation, so the new deal puts the team's value $2.5 billion higher less than a year later.

When the sale closes, Kushner is expected to be the majority owner. Iger will hold a minority stake and oversee the team's day-to-day operations, a source told Front Office Sports. Kushner is the younger brother of Jared Kushner, President Trump's son-in-law, the Times noted.

Walter's decision to sell came as his business empire faced federal scrutiny. The Times reported that his holding company, TWG Global, has been in talks with investors to help pay down loans on the books of its insurers that drew attention from the Justice Department. He has also sold his stake in the English soccer club Chelsea and is reportedly looking to sell the WNBA's Los Angeles Sparks. Dodgers president Stan Kasten said in August that Walter will not sell the baseball team, and Walter's holding company repeated that in September.

$250 Million for a Seat at the Table

To pay for the purchase, Kushner and Iger have been offering minority stakes to investors for $250 million to $300 million apiece, four sources told Front Office Sports on Friday. Two sources said some investors will put in significantly more. At a $12.5 billion valuation, $250 million works out to a 2% stake. The names of the interested investors have not been made public.

The report came a day after podcaster Bill Simmons said Kushner was still billions of dollars short and "can't find the money." One source called that untrue and told Front Office Sports that demand to invest has been massive.

The Buss Family Fight Heads to Court

One piece of the ownership puzzle is still unsettled: the Buss family's remaining 17.8% stake. Five of Jerry Buss's children, who share control of the family trust, voted in August to sell that stake to Kushner and Iger. Their sister Jeanie Buss, the Lakers' governor since 2013, has asked Los Angeles Superior Court to block the sale, arguing that a 2017 court order forbids it, the New York Post reported.

The stakes for her are personal. NBA rules require a governor's family to control at least 15% of a team, so losing the trust's shares would end her role, even though the league said when Walter took over that she would stay on as governor through 2030. A hearing originally set for Nov. 5 was moved to Dec. 8 at her attorney's request. Iger told the Post that he and Kushner intend to honor the agreement Walter made with Buss. Front Office Sports previously reported that the family dispute does not affect the proposed sale.

Original reporting by The Los Angeles Herald, drawing on ESPN, the Los Angeles Times, Front Office Sports, USA Today, Lakers Wire and the New York Post, as linked above.