Los Angeles Lakers Sale Is Finalized At $12.5 Billion, And The Biggest Hurdles Are Still Ahead

Lakers finalized their historic sale.© Instagram/@laker.logoeveryday

Mark Walter and Josh Kushner have agreed on every remaining term of the Lakers' $12.5 billion sale, ESPN reported, and it is the biggest franchise sale in sports history. The two met at Walter's home in Florida, where Kushner said he has raised the money to close. Walter bought the team for $10 billion only 10 months ago, so he is flipping it for $2.5 billion more. The deal is not done yet, since the NBA must still approve it.

What was agreed, and how it got here

Kushner, the founder of Thrive Capital, and former Disney CEO Bob Iger first reached a deal with Walter on Aug. 12. Iger said it came together in three days. The two had been chasing an expansion team in Las Vegas when they heard Walter might sell. They are now expected to sign the formal agreement soon.

The price beats every other sale. The Lakers' $10 billion deal in 2025 and the Seahawks at $9.6 billion are next on the list, followed by the Celtics at $6.1 billion. Walter's gain of $2.5 billion in 14 months is part of why the deal drew so much attention. Walter also faces a federal investigation into loans tied to his insurance companies at Guggenheim, a point CBS Sports raised in August.

Kushner and Iger are now lining up minority investors, with stakes starting at $250 million. Bill Simmons claimed the group is $5 billion to $6 billion short on financing, but Front Office Sports and others pushed back on that.

What still stands in the way

Once the deal is signed, three-quarters of the NBA's Board of Governors must approve it. That can take time. Walter's purchase took four and a half months, the Trail Blazers' took seven and a half, and the Celtics' took five. Kushner's past ownership of stakes in the Grizzlies and Heat could speed things up.

There is also the Buss family fight. Jeanie Buss and her five siblings own 17.8 percent of the team, and the siblings voted to sell that stake to Kushner and Iger. To stay governor, the Buss family must keep at least 15 percent. Jeanie filed a petition in Los Angeles Superior Court in late August, and a hearing is set for Dec. 8. The California Post reports the Walter and Kushner deal is not affected by that case. Iger has said he plans to honor Walter's agreement that Jeanie stays on as governor.

On the court, the Lakers are 4-1 with Luka Doncic and Austin Reaves leading the way.