Bob Iger and Josh Kushner to purchase the Los Angeles Lakers

Former Walt Disney Company CEO Bob Iger and businessman Josh Kushner are purchasing the Los Angeles Lakers for $12.5 billion, according to ESPN .

Iger and Kushner shared a joint statement confirming the purchase to the outlet. The sale will still need to be approved by the NBA Board of Governors, ESPN noted.

Mark Walter, the CEO of conglomerate TWG Global, purchased a majority stake in the team in 2025.

Iger wound down his role as CEO of The Walt Disney CEO company earlier this year after assuming the role, first for over a decade starting in 2005 and again from 2022 to 2026.

Kushner, brother of President Donald Trump's son-in-law Jared Kushner, is the founder of Thrive Capital, a venture capital firm in New York City.

Iger, who had joined Thrive Capital once before, re-joined the firm earlier this year after leaving Disney in March, according to an April social media post from Kushner.

"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," Iger and Kushner wrote in the statement.

The pair also mentioned the famed former Lakers owner Jerry Buss and his daughter Jeanie Buss, current governor of the team.

"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," Iger and Kushner stated.

Walter, who also owns controlling interest in the Los Angeles Dodgers, among other teams, reflected on his time owning the Lakers in his statement.

"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," he said.

Walter's statement continued, "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."

The Lakers will kick off their upcoming season on Oct. 21 against the Golden State Warriors.

The team will be opening a new chapter after LeBron James left the team for the Philadelphia 76ers last month.