The Los Angeles Lakers are to be sold for a reported record-breaking $12.5bn, external (£9.3bn) – less than a year after Mark Walter took a majority stake in the NBA franchise.

Josh Kushner, the brother of US President Donald Trump’s son-in-law Jared, and former Disney chief executive Bob Iger are buying the controlling interest in one of the world’s most iconic sports teams.

Walter bought his share, reportedly worth an estimated $10bn (£7.45bn) – a previous record – from the Buss family in a deal that was unanimously approved by the NBA Board of Governors in October 2025.

Kushner and Iger said in a statement: “As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

“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.”

Jerry Buss bought the Lakers in a $67.5m deal (£50m) in 1979 that included the Los Angeles Kings hockey team and a Los Angeles arena, known as the Kia Forum.

After he died in 2013, ownership was passed to his six children in a Trust before a deal was completed with Walter, who also owns a stake in the LA Dodgers with Todd Boehly.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” said Walter.

“It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.

“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 LA Lakers have 17 NBA titles – one less than the record of 18 held by the Boston Celtics.

The deal involving Kushner comes after he was part of the recent controversy surrounding Fifa president Gianni Infantino and an aborted plan to sell off stakes in the governing body’s competitions to private investors.

Thrive Eternal, an American venture capital firm founded by Kushner, was expected to lead the proposed investor group for the Fifa Forward Enterprise (FFE) proposal.

The Lakers lost LeBron James, the highest points scorer in the history of the NBA, in the summer as the 41-year-old joined the Philadelphia 76ers.

That left Luka Doncic, who arrived from the Dallas Mavericks in February 2025, as the team’s main star and he welcomed the takeover.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” he said in a message on social media., external

“I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise.

“I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”