The Los Angeles Lakers are heading toward another major ownership change just over a year after Mark Walter took control of the franchise from the Buss family. The proposed transaction would see Bob Iger and Josh Kushner take over the Lakers at a $12.5 billion valuation.
The agreement would set a new record for the value of a U.S. professional sports franchise. It also comes at a time when the Lakers remain one of the NBA’s biggest brands, with Luka Doncic leading the basketball side. The franchise is preparing for another season after a major roster transition.
The sale is not yet complete. It requires NBA approval and still has several ownership-related steps to clear before Iger and Kushner can officially take control.
Josh Kushner Must Sell Miami Heat Stake Before Lakers Purchase
ESPN NBA insider Brian Windhorst has identified a potential obstacle related to Kushner’s existing ownership of the Miami Heat.
“The Heat don’t sell shares very often. That’s a very closely held team… That potentially could take some time.”
Speaking on “The Hoop Collective podcast”, Windhorst said Kushner must sell his minority stake in Miami before he can complete the Lakers purchase.
“Josh Kushner is a minority owner of the Miami Heat and previously was a minority owner of the Memphis Grizzlies and therefore has been approved to have that by the NBA,” Windhorst said.
“He has been vetted on some level by the NBA and approved by the NBA to own pieces of two different teams. In fact, he will have to sell his share of the Miami Heat.”
Kushner purchased a stake of less than 5% in the Heat in 2024. The exact size of his investment and the price paid were not publicly disclosed.
Windhorst said the process could take time because of the Heat’s ownership structure.
“Which, by the way, the Heat don’t sell shares very often. That’s a very closely held team. That’s neither here nor there. He’ll have to sell the shares to Miami Heat before he can buy the Lakers. That potentially could take some time.”
Kushner previously held a minority stake in the Memphis Grizzlies as well. The NBA has therefore already vetted him as an investor in multiple franchises, but his existing Heat interest must be resolved before he can become part of the Lakers’ controlling ownership group.
The issue adds another step to a deal that came together quickly. Kushner and Iger had initially explored acquiring an NBA expansion team in Las Vegas before turning their attention to the Lakers.
The proposed sale also needs approval from the NBA’s Board of Governors. The next board meeting is scheduled for September in New York.
While the Heat stake poses a direct ownership hurdle, the Lakers transaction is also unfolding against the backdrop of questions about Walter’s broader business interests.
Mark Walter’s Federal Probes Add Context to Lakers Sale
He just sold the team to Josh Kushner and Bob Iger for a record breaking price over $12 billion 😳
(h/t @AndrewSiciliano)
Walter’s business empire is facing federal scrutiny, although there is no indication that the investigations are connected to the Lakers’ sale.
The Athletic’s Dan Woike, Mike Vorkunov, and Sam Amick reported that Kushner contacted Walter on Friday and that the agreement came together over the weekend. The investigations began after a whistleblower complaint concerning financial reporting involving Guggenheim Investments and insurance companies owned by Walter.
FBI agents seized Walter’s phone last year. Bloomberg reported that Walter’s companies were under federal scrutiny involving financial matters connected to his business empire.
The investigation has not resulted in criminal charges. Walter’s companies have said they are cooperating with investigators, and a federal investigation does not establish wrongdoing.
The Lakers transaction does not include Walter’s ownership interests in the Los Angeles Dodgers or Los Angeles Sparks. Walter remains the owner of the Dodgers, who are the two-time defending World Series champions, and there is no indication from the provided information that the Dodgers are for sale.
Walter’s decision to sell the Lakers nevertheless comes only about 14 months after purchasing control of the franchise at a $10 billion valuation. The proposed $12.5 billion deal with Iger and Kushner would increase the Lakers’ valuation by $2.5 billion in that period.
Jeanie Buss is also expected to remain the Lakers’ governor under the existing agreement. Her deal with Walter’s group required her to remain in that position for at least five years, and Iger has indicated that he intends to honor that arrangement.
The Lakers’ ownership transition now hinges on several steps, with Kushner’s stake in the Miami Heat and the NBA’s approval process among the key matters still pending.
Report: Lakers’ $12.5 Billion Sale Faces Roadblock Over Heat Ownership Stake