The phone call that could reshape the Los Angeles Lakers arrived Sunday. By Wednesday morning, an agreement to sell the franchise for $12.5 billion was in place.
ESPN’s Ramona Shelburne detailed the stunning speed of the negotiations during an appearance on The Pat McAfee Show, hours after breaking the news that Mark Walter had agreed to sell his controlling interest to Josh Kushner and former Walt Disney Co. chief executive Bob Iger.
Walter, Shelburne said, had not been shopping the Lakers.
“On Sunday, from what I understand, Mark Walter got a call from — I believe it was Josh, but it might have involved this group — and just said, ‘Are you open to this possibility?’” Shelburne said. “Mark wasn’t really looking to sell, but he had to think about it, and he had a day to decide.”
Once Walter opened the door, the deal moved with remarkable urgency.
“They got to work on the agreement, and it all wrapped up since Sunday,” Shelburne said. “Nobody knew. Everyone I called trying to confirm this was like, ‘This all just happened really fast.’”
Las Vegas Expansion Bid Led to L.A. Offer
The idea grew out of Kushner and Iger’s pursuit of a prospective NBA expansion franchise in Las Vegas.
Shelburne said the anticipated price for a Las Vegas team has climbed toward the $10 billion valuation attached to Walter’s Lakers purchase last year. A new owner also could need roughly $2.5 billion to build an arena before assembling a roster and establishing the franchise.
That prompted a straightforward calculation: Why spend nearly that much building a team in Las Vegas without first asking whether the Lakers were available for $12.5 billion?
“You can buy an established team and brand with a superstar that’s in place for basically the same amount of money,” Shelburne said.
That superstar is Luka Dončić, who publicly welcomed Kushner and Iger on Wednesday and said he looked forward to working with them.
Kushner founded Thrive Capital and, in April, launched Thrive Eternal to invest in enduring properties that cannot be replicated by technology. Its first sports investment was a minority stake in the San Francisco Giants.
Iger, meanwhile, has long-standing ties to sports and Los Angeles. Shelburne said she first met him when he held courtside Clippers season tickets. He also participated in a previous effort to return the NFL to Los Angeles.
Lakers Employees Learned About Sale With Everyone Else
Getty Mark Walter sits courtside during a 118-116 Los Angeles Lakers win over the San Antonio Spurs at Crypto.com Arena on November 05, 2025 in Los Angeles, California.
The deal moved so quietly that Shelburne said Lakers players, executives and other employees largely learned about it when the news became public.
“I think they found out about when I found out,” she said. “Nobody had really looped everybody in. This happened so fast.”
For now, Shelburne said, the Lakers will operate as usual. Walter recently hired several executives with Dodgers ties, and no immediate personnel changes are expected while the transaction remains pending.
The sale must be vetted and approved by the NBA’s Board of Governors, which is scheduled to meet next month. The process could move quickly because Kushner and Iger had already organized their financing and undergone some league scrutiny while pursuing the Las Vegas expansion opportunity.
The agreement covers Walter’s shares. The Buss family retains a minority interest, leaving unanswered questions about its role once the sale closes.
“There is a sale agreement in place right now,” Shelburne said. “What does that mean for them? We’re still figuring it all out.”
That uncertainty extends throughout the organization. In less than four days, the Lakers went from a franchise with no “for sale” sign to the subject of the richest ownership agreement in sports history.
Insider Reveals How Lakers’ Stunning $12.5 Billion Sale Came Together in 72 Hours