The Los Angeles Lakers are being sold for a record $12.5 billion less than two years after Los Angeles Dodgers co-owner and TWG Global CEO Mark Walter bought the team from the Buss Family. The deal was first reported by ESPN.

The sale to businessman Joshua Kushner and former Disney CEO Robert Iger would mark the highest amount ever paid for a North American sports franchise, surpassing the $10 billion that Walter paid for the Lakers.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles,” Kushner and Iger said in a statement.

Walter bought the Lakers in 2025 from the family of Dr. Jerry Buss, who owned the franchise from 1979 until his death in 2013. At the time of his death, the franchise was passed on to his six children, with his daughter Jeanie becoming the team’s governor and being named controlling owner in 2017.

Buss remained the governor even with the sale to Walter, as the team moves forward in a new era with superstar Luka Doncic, but must replace the production of NBA all-time scoring leader LeBron James, who led them to a championship in 2020 but left in free agency this summer to join the Philadelphia 76ers.

Walter has not commented on why he is selling the team, but two companies tied to Walter are currently under federal investigation as the government looks into the financial dealings of the billionaire’s businesses.

“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead,” Walter said in a statement.