Lakers set for record $17bn sale | 00:31
Just 14 months after Mark Walter agreed to take control of the Los Angeles Lakers at a $US10 billion valuation, one of world sport’s most prized assets is changing hands again.
And the circumstances surrounding the stunning $US12.5 billion ($A17.8bn) agreement have created almost as much intrigue as the record-breaking price itself.
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Walter has agreed to sell the Lakers to an ownership group led by venture capitalist Josh Kushner and former Disney chief executive Bob Iger, in a deal that would establish a new record valuation for a US professional sports franchise.
The transaction still requires approval from the NBA’s Board of Governors and remains subject to due diligence.
But the extraordinary part is just how quickly everything has changed.
Walter only took control of the Lakers last year and had begun making significant changes across the organisation consistent with a long-term ownership strategy.
A Los Angeles Lakers jersey is displayed for sale in a store on August 12, 2026 in Pasadena, California. (Photo by MARIO TAMA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)Source: AFP
Now, little more than a year later, he is preparing to walk away.
The agreement reportedly came together in just 72 hours, with Kushner and Iger pivoting towards the Lakers after previously exploring the possibility of an NBA expansion franchise in Las Vegas.
It is a remarkable turnaround for a franchise the Buss family controlled for more than four decades.
But there is another significant backdrop to the sale.
Walter’s wider business empire is currently under federal scrutiny – and reports have separately indicated his company has been attempting to raise cash as it addresses billions of dollars in loans involving businesses within that empire.
There has been no finding that the investigation forced Walter to sell the Lakers, and Walter has not been charged with wrongdoing in connection with the matters being investigated.
Nevertheless, the timing has inevitably placed the investigation at the centre of questions surrounding one of the most sudden and expensive transactions in sports history.
Here is what we know.
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WHAT IS MARK WALTER BEING INVESTIGATED OVER?
Walter’s sporting portfolio stretches well beyond the Lakers.
The billionaire businessman presides over an extraordinary collection of sporting assets, including the Los Angeles Dodgers, Los Angeles Sparks and Professional Women’s Hockey League, while he is also an investor in the ownership group behind Chelsea.
But it is businesses away from sport that have attracted the attention of US authorities.
According to reports originally detailed by the Wall Street Journal and Bloomberg, insurance companies controlled by Walter’s TWG Global – Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. – have come under scrutiny over billions of dollars in investments and loans involving other businesses connected to Walter’s empire.
The matter reportedly involves investigations by federal prosecutors and the Securities and Exchange Commission.
The scrutiny centres in part on the insurers’ related-party investments – essentially transactions involving companies with connections to the same broader ownership network.
Regulatory filings in June acknowledged that “errors were identified” in how certain related-party investments had been identified and presented.
The scale of those investments subsequently became a major part of the story.
According to the Wall Street Journal reporting, an earlier estimate of approximately $US1 billion in affiliated investments was revised dramatically higher to approximately $US16 billion.
The two insurers reportedly control approximately $US85 billion in funds.
The investigation itself was reportedly triggered by an internal whistleblower complaint.
Bloomberg also reported last month that FBI agents had previously executed a search warrant while Walter was aboard a private plane at a Chicago airport, seizing his phone and laptop as part of the investigation.
Importantly, the existence of an investigation is not a finding of wrongdoing.
Walter has not been charged based on the reporting available, and the Lakers, Dodgers and his other sporting teams are not themselves accused of wrongdoing in the investigation.
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SO WHY HAS THE INVESTIGATION BECOME PART OF THE LAKERS SALE STORY?
Bloomberg has reported that TWG Global has been in discussions with investors as it looks to raise money to help pay down loans held by its insurers that have attracted Justice Department scrutiny.
According to that reporting, efforts to address concerns surrounding the loans have accelerated, while the Lakers sale is expected to assist TWG’s efforts to raise capital.
That does not establish that Walter was forced to sell the Lakers because of the investigation.
It does, however, provide important context for why the sale of such an enormously valuable asset has attracted scrutiny beyond the basketball world.
Walter was not widely believed to be shopping the Lakers.
Luka Doncic #77 of the Los Angeles Lakers reacts after a dunk during the second half of the basketball game against the Charlotte Hornets at Spectrum Center on November 10, 2025 in Charlotte, North Carolina.(Photo by David Jensen/Getty Images)Source: Getty Images
In fact, his actions since taking control suggested the opposite.
The organisation had undergone significant changes across its basketball and business operations, including front-office restructuring and other moves that suggested Walter was preparing for a lengthy tenure.
That is part of why the sale reportedly stunned figures throughout NBA ownership circles.
Walter had acquired control at a valuation of approximately $US10 billion.
Just 14 months later, the new agreement values the Lakers at $US12.5 billion.
HOW DID A $12.5 BILLION DEAL HAPPEN SO QUICKLY?
Perhaps the most extraordinary detail is that this was not a months-long public sale process.
The agreement reportedly came together over approximately 72 hours.
Kushner and Iger had been exploring the possibility of becoming involved with an NBA expansion franchise in Las Vegas when an opportunity to acquire the Lakers emerged.
They instead pivoted aggressively towards one of the NBA’s marquee franchises.
There was no drawn-out auction publicly involving a series of billionaire bidders.
Instead, Kushner contacted Walter and a deal rapidly materialised.
The result is a proposed $US12.5 billion transaction just over a year after the franchise changed controlling ownership at a $US10 billion valuation.
For Walter, that represents an enormous increase in the Lakers’ headline valuation in an extraordinarily short period.
It should not simply be described as a personal $US2.5 billion profit, however, given Walter did not own 100 per cent of the franchise and the ownership structure includes other stakeholders.
WHO ARE JOSH KUSHNER AND BOB IGER?
The incoming ownership group brings together two major figures from American business.
Iger is one of the most recognisable media executives in the world after his lengthy tenure running Disney.
He also already has experience investing in professional sport, with Iger and his wife Willow Bay acquiring a controlling interest in NWSL club Angel City FC in 2024.
Kushner, meanwhile, is the founder of venture capital firm Thrive Capital and recently launched investment vehicle Thrive Eternal.
The pair are longtime NBA fans and had already been exploring opportunities to enter NBA ownership before the Lakers unexpectedly became available.
Their $US12.5 billion agreement now gives them the opportunity to take control of one of the league’s flagship organisations rather than waiting for expansion.
There is also a prominent political connection.
Josh Kushner is the younger brother of Jared Kushner, who is married to US President Donald Trump’s daughter Ivanka Trump.
That makes Josh Kushner the brother of the President’s son-in-law.
There is no evidence in the reporting to suggest that relationship played a role in the Lakers transaction or the federal investigation into Walter’s businesses, and it is important to keep the two issues separate.
WHERE DOES FIFA COME INTO THIS?
This is where the new Lakers ownership story crosses into another of world sport’s biggest recent business stories.
Kushner’s investment interests have recently been involved in FIFA president Gianni Infantino’s controversial proposal to bring private capital into a new commercial subsidiary containing some of world football’s most valuable commercial assets.
FIFA proposed creating FIFA Forward Enterprise, a commercial operation involving assets connected to competitions including the World Cup and Club World Cup.
The proposal valued the new venture at approximately $US20 billion, with private investors potentially contributing up to $US4.2 billion for a minority interest.
Kushner’s investment vehicle was expected to lead the proposed investor group.
President Donald Trump puts a championship ring into his pocket as owner Mark Walter presents him with a jersey during an event to honor the 2025 World Series champions Los Angeles Dodgers in the Rose Garden of the White House, Thursday, July 23, 2026, in Washington. (AP Photo/Alex Brandon)Source: AP
The proposal attracted significant opposition from UEFA, which publicly objected to the prospect of private investors acquiring a stake in the commercial structure.
There is an important distinction, however.
Despite some descriptions of the proposal as an attempt to “buy” or “privatise” the World Cup, FIFA said outside investors would hold only a minority stake in a commercial subsidiary.
FIFA maintained it would retain sole control over football governance, competitions, the international calendar and sporting and regulatory decisions.
So Kushner has not bought the World Cup, nor did his firm attempt to acquire control of FIFA itself.
But his investment vehicle’s involvement in the controversial $US20 billion proposal means the man now preparing to become one of the Lakers’ principal owners has been at the centre of two enormous sports-business stories within weeks of each other.
WHAT HAPPENS TO JEANIE BUSS?
Despite another ownership change, the Lakers are not immediately abandoning the Buss family altogether.
When Walter acquired control, the arrangement included plans for Jeanie Buss to remain as the Lakers’ governor.
Iger has indicated the incoming group intends to honour that agreement.
LOS ANGELES, CA - DECEMBER 18: Magic Johnson, Jeanie Buss, Kobe Bryant, wife Vanessa Bryant and daughters Gianna Maria Onore Bryant, Natalia Diamante Bryant, Bianka Bella Bryant and Rob Pelinka pose for a picture during Kobe Bryant's jersey retirement ceremony at halftime of a basketball game between the Los Angeles Lakers and the Golden State Warriors at Staples Center on December 18, 2017 in Los Angeles, California. (Photo by Allen Berezovsky/Getty Images)Source: Getty Images
“We have every intention to honor the agreement that was made between Mark and Jeanie,” Iger said.
“If things change, they’ll change.”
That provides at least some continuity after an extraordinary period in which control of a franchise synonymous with the Buss family for 46 years has now been subject to two blockbuster transactions in little more than a year.
IN SUMMARY, WHAT DO WE ACTUALLY KNOW ABOUT WHY WALTER SOLD?
This is the most important distinction in the entire story.
Walter’s wider business empire is facing federal scrutiny.
His company has reportedly been seeking capital to address loans that have attracted attention from authorities.
The Lakers sale occurred remarkably quickly and will bring significant liquidity into Walter’s broader financial picture.
But there is currently no established finding that the federal investigation forced Walter to sell the Lakers, nor evidence that the incoming owners or their political connections played any role in that investigation.
Walter has not been charged with wrongdoing based on the reporting currently available.
What can be established is the extraordinary sequence of events.
Walter took control of the Lakers at a $US10 billion valuation, began reshaping the organisation and appeared positioned for long-term ownership.
A little more than a year later, while his wider financial empire was under federal scrutiny, Kushner and Iger emerged with an aggressive offer.
Within days, an agreement was reached valuing the Lakers at $US12.5 billion – the highest price attached to a US professional sports franchise sale.
Now, pending NBA approval, one of world sport’s most famous franchises is preparing for its third ownership era in barely more than a year.