Businessman Josh Kushner, husband of Karlie Kloss, and former Disney CEO Bob Iger purchased the Los Angeles Lakers in a record-breaking deal worth more than $12 billion.
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“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” Kusher, 41, and Iger, 75, said in a joint statement to ESPN on Wednesday, August 12. “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.”
ESPN’s Ramona Shelburne reported that Kushner and Iger were were “involved in the expansion process” to bring an NBA franchise to Las Vegas, but “pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year.”
The deal is officially worth $12.5 billion, according to ESPN.
“Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family,” Walter, 66, said in a statement on Wednesday.
He added, “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.”
Walter purchased controlling interest in the Lakers at a then-record-setting $10 billion valuation in June 2025. Walter, the former CEO of financial services firm Guggenheim Partners, will retain his ownership stake of the Los Angeles Dodgers as part of the Lakers sale.
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Josh, who also owns a minority stake of the NBA’s Miami Heat, is the younger brother of Jared Kushner, who is married to Ivanka Trump, daughter of President Donald Trump.
Josh has been married to model Kloss, 34, since October 2018 and the couple share three children: sons Levi, 4, and Elijah, 3, and daughter Rae, 10 months.
Kloss said she was “feeling so incredibly grateful” in a celebratory birthday post earlier this month.
“For my family. For my friends. For my health. For meaningful work. And for all the love that surrounds me every single day,” she shared via Instagram alongside a carousel of recent family memories. “My heart is so full. Thank you for being part of this journey. Can’t wait for all thats in store in this next turn around the ☀️! 🙏✨🤍”
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This story was originally published August 12, 2026 at 11:22 AM.