Josh Kushner, the venture capitalist who built Thrive Capital into one of the most influential firms in technology, has just landed the biggest trophy asset of his career. On August 12, 2026, Kushner and former Disney CEO Bob Iger agreed to buy the Los Angeles Lakers for a record $12.5 billion, purchasing the franchise from Mark Walter less than a year after Walter himself paid about $10 billion for a majority stake. For investors, the deal is more than a basketball headline — it is a window into how private-market wealth, artificial-intelligence fortunes, and the surging economics of live sports are converging into a new class of trophy investments.
Confirmed by ESPN, CNBC, the Associated Press, and the Los Angeles Times, the sale values the Lakers at the highest price ever paid for a professional sports team. It also marks the second time in roughly a year that the iconic NBA franchise has changed hands, underscoring how quickly blue-chip sports assets are appreciating.
Inside the $12.5 Billion Lakers Deal
The transaction places two of the most recognizable names in business at the helm of one of sports' most storied brands. Iger, 75, led Disney as CEO across two tenures — from 2005 to 2020 and again from 2022 until March 2026 — and already owned a stake in women's soccer club Angel City FC with his wife, Willow Bay. Kushner, 41, is the founder and managing partner of Thrive Capital and co-founder of health insurer Oscar Health.
In a joint statement, the buyers framed the purchase as stewardship rather than a flip. "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 said. "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."
Outgoing owner Mark Walter, the CEO of Guggenheim Partners and majority owner of the Los Angeles Dodgers, struck a gracious tone on his way out. "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," Walter said. "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."
Timeline: How the Lakers Changed Hands Twice in a Year
The Lakers' ownership has moved at a speed that reflects the broader frenzy in sports-team values.
- October 2025: Mark Walter acquires a majority stake in the Lakers from the Buss family for about $10 billion, a then-record price.
- December 2025: OpenAI takes an ownership stake in Thrive Holdings, the private-equity spinout of Kushner's Thrive Capital.
- February 2026: Thrive Capital's roughly $1 billion investment in OpenAI is reported, and the firm closes its latest fund at more than $10 billion.
- March 2026: Bob Iger steps down as Disney CEO for the second time.
- August 12, 2026: Iger and Kushner agree to buy the Lakers for $12.5 billion. The same day, Thrive Holdings announces a $2 billion raise at a $12 billion valuation.
Josh Kushner's Investing Track Record: From OpenAI to Oscar Health
Kushner's path to the Lakers runs through some of the defining technology bets of the past decade. Thrive Capital has backed Instagram, Spotify, Stripe, Slack, and OpenAI, among others. The firm reportedly invested roughly $1 billion in OpenAI and closed its latest flagship fund at more than $10 billion earlier in 2026, with OpenAI CEO Sam Altman — a close ally of Kushner — publicly applauding the milestone.
Thrive Holdings, meanwhile, announced on the same day as the Lakers sale that it had raised $2 billion at a $12 billion valuation, with OpenAI, SoftBank, D1 Capital Partners, and Altimeter Capital leading the round. Kushner also co-founded Oscar Health, which went public in 2021 with Thrive's stake worth roughly $1.21 billion after the IPO. Forbes and other outlets now estimate Kushner's personal net worth at more than $5 billion.
Kushner, the youngest son of Charles Kushner — the U.S. ambassador to France and Monaco — and brother of Jared Kushner, has been quietly building a sports portfolio of his own. He bought a minority stake in the Miami Heat last year after selling a similar stake in the Memphis Grizzlies, and he and Iger were reportedly among the bidders for an NBA expansion franchise in Las Vegas.
Why a $12.5 Billion Lakers Deal Matters for Investors
The $12.5 billion price tag resets the benchmark for sports-team valuations. Walter's roughly $10 billion purchase in October 2025 had already shattered the prior record of $6.1 billion, set when the Boston Celtics sold earlier that year. Now, less than 12 months later, the Lakers have re-priced the market upward by 25%.
That pace of appreciation is exactly why sports franchises have become a favored home for ultra-high-net-worth capital. Teams generate diversified, recession-resistant revenue from media rights, sponsorship, and live events, while the scarcity of major-league franchises — combined with new streaming and sports-betting revenue streams — keeps pushing prices higher. For investors like Kushner and Iger, the Lakers offer a rare mix of scarcity, brand equity, and long-term cash-flow growth.
For everyday investors who cannot write a $12.5 billion check, the lesson is less about the Lakers themselves and more about the playbook. Kushner built his fortune by concentrating early on scarce, high-growth assets — first in software and AI, now in sports. The same logic that made OpenAI and Stripe winners is now being applied to teams, arenas, and media rights. It is a reminder that the most durable wealth often comes from owning scarce assets with pricing power, regardless of the industry.
The timing matters, too. The NBA is actively soliciting ownership bids for expansion teams in Seattle and Las Vegas, a move that could add two franchises and billions in expansion fees. Buying the Lakers now positions Kushner and Iger at the center of the league's next growth chapter — and both men had previously been linked to the Las Vegas expansion race.
There is also a personal financial backdrop. Fox Business reported that outgoing owner Mark Walter is under federal investigation for alleged tax fraud, though the allegations have not been tied to the Lakers transaction. Whatever the motivation for Walter's quick exit, the speed of the flip — from $10 billion to $12.5 billion in under a year — illustrates the premium that marquee sports assets now command.
Where Things Stand Now
The deal leaves Jeanie Buss, daughter of the late Lakers owner Jerry Buss, in place as the team's governor for at least five years, according to the Los Angeles Times, preserving continuity in basketball operations. The franchise's on-court future is anchored by superstar Luka Dončić, acquired in a blockbuster February 2025 trade from the Dallas Mavericks, after LeBron James left in free agency this summer to finish his career with the Philadelphia 76ers.
Lakers legend Magic Johnson endorsed the new owners on social media. "Laker fans, you couldn't have two better owners," Johnson said. "I've known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA." Dončić also welcomed the change, saying he looked forward to meeting Kushner and Iger "so we can get to work building something special in LA together."
What Happens Next
The sale still must clear the NBA's approval process, including the league's board of governors, with regulatory reviews expected to follow. Assuming the deal closes, attention will turn to how Kushner and Iger deploy capital around the team — from arena and media strategy to a possible push for an additional franchise.
For the broader market, the transaction raises a simple question with big implications: if the Lakers are worth $12.5 billion today, what are other marquee franchises worth tomorrow? Expansion, streaming deals, and international growth all point in one direction for elite sports assets — up. Investors with the capital and patience to hold these assets are increasingly treating them like blue-chip equities that happen to play games.
Key Takeaways
- Josh Kushner and Bob Iger agreed to buy the Los Angeles Lakers for a record $12.5 billion on August 12, 2026.
- The sale comes less than a year after Mark Walter bought a majority stake for about $10 billion — a roughly 25% jump in value.
- Kushner brings a venture-capital track record spanning OpenAI, Stripe, Spotify, and Oscar Health, plus prior stakes in the Miami Heat and Memphis Grizzlies.
- Thrive Holdings raised $2 billion at a $12 billion valuation the same day, highlighting Kushner's deep ties to OpenAI and SoftBank.
- The deal resets the benchmark for sports-team valuations as the NBA eyes expansion in Seattle and Las Vegas.
