Los Angeles Dodgers majority owner Mark Walter during recognition for the Los Angeles Dodgers World Series victory at Crypto.com Arena.
Gary A. Vasquez-Imagn Images
The Los Angeles Lakers’ record $12.5 billion sale to Josh Kushner and former Disney CEO Bob Iger reportedly materialized in a matter of days, with ESPN’s Ramona Shelburne revealing that outgoing owner Mark Walter was not even looking to sell the franchise when he received the offer.
Shelburne detailed the stunning timeline Wednesday on ESPN’s First Take, shortly after reporting that Kushner and Iger had agreed to purchase the Lakers. According to Shelburne, the prospective owners initially planned to pursue an NBA expansion franchise in Las Vegas before turning their attention toward Los Angeles.
“This came together incredibly fast. So, Josh Kushner and Bob Iger were involved in the expansion process in Las Vegas, they had a bid group together and the bidding in Las Vegas was getting extremely high. At some point they looked around and said, ‘why are we bidding on an expansion team? Before we do this, let’s call and see if the Lakers are available. They both live in Los Angeles.”
That decision led to a call to Walter only days before Wednesday’s reported agreement.
“They called Mark Walter; I am told this was on Sunday… and said, ‘hey, before we go forward with the Las Vegas deal, are the Lakers available? Could we make you an offer for the Lakers?’ And Mark Walter wasn’t interested in selling but the number they discussed, $12.5 billion was something he had to think about and he had one or two days to think about it before they had to move forward with the expansion process.”
"They called Mark Walter; I am told this was on Sunday… I'm still kind of shaking my head at how this came together so quickly."
Ramona Shelburne on Josh Kushner and Bob Iger buying the Lakers for $12.5 billion.
The rapid turnaround is particularly notable considering Walter only completed his acquisition of the Lakers in October 2025. The NBA Board of Governors unanimously approved his purchase at a $10 billion valuation after the Buss family agreed to sell its controlling interest earlier that year.
Mark Walter turns massive profit on Lakers after less than a year
Less than a year later, the $12.5 billion agreement with Kushner and Iger represents a $2.5 billion increase over the valuation attached to Walter’s acquisition.
“Mark Walter purchased the Lakers just last year, that went through in 2025. It was approved by the Board of Governors at $10 billion so from October of last year to right now, he just made $2.5 billion on the Los Angeles Lakers,” Shelburne said. “I don’t think he was looking to sell, but when somebody makes you an offer that you can’t refuse, I think it was a business opportunity that he couldn’t say no to.”
Walter's short tenure brought substantial changes throughout the Lakers organization. The Los Angeles Dodgers owner moved aggressively to restructure business and basketball operations while allowing lead executive Rob Pelinka to make significant changes to the roster.
The Lakers' latest ownership change will now place one of professional sports' most valuable franchises under a group led by Kushner and Iger, pending the necessary league approval. Franchise legend Magic Johnson has already publicly endorsed the prospective owners, saying Lakers fans “couldn’t have two better owners” and pointing to his more than 40-year relationship with Iger.
For Shelburne, however, the speed with which one of the largest transactions in sports history developed remained difficult to comprehend.
“It’s obviously a mind boggling morning here in Los Angeles. I know where I was when I got a tip late last night that this was happening… I'm still kind of shaking my head at how this came together so quickly.”