LA Lakers to be sold in record $12.5bn deal

The Los Angeles Lakers have agreed to be sold in a record-breaking $12.5 billion deal, external (£9.3bn), less than a year after majority owner Mark Walter increased his stake. American venture capital firm Thrive Eternal, led by Josh Kushner, the brother of President Donald Trump's daughter Jared, and former Disney CEO Bob Iger, will take over the controlling interest in one of the world's most recognizable sports teams.

Walter's $10 billion (£7.45 billion) stake, previously the highest ever, was sold to the Buss family in 2025 following a unanimous NBA Board of Governors approval. Kushner and Iger expressed their honor at becoming stewards of the iconic franchise, promising to maintain the team's competitive edge and community support in Los Angeles.

The Buss family began ownership in 1979 for $67.5 million (£50 million), which included the LA Kings and the historic Kia Forum. Walter carried the responsibility as a cherished investment, honoring the community and fans to which he felt the team belonged. Despite losing legend LeBron James to the Philadelphia 76ers, Lakers star Luka Doncic expressed excitement about the takeover, emphasizing the franchise's limitless potential under the new ownership.