The Los Angeles Lakers are reportedly changing hands once again, with Josh Kushner and Bob Iger agreeing to purchase the franchise from Mark Walter for more than $12 billion.
According to ESPN's Ramona Shelburne, Kushner and Iger had previously been involved in the process of pursuing a potential NBA expansion franchise in Las Vegas before pivoting and making an aggressive offer for the Lakers.
Both men already have significant connections to the sports business.
Josh Kushner has already invested in NBA and MLB
Kushner, 41, is the founder of investment firm Thrive Capital, which has backed companies including OpenAI, Instagram, and Spotify. More recently, he established Thrive Eternal, a permanent-capital vehicle designed to invest in sports franchises and other iconic cultural assets.
Kushner already has experience as a sports investor. He holds a small personal stake in the Miami Heat, while Thrive Eternal agreed this year to acquire a minority stake in MLB's San Francisco Giants. The Giants investment was the new vehicle's first move into professional sports.
The businessman is also the brother of Donald Trump's son-in-law, Jared Kushner.
Before the reported Lakers deal, Kushner and Iger had hired investment bankers as they explored a majority bid for a potential Las Vegas NBA expansion team through Thrive Eternal.
Bob Iger brings major sports and entertainment experience
Iger, 75, is best known for his long tenure leading The Walt Disney Company, where he oversaw major acquisitions including Pixar, Marvel, Lucasfilm, and 21st Century Fox. His Disney career also gave him extensive exposure to the NBA through ESPN, one of the league's longtime broadcasting partners.
His involvement in sports ownership is already significant. Iger and his wife, Willow Bay, acquired controlling ownership of NWSL club Angel City FC in 2024 in a transaction that valued the franchise at $250 million, then a record valuation for a women's professional sports team. They also committed an additional $50 million toward the club's future growth.
Iger has since joined Thrive as an adviser and became involved with Kushner's push into long-term sports investments, including their planned pursuit of an NBA team in Las Vegas.
The NBA only formally began exploring expansion to Las Vegas and Seattle in March 2026, meaning Kushner and Iger ultimately had an opportunity to acquire an established global basketball brand instead of waiting for the expansion process to play out.
In a statement to ESPN, the pair emphasized their longtime connection to basketball and their plans for the Lakers.
"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. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."