Joshua Kushner Finalizes Terms to Buy Lakers for $12.5 Billion

Entrepreneur Joshua Kushner and former Walt Disney Company CEO Bob Iger have advanced their bid to take over the Los Angeles Lakers, finalizing terms with current owner Mark Walter during a meeting in Florida. Kushner, who is positioned to become the majority owner if the $12.5 billion transaction receives official league approval, met with Walter at his home to lock down the remaining aspects of the historic deal.

A source familiar with the proceedings, speaking on the condition of anonymity, confirmed that Kushner has successfully raised all necessary funding to finalize the purchase alongside Iger. Front Office Sports reported that the prospective buyers have been offering minority stakes valued between $250 million and $300 million to potential investors.

Despite the agreement on terms, several procedural hurdles remain before the transition can become official. The National Basketball Association must thoroughly review the financial logistics and ownership structure of the incoming group. Ultimately, the NBA Board of Governors will need to grant its approval, a process that could take a few months or conclude as early as November.

The impending sale follows a period of rapid ownership changes for the storied franchise. Mark Walter originally purchased a majority stake in the Lakers last October from the Buss family, who had retained a portion of the team since 1979. Walter noted that he had no initial intentions to part with the franchise so quickly after acquiring it at a $10 billion valuation.

Explaining the sudden shift, Walter stated that he pursued the transaction simply because the proposal from Kushner and Iger was exceptionally strong. "We just received an offer on the Lakers that was quite a good offer, that we decided we'd pursue selling it," Walter remarked, adding that the sale likely would not have happened if Kushner had not initiated contact during the summer.

Beyond the sale to Kushner and Iger, the Lakers organization is navigating an ongoing legal battle. The five Buss siblings are involved in a contentious court dispute regarding their attempt to sell a remaining 17.8% minority stake to the dismay of team governor Jeanie Buss. That matter is scheduled to be heard before the Los Angeles Superior Court in December.

During his brief tenure as majority owner, Walter oversaw several front office restructuring moves, including the appointments of assistant general managers Rohan Ramadas and Eric Amsler, as well as draft adviser Tony Bennett. Meanwhile, Walter emphasized that he has no plans to sell his stake in the Los Angeles Dodgers, a franchise he has owned since 2012.