Former Los Angeles Lakers owner Mark Walter before he sold the team.
Kirby Lee-Imagn Images.
Less than a year after his acquisition of the team was approved, Mark Walter sold the Los Angeles Lakers to Josh Kushner and Bob Iger for a whopping $12.5 billion on Wednesday, Aug. 12, 2026.
Of course, he is in the midst of various legal troubles and a federal investigation, which has caused speculation among insiders. Smith College sports economist Andrew Zimbalist called it “the fastest flip I know of” to Front Office Sports.
Generally speaking, NBA teams are owned for long periods of time, with some exceptions. Mark Cuban, who sold his majority stake in the Dallas Mavericks after 24 years, and Michael Jordan, who sold his stake in the Charlotte Hornets after 13 years, were named as examples.
The Lakers selling for $12.5 billion, which is $2.5 billion more than what Walter paid, doesn't surprise insiders, as Zimbalist said, “The leagues have opened up to private equity and loosened multiple team ownership rules, so the explosion in franchise values is not surprising. Whether the media/streaming market holds up will be interesting to watch. Lots of uncertainty but owning an NBA team is less risky than much larger capital commitments to data centers and AI.”
Why Mark Walter sold the Lakers
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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
Currently, some of Walter's insurance companies are under federal investigation. There was suspicion of financial shadiness, and sources told Front Office Sports that the Lakers sale was “likely tied to Walter's troubles.” One dubbed it a “cash crunch,” and another claimed, “the expedited process screams liquidity crunch.”
By selling the team, Walter could potentially resolve the investigation since he'd no longer own the team, as a legal source told Front Office Sports. There were questions over whether or not the companies had sufficient reserve assets to support financing the purchase of the Lakers.
However, Walter is expected to retain another iconic Los Angeles sports franchise, the Dodgers. We'll have to wait and see if the investigation changes that.