How the Lakers Became a $12.5bn Private Equity Superpower

NBA How the Lakers Became a $12.5bn Private Equity Superpower

By João Bitencourte

August 21, 2026 • 6:02 AM EDT

Updated 23 days ago

How the Lakers Became a $12.5bn Private Equity Superpower

For decades, the Lakers set the tone for the NBA—basketball with flair, superstar power, and a touch of Hollywood magic. They weren’t just a team; they became a brand every franchise wanted to replicate. That blend of on-court razzle-dazzle and solid, behind-the-scenes investing turned them into basketball’s ultimate blueprint. It all started when real estate tycoon Jerry Buss scooped up the Lakers for $16 million back in 1979, running the show until his death in 2013.

Since then, the family-run vibe has started to fade. The team’s valuation soared from $1 billion at the time of Buss’s passing to an eye-watering $12.5 billion now, thanks in part to the NBA’s exploding popularity and the rise of sports as a must-have asset for big institutional investors. The latest twist? The Lakers look set to change hands once again, this time from private-equity owners Mark Walter and Todd Boehly to a new powerhouse duo: former Disney CEO Bob Iger and venture capitalist Josh Kushner, who are reportedly close to sealing the deal. According to Yahoo Sports, Iger and Kushner have agreed to a $12.5bn price tag—easily an all-time record for a basketball team if it goes through.

This isn’t just about a big number or a flashy new ownership group. The NBA opened the door to private equity and institutional money in 2022, welcoming hedge funds, VC firms, and high-powered investors for the first time. The Lakers deal is a crystal-clear signal: the era of slow, legacy-driven sports ownership is over. Teams are now buyable, tradeable trophies, flipped like high-end real estate.

The family story isn’t out of the picture entirely—just look at the current Buss siblings’ tussle over their remaining stake. But the shape of this deal points to where sport is headed. Investors aren’t looking for the old-school glory of trophies and parades so much as the stability and sky-high returns that come from ownership of a world-famous team. Why? Because for guys like Kushner, putting money into an iconic franchise like the Lakers isn’t about basketball. It’s a hedge against the risks of tech investing and market swings—a way to park cash somewhere even a shaky economy can’t shake loose.

That reality is why you’re seeing teams flipped quickly, sometimes within a year and for billions in profit, as with Mark Walter offloading the Lakers to Iger and Kushner just 14 months after picking them up. Old assumptions about heritage, family traditions, or loyalty to city fans don’t stack up against the new profit-first logic. The league has all but said they want bigger, more sophisticated players at the table. That sets up a future where teams like the Lakers aren’t family heirlooms but glittering pieces in the portfolios of international finance titans.

So what’s the endgame for private equity in sport? It’s simple: all about returns. The Lakers’ recent dip in basketball form and commercial results hasn’t hurt the price one bit. You used to need on-court success or commercial fireworks to keep a franchise valuable. Now, as long as you hold onto a global brand and prestige, the cash piles up—and quickly. The risk for fans is clear: the focus shifts away from keeping fans happy or chasing championships to investor profits and asset protection.

Why should you care? Because the NBA’s evolution into an asset class changes what it means to root for your team. The Laker Girls and Magic Johnson’s no-look passes drew you in, but today’s Lakers are just as likely to be strategized over in a boardroom as on the court. And as billionaire investors vie for a slice of that purple and gold magic, what they see in the Lakers isn’t nostalgia. It’s a hard-nosed hedge against future uncertainty—a safe, premium bet in a risky, AI-driven world.

The Key Developments Driving the Deal

Bob Iger and Josh Kushner are poised to buy the Lakers for $12.5bn, pending NBA approval.
The Buss family’s control is nearly over, with siblings debating whether to sell their remaining 17.8% stake.
The sale follows Walter and Boehly’s $10bn buyout just over a year ago.
The NBA made private equity investment possible starting in 2022, opening the door to large-scale buy-ins.
Kushner plans to use his Thrive Eternal venture to move into sports as a hedge against tech market volatility.
Franchise value appreciation has little to do with on-court success—return on investment is now king.
Old ownership models focused on tradition and community; today’s model is return-driven and transactional.

The New Reality of NBA Ownership

Expect More Private Equity Activity

The Lakers’ record-breaking sale signals to other billionaire investors that sports franchises are now status assets with massive upside. This won’t be the last jaw-dropping NBA deal you see.

Fans Have Less Say

Gone are the days of hometown attachments or fan-first operations. It’s all business—numbers on a board, not banners in the rafters, driving decisions.

Legacy Owners Are Cashing Out

Many family dynasties are taking advantage of sky-high valuations. The emotional tie to the club is outweighed by the astronomical returns, as seen with both the Buss and Walter handovers.

Key Takeaways for Bettors and Fans

The Lakers, always a trendsetter, are pioneering private equity’s role in sport—expect this playbook to show up across the NBA.
Ownership changes bring new priorities, and that can mean roster shakeups, shifting budgets, and a move towards protecting value over legacy.
Team valuations are racing past actual on-court success; return on investment is now the major KPI.
If the deal closes, the Lakers become the NBA’s most valuable franchise ever sold, setting a new industry benchmark for team sales.
The NBA’s embrace of big money means community and fan-focus slide down the list of priorities.
Don’t expect valuations to slow; if anything, global investors will keep driving numbers higher.
Traditional fans should be aware that the club they root for might mean something very different to modern owners—a piece of a much larger financial chessboard.
With more private money pouring in, watch for other legacy teams to consider selling and for yet more investor faces in NBA boardrooms.

More coverage: NBA news coverage, NBA analysis and odds and today’s NBA picks.

Frequently Asked Questions

The Lakers are set to be sold for $12.5 billion, which would make them the most valuable basketball franchise ever if the sale goes through.

Former Disney CEO Bob Iger and venture capitalist Josh Kushner are leading the bid to purchase the Lakers. The deal is pending NBA approval and final negotiations.

NBA franchises are now seen as high-value, stable investments that offer returns regardless of on-court success. Institutional investors view them as hedge assets for their portfolios.

The Buss siblings have retained a minority stake but are reportedly debating whether to sell it as part of this new deal. The sale would largely end the family’s historical control.

League popularity, lucrative broadcast deals, and newfound openness to large-scale institutional investment have sent valuations skyrocketing. Teams are now seen as global assets, not just sports clubs.

Fans will see less emphasis on tradition and community, with franchise decisions increasingly driven by investor priorities rather than on-court success or local loyalty.

No. Other long-held teams are also being targeted by private equity. The Lakers are the latest and most high-value example of a league-wide trend toward financialization.