Kushner and Iger had been pursuing an NBA expansion franchise in Las Vegas, a process that could have taken until the 2028-29 season at the earliest. According to Sports Business Journal, the Las Vegas expansion bidding was in the $7.5 billion range. The pair pivoted to the Lakers when the opportunity to acquire Walter's stake — approximately 78% of the franchise — emerged, paying roughly $9.5 billion for that controlling interest.
The transaction still requires approval from the NBA Board of Governors. The next scheduled board meeting is in September in New York, and the approval process can take several weeks. Until then, the ownership structure remains unchanged.
Kushner will need to divest his minority stakes in the Memphis Grizzlies and Miami Heat — the latter acquired last year at less than 5% — to assume control of the Lakers. His wife, Karlie Kloss, holds a limited partnership stake in the WNBA's New York Liberty. Iger joined Thrive Capital earlier this year after stepping down as Disney CEO following two stints totaling roughly 20 years.
The $12.5 billion valuation implies a 25% increase over the $10 billion figure from Walter's purchase just over a year ago. For context, the Lakers generated $565 million in revenue and $158 million in EBITDA during the 2024-25 season, with debt at 4% of enterprise value, according to CNBC's February 2026 valuation data. Forbes' October 2025 assessment placed the team's value at $10 billion with $551 million in revenue and $170 million in operating income.