Less than a year after Mark Walter acquired the Los Angeles Lakers for a then-record $10 billion, the storied NBA franchise already is slated to have new owners.
The Kushners and The Lakers
Josh Kushner, founder of Thrive Capital, and Bob Iger, the former longtime CEO of The Walt Disney Company, are leading a group purchasing the Lakers for $12.5 billion, according to NBC News. The transaction still requires approval from the NBA’s Board of Governors. Kushner is younger brother of Jared Kushner, President Donald Trump’s son-in-law.
The blockbuster transaction comes as Walter’s business empire is under investigation by the feds.
Walter is the CEO of Guggenheim Partners and TWG Global, as well as the majority owner of MLB’s Los Angeles Dodgers. Federal authorities are investigating financial transactions involving companies tied to Walter and his businesses.
Just hours after the Lakers sale was announced, Bloomberg reported that TWG Global was seeking additional capital to reduce or restructure loans held by its insurance companies. The company reportedly tried several investment firms, including Point72 Asset Management, which is owned by New York Mets owner Steve Cohen. Point72 did not pursue a transaction.
The proceeds from the Lakers sale are expected to help TWG with some of its affiliated loans, according to Bloomberg. However, the $12.5 billion figure represents the franchise’s valuation and does not indicate how much Walter personally will receive from the transaction.
Another issues concerns Delaware Life Insurance Co., one of Walter’s insurance companies. The company restated the value of its related-party investments. The company previously reported about $1.4 billion in such investments, or about 3% of its invested assets. That figure was later restated to at least $17 billion, or approximately 39%.
Regulators are now looking into whether transactions involving Walter’s businesses were properly disclosed. According to reports, the investigation began after a whistleblower raised questions about how Guggenheim Investments recorded revenue from transactions involving the insurers. Federal authorities also want to know if loans connected to other parts of Walter’s business empire were properly disclosed.
Walter’s cellphone and computer were reportedly seized by federal agents in September 2025 as part of the investigation. TWG has said Walter and the company acted in good faith, are cooperating with authorities.
Meanwhile, the Lakers will have new owners. Kushner, 41, founded Thrive Capital, a venture capital firm with tech investments. He is also a co-founder of Oscar Health and previously held a minority stake in the Memphis Grizzlies and owns a minority interest in the Miami Heat. His wife, model and entrepreneur Karlie Kloss, has a limited partnership stake in the WNBA’s New York Liberty.
Iger was Disney’s CEO from 2005 to 2020 and again from 2022 to 2026. He and his wife, Willow Bay, are majority owners of Angel City FC, the Los Angeles-based National Women’s Soccer League franchise.
The sale is not expected to immediately end Jeanie Buss’ involvement with the Lakers. Walter’s 2025 agreement allowed the Buss family to retain a 15% stake and called for Buss to remain the team’s governor. Buss is therefore expected to remain in her leadership role for at least five years following the 2025 transaction.
The Buss family had controlled the Lakers since Dr. Jerry Buss bought the franchise in 1979. And under his ownership, the Lakers won 10 championships before his death in 2013.
The Lakers have won 17 championships, with their most recent title coming in 2020.