The news that Mark Walter agreed to sell Los Angeles Lakers less than a year after purchasing a majority stake from the Buss Family was shocking. Both because the price, a valuation of $12.5 billion — and timing.
Joshua Kushner, a relative novice in sports ownership, and Bob Iger are now bringing uncertainty to one of the NBA’s most iconic franchises. What we know so far about the Lakers’ new ownership, the impact on Walter and what the future holds for the Lakers.
What has happened?
We’ve been told that Walter sold his shares of the Lakers. Walter still owns the Los Angeles Sparks, and he also has the Los Angeles Dodgers who won back to back World Series.
What? This just happened?
Yeah. Walter purchased the Lakers’ controlling stake from the Buss Family last summer at an estimated $10 billion. This sale was meant to propel the Lakers forward into a brand new chapter, while aligning Los Angeles’ two most powerful sporting forces — the Lakers & Dodgers.
What was the deal that brought this about?
One source familiar with the transaction, who requested anonymity in order to speak about the agreement said that Kushner contacted Walter on Friday. The deal was quickly finalized over the weekend. Walter was an excellent investor. The Lakers valuation went from $10 billion to $12,5 billion within 14 months. Walter was not necessarily in the market to sell, but the Kushner-Iger offer just seemed too tempting to ignore.
The other hand…
Walter is a thorn in our side. Federal prosecutors are reportedly investigating Walter’s investment portfolio. They want to know if there have been financial irregularities at Guggenheim Partners and two insurance companies Walter runs. Bloomberg reported that federal agents had seized Walter’s phone in the fall.
What do the League think about all of this?
The NBA commissioner Adam Silver should speak up, but the league’s highest officials were just as shocked by the news as we all are.
A Lakers player’s agent responded with the following simple statement: “(What?) the f— is happening?”
A second agent wondered, as did others in the league, if Walter’s problems with the federal authorities were more severe than they had previously believed. Although there’s no link known between the FBI probe and the sale of the club, it is impossible to ignore the impact.
What are the names of the new owners and do they have NBA connections?
The NBA is likely to be familiar with one of the new owners, but not the other.
Bob Iger, a former CEO of Disney (which owns ESPN ABC, and Disney World), was in charge of the company for many years. Silver is close with Iger, who has had a relationship with NBA for many years through his previous job. Disney is an NBA broadcaster and rightsholder. It has done so since 2002. Willow Bay, Iger’s spouse and co-host of “NBA Inside Stuff”, was a familiar voice and face to NBA fans who are older. She hosted the show from 1991 until 1998. Iger and Bay are the controlling owners at Angel City FC.
Iger joined Thrive Capital in 2020 as a Partner after he first stepped down from his position as Disney CEO. Iger left Thrive in 2022 when he returned to Disney, but joined back as an advisor this April. Joshua Kushner runs the venture-capital firm. Kushner’s brother is Jared Kushner. Jared Kushner was Donald Trump’s son-in law.
Kushner started Thrive Eternal in this year to invest in assets that “cannot be duplicated by technology”. Thrive Eternal purchased a minor stake in San Francisco Giants back in April. It was to have been the leading investor for a new FIFA spin-off, which would have required an investment of $4.2 billion and a 20% stake. This idea was quickly sunk once it became known and led to widespread criticism of FIFA President Gianni Infantino. His job is now in danger.
Kushner and Iger were interested in bringing an expansion team into Las Vegas, but they chose to focus on the lights of Los Angeles. Iger will have to deal with a little irony when it comes to the Lakers’ passionate fan base: he is a Clippers’ fan.
Iger, a podcast host at the time and a huge NBA fan himself, told Lakers head-coach JJ Redick that he needed to have a team he could root for. The Lakers are a major rival to the Knicks – the team that I was raised supporting – so it wasn’t easy for me to root for them.
What changed when Walter became the controlling owner?
Lon Rosen was hired by the Lakers as their new President of Business Operations, replacing Tim Harris. Rosen had previously served as Dodgers Vice President and Chief Marketing Officer. What followed was a series of financial-driven decisions. In multiple waves, the Lakers let go a large number of employees. The G League was moved from their El Segundo practice facility to Palm Springs. For the first time ever in the history of the franchise, they added uniform/presenting sponsors to the Laker Girls and secured a new jersey patch sponsorship. To increase revenues, the Lakers added additional courtside seats. The Lakers have continued their investment in the practice facility, analytics and medical departments.
Next?
It is still necessary to complete the sale. Kushner and Iger will conduct due diligence, but the sale will still need to be approved by at least 34 of the NBA Board of Governors.
What is this for Jeanie Buss?
The Athletic reported in the summer of last year that Jeanie had agreed to remain as the governor for the Walter Group team at least for five years. It’s also worth noting that the NBA is against governorships being changed frequently. According to league sources, the NBA’s preference was for a five-year contract.
Iger, not surprisingly, told The California Post that he intended to honour the agreement made by Walter and Buss, but added that “if things change, then they will change.” This structure has yet to change because this acquisition does NOT include the shares of the Buss Family.
In the past, it’s been a tradition that new owners have a say in product decisions, particularly when they pay hefty premiums. As an example, when the Boston Celtics sold last summer to Bill Chisholm, Wyc Grousbeck gave up the governor position after initial reports about the plans of the team had indicated otherwise. The Buss agreement is unique in that the Lakers Governor was both a minority shareholder who had previously held the majority stake.
What does it mean to the team?
This is a very interesting question. Luka Doncic was the first to respond. He now works for his fifth team owner, since 2023.
Doncic wrote on X: “Being a Laker is everything to me. I can’t wait to return to the court to bring a title to LA.” “I have gotten used the big changes in these past few years but I also know there are no limits to this legendary franchise’s potential. “I look forward to my meeting with Josh and Bob to get started on building something amazing in LA.”
Jeanie Buss cited the post and added, “Perfectly stated.”
Doncic was in touch with Walter during the off-season to discuss the future of the team. Walter’s key advisor, Farhan Zaidi, as well as Andrew Friedman of the Dodgers, Walter’s top baseball executive, were also heavily involved with basketball decisions. Both attended workouts during the off-season and participated in interviews, including that of Rohan Ramadas as assistant general manager.
Walter owned the team and it was headed in a direction that was more analytic. Now? It’s hard to tell. It’s too early to say. There’s optimism in the front office, which has fewer external cooks.
Ironically, the Lakers have a lot of stability in other areas. Rob Pelinka, the president of basketball operations, has worked in front offices for nine years. Redick, his staff and the team are entering their third season together. However, this year’s roster is drastically different. It no longer features LeBron.
Walker Kessler, formerly of the Jazz, was acquired by the Lakers after they sacrificed their draft capital and spent money on free agents.

Mark Walter’s decision to sell the Los Angeles Lakers is illogical. People are generally attracted by opportunities that allow them to make $2.5 billion profit over a period of a little more than a year.
Walter’s purchase of the Lakers made sense. Walter, who is the owner of Los Angeles Dodgers, added another crown jewel to his portfolio, which includes the Los Angeles Sparks team, Chelsea, Strasbourg and Cadillac Formula 1 Team. Walter’s success as a Dodgers owner gave him the credibility to buy the Lakers.
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Now, one year on, he is handing the keys to Bob Iger and Joshua Kushner. The Lakers were not turned around by him. He accepted an offer worth a Seattle Mariners more than what he paid originally.
Front Office Sports reports that this development has stunned NBA fans as well as the owners of leagues. According to Front Office Sports, a source who is allegedly in touch with dozens of owners of sports teams called the event “one of most bizarre things that I have ever seen.”
Walter not only flipped the Lakers, but he also did so in 72 hours. ESPN’s Ramona Slburne reports that Kushner approached Iger on Sunday. Walter did not seem to seek out competing bids. The circumstances are similar to that of the Lakers Luka Doncic deal, where the Dallas Mavericks received a lot of criticism for trading their star without first checking to see if other teams would pay more. This time, it’s a whole team.
What on earth happened? Walter was recently in the headlines for another reason.
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Mark Walter was under FBI investigation in the last year
Bloomberg Law published a report less than one month ago that the Federal Bureau of Investigation agents had confiscated a Walter’s mobile phone and a computer last autumn as part of an extensive investigation into Walter’s financial dealings.
Walter’s plane was searched in Chicago. This is one of many searches that were carried out by prosecutors as they investigated alleged financial irregularities involving Walter and his companies.
The company that was involved in the incident released a press release denying all wrongdoing.
TWG Global (Walter’s holding firm) said that Mark Walter and TWG had always acted with good faith. Those who knew Mark as an honest, straightforward person, have known him for years. We are working with the authorities and are confident that these issues will be settled favorably. Guggenheim representatives have not responded to comment requests.
As far as we are aware, a federal investigation does not prove wrongdoing. What these companies have been accused of is going to be a very simple but complex explanation.
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Mark Walter is accused of what?
Walter didn’t become rich by owning sports clubs. Walter made his first money as the co-founder of Guggenheim Partners. This is a huge investment and financial service firm, with assets worth hundreds of millions of dollars.
This is one of the companies. Walter founded TWG Global in 2024, which is a holding firm. TWG Global holds a stake both in Guggenheim and Delaware Life Insurance Co. and Clear Spring Life and Annuity Co.
Walter has stakes in all of these entities with co-investors who are different. That’s where the problem lies.
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In the Walter reportage, the term “related party transactions” is used most often. This is basically a transaction in which there’s a conflict. It is not illegal but it must be reported to everyone involved including the regulator. You may be upset if your agent tells you that a deal is a great one, but later you find out the realtor and seller are close friends.
Delaware Life and Clear Spring are the two companies in question. Los Angeles Times reports that an internal Guggenheim whistleblower filed a complaint regarding the way Guggenheim recorded revenues related to these insurers.
It’s okay if two companies share a co-owner, but it could be problematic if a company, like Enron, hides their financial woes by transferring debts to separate, seemingly unrelated entities, which were controlled by the chief financial officer.
Bloomberg reported that Delaware Life had told regulators that in June 2025 it only had $1.4 billion of affiliated investments. This represented 3% of the portfolio. However, it was found that this number actually equated to at least $17 Billion in loans (39%), which had passed through third parties before they were received by Walter’s other businesses.
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Los Angeles Times reports that this is the largest exposure of life insurance companies in North America.
Delaware Life already announced that it would restructure certain related-party loan, but rating agencies Fitch A.M. Best, and S&P Global downgraded the outlook of its company to “negative.”
Mubadala Capital – one of Abu Dhabi’s sovereign wealth funds – is the most important question. Was it misled by Walter about the value of his companies? Bloomberg Law stated that this was the initial focus of government’s investigation.
In the simplest terms, Walter’s businesses are being accused of doing business together without properly disclosing their relationship. The extent to which certain individuals were aware of the issue prior to it being reported is unclear. Also, we are not sure if any actual actions have been taken by Walter.
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This doesn’t necessarily mean that he hasn’t got a huge headache.
Mark Walter is facing cash shortages, according to reports
Bloomberg published a report a few hours after Walter Walter sold his sports business.
TWG Global reportedly approached several investment firms including Steve Cohen, owner of the New York Mets, and his Point72 Asset Management about various deals for raising cash. This money will be used to pay off loans that Walter has taken out with his insurance companies, as well as those of other Walter companies.
This effort should be aided by obtaining a majority in the Lakers valuation of $12.5 billion.
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How about political connections?
The Trump administration has two important ties to those involved with the Lakers’ sale.
One of these names is probably familiar to you: Kushner. Joshua Kushner’s brother is Jared Kushner. Jared Kushner was the son-in law of Donald Trump. It is not uncommon for people to be suspicious when a federally investigated man sells something valuable to someone with family ties to the president of the United States.
Like many other families, the Kushners have their own internal politics. Kushner’s donation history to Democratic campaigns and his wife Karlie Kloss who was at the Obama Presidential Library opening and claimed last month that she had never met President Obama, are all reasons why he bought the Lakers.
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Some claim that Walter’s sale of the Lakers was a form of a quid pro-quo for the Trump family. They sure chose an unusual conduit if that is the case. Iger has been a Democratic donor for many years, but he switched his registration in 2016 to Independent.
Front Office Sports received a direct statement from the White House denying any involvement.
This has nothing whatsoever to do with the President or his administration.”
Walter also has a relationship with Donald Trump who invited Walter and his Dodgers last month to the White House, where they received a championship medal.
Trump personally thanked Walter, calling him his “friend,” and saying that the team had “great ownership.” He also expressed openly hope they would return next year.
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Was money intended for World Cup used to buy the Lakers?
Joshua Kushner played a role in last month’s biggest soccer story, the failed attempt by FIFA President Gianni Infantino to sell an interest in the World Cup.
FIFA would have created a company called “FIFA Forward Enterprise” which would oversee FIFA’s event and commercial operations. The majority of the shares would belong to FIFA and a group investors would receive a small stake for $20 billion.
Thrive Eternal would have been the holding company that Kushner led.
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This effort failed spectacularly. Two weeks later Kushner made a deal with a wealthy man to purchase a sports icon worth billions.

Mark Walter has sold one of Los Angeles’ crown jewels, but is he also about to do the same with the other?
According to sources familiar with the situation who are not allowed to speak publicly about it, no. Walter sold his Lakers controlling interest on Wednesday. He isn’t looking to sell Dodgers.
Walter’s decision to sell only the Lakers does not mean he wants to dismantle a vast sports empire, which includes the Dodgers and Sparks of the English Premier League as well as the Professional Women’s Hockey League, various motorsports and tennis entities, and Chelsea from the English Premier League.
Walter is at the centre of an investigation into federal loans. Bloomberg, citing anonymous source, reported that his firm TWG Global is currently in discussions with investors about raising money to pay off loans held by its insurers, which had attracted the attention of the Justice Department.
Stan Kasten, the Dodgers’ president and part-owner Stan Kasten stated that he “had no reason to believe” the sale had anything to do with the investigation
Kasten stated, “This is more of a Laker tale than a Dodger one.” It has absolutely nothing to do the Dodgers. The two are completely different. “There aren’t any changes or plans here. I believe that is pretty much the entire story.”
When asked Wednesday about the sale, Dodgers Manager Dave Roberts shared a similar sentiment with NBA and MLB.
“I think I was not the only one who was surprised. This is above our salary levels. “I was just as surprised by his excitement to play the Lakers as anyone else.
Roberts replied, “I’ve not heard anything.” When asked if he heard any indication that Walter would also be selling his Dodgers stake, Roberts said, “I don’t know.” For me, business is as usual.
Walter and his partner bought the Dodgers in 2012 for $2.15 Billion, a then record price for a Major League Baseball franchise.
The Dodgers won three out of six World Series titles under his ownership. They also invested record revenue in contracts for players so generous, that the league is now considering a salary ceiling, partly to give other teams a shot at winning the World Series, and partially to boost the value of their franchises.
Sportico values the Dodgers now at $9 billion.
Walter bought the Lakers last year at $10 billion valuation and has agreed to sell them at $12.5 billion valuation. Former Disney CEO Bob Iger, and Joshua Kushner – Thrive Eternal Venture Capital firm which invests in sports. They also own a San Francisco Giants share.
Kushner’s younger brother is Jared Kushner. Jared Kushner was President Trump’s son-in law.
Walter’s refusal to put up the Lakers for auction is similar to how he purchased the Dodgers. An auction was scheduled between three finalist bidders for the Dodgers including Walter and partners. Walter placed a bid so high – hundreds of millions more than the previous bidders – that Frank McCourt, the former Dodgers’ owner called the auction off and congratulated Walter.

Topline
The timing of Mark Walter selling the Lakers to Josh Kushner & Bob Iger, just weeks after Josh Kushner’s failed plan to purchase a part of FIFA fell apart, has sparked conspiracy theories that the Trump Administration’s investigation of Walter for fraud may have been a factor in this deal.
The Key Facts
CRITICAL QUOTE
“So……. The Mark Walter federal probe colliding with Gianni infantino’s private equity backers who prefer to be called “partners” is ………… quite a bit,” Pablo Torre tweeted on Wednesday morning. He hosts the investigative podcast “Pablo Torre finds out”.
Walter is being investigated by the police for what?
The Wall Street Journal reported that federal prosecutors in Manhattan and the SEC were investigating possible fraud in private-credit transactions involving loans made by insurance companies Walter owned, which were then passed on to other companies linked to Walter or TWG Global. In June, the insurers admitted to their investigations, writing that “errors had been identified in the identification and the presentation of certain related party investments.” Delaware Life reclassified $16 billion worth of investments into affiliated status, up from the previous $1 billion. It is unclear whether the company knew the investments belonged to Walter. Fitch Ratings told Los Angeles Times that another Walter insurer Clear Spring reclassified loans worth $4.6 billion as affiliates. According to The Journal, Delaware Life and Clear Spring both have subpoenas relating to this investigation. Bloomberg reported that the FBI seized Walter’s computer and cellphone in September of last year. In a press release, a TWG Global representative told The Journal that Mark Walter and TWG had always operated in good faith and people who knew him well as he was honest and straight-forward. These transactions were no different, and we are confident that these issues will be resolved in a favorable manner.
Why did Kushner’s FIFA deal fail?
Several prominent FIFA members were against the sale of a part of the non-profit to private investors. Last month, CONCACAF (the soccer governing body of North America, Central America, and the Caribbean) announced that it will reject the proposal. Kevin Lamour, FIFA’s chief operating officer, said that executives also opposed the plan. He accused Infantino – who pushed for the deal – of having “deceived them” and left them out in negotiations. Plan involved spinning off FIFA’s commercial activities, which included the women’s and men’s World Cups into a company owned by private investors led by Thrive. Trump, who told reporters in January that he had not spoken to Infantino about the sale proposal, warned FIFA Monday against doing so. It was his first time publicly defending Infantino. FIFA apologized to members for its “errors” in handling the FIFA Forward Enterprise Plan last week, and said that it supports Infantino’s continued presidency.
Key Background
Walter is a co-founder of the Guggenheim Partners, a financial company. TWG Global, the holding firm that holds his insurance companies, Guggenheim, as well as his sports team ownership, such the Dodgers or Chelsea Premier League Soccer Team, was reported by CNBC. Bloomberg cites unnamed sources as saying that Guggenheim was also under investigation by the SEC last year for how it represented the company’s revenues to third parties. However, the outcome of this probe is not clear.
What to Watch for
The Los Angeles Times, which cited anonymous sources, reported on Wednesday that Walter has no plans to sell the Dodgers. Forbes values the Dodgers at $7.8 Billion, making them number one. The New York Yankees are ranked No. 2 among Major League Baseball clubs in terms of value.
forbes valuation
Forbes estimated Kushner’s Net Worth at $5.2 Billion.
Continue reading
FIFA’s Infantino scrambles to save his job after World Cup equity plan backfires (Forbes).
The Los Angeles Lakers are being bought by former Disney CEO Bob Iger and billionaire Josh Kushner in a record $12.5 billion deal (Forbes).

Travis Kelce has officially returned to work following his exciting offseason. He is now giving his first interview as a husband-to-be. Kelce called Taylor Swift “my wife” in public for the first time during Wednesday’s Chiefs training-camp press conference. He also gushed over their wedding.
Kelce praised Madison Square Garden as a venue for his wedding, saying, “MSG is man.” Swift wore her “Stevie Knicks T-shirt” to Swift’s fourth Knicks game of the NBA Finals. Kelce said that he was able to fulfill his childhood dream to be in the venue and getting married there made it “perfect”. He also thanked everyone for coming to celebrate with him and having fun.