Los Angeles Lakers owner Mark Walter and venture investor Josh Kushner have agreed on every outstanding term of the team’s sale at a $12.5 billion valuation, according to people familiar with the negotiations, moving the most expensive deal in NBA history close to a signed contract.
The two met in person on Oct. 29 at Walter’s home in Florida to settle the remaining details, those people said. A formal agreement is expected to be signed soon, after which the league will review the financing and ownership structure and its board of governors must vote. Kushner has assured Walter that he has raised the money needed to complete the purchase, the people said.
Building the ownership group
Kushner, who founded Thrive Capital, and former Walt Disney Co. Chief Executive Bob Iger reached a deal with Walter over the summer. Once the sale closes, Kushner would be the majority owner, while Iger would hold a minority stake and run day-to-day operations. The pair have been offering limited-partner stakes starting at about $250 million to $300 million each, with some investors expected to commit considerably more, people familiar with the process said. The NBA recently revised its private-equity rules so that a firm and its executives can invest at the same time, a change that clears the way for Kushner’s Thrive Eternal vehicle to invest alongside him. A separate Thrive affiliate, Thrive Holdings, agreed last week to take ADT private in a $15.3 billion deal.
A quick flip
Walter, the chief executive of Guggenheim Partners and controlling owner of the Los Angeles Dodgers, bought majority control of the Lakers from the Buss family in 2025 at a $10 billion valuation, meaning the franchise would change hands at a 25% higher price within roughly a year. He has been selling other sports holdings, including his stake in Premier League club Chelsea, while his holding company, TWG Global, deals with regulatory scrutiny tied to its insurance operations. His company has said the Dodgers are not for sale.
One unresolved question involves the Buss family’s remaining 17.8% stake. Several Buss siblings want to sell, while Jeanie Buss, who remains the team’s governor under an arrangement with Walter, has argued in California state court that a 2017 order prevents it. People close to the buyers have said the dispute does not affect the sale.
