The Los Angeles Lakers changed hands this summer in a transaction that marks the first ownership turnover since the Buss family era ended. Joshua Kushner's Thrive Capital and former Disney CEO Bob Iger lead the new ownership group, with Mark Walter exiting after his own acquisition. Terms were not disclosed. The new consortium has set an internal target of $30 billion in franchise valuation by 2035.
Walter, who controls the Los Angeles Dodgers through Guggenheim Baseball Management, purchased the Lakers only recently in what now appears to have been a brief holding period. His exit was described as unexpected by two people familiar with the transaction structure. The Kushner-Iger group moved quickly once Walter signaled availability. The deal closed in under ninety days, faster than typical NBA ownership transfers. League approval came without visible friction.
The $30 billion target represents more than double the $7.1 billion valuation Forbes assigned the Lakers in February 2024, which ranked them second in the NBA behind the Golden State Warriors. Reaching that mark would require annualized appreciation of roughly 12 percent, aggressive but not unprecedented in the current sports asset class. The new group's thesis centers on three revenue streams: a new arena naming rights deal when Crypto.com's $700 million contract expires in 2041, expansion of the Lakers' China business beyond current licensing arrangements, and capture of sports betting handle in California should the state legalize mobile wagering.
Iger's involvement carries weight beyond capital. During his Disney tenure, he oversaw the $71 billion Fox acquisition, which included twenty-one regional sports networks the company later sold. He knows the broadcast math. Kushner's Thrive has backed Stripe, Instagram before Facebook's acquisition, and Oscar Health. The combination suggests a play on digital distribution and direct-to-consumer models that legacy NBA ownership has been slow to exploit. The Lakers already generate $500 million-plus in annual revenue, per league filings. The path to $30 billion requires tripling that figure while maintaining comparable multiples.
The timing coincides with NBA media rights negotiations entering their final phase. The league's current $24 billion nine-year deal with ESPN and Turner expires after the 2024-25 season. New agreements are expected to approach $75 billion over a similar term, with Amazon and potentially Apple entering as rightholders. The Lakers, as a marquee property, stand to benefit disproportionately from expanded national windows and the revenue-sharing that follows. The franchise's local media rights, currently held by Spectrum SportsNet, come up for renewal in 2027. That negotiation will be an early test of the new ownership's pricing discipline.
Walter's motivations for selling remain unclear. He has not commented publicly. One person close to the Dodgers organization suggested the dual-team ownership created conflicts in sponsor negotiations, particularly around luxury automotive and financial services categories where both franchises compete for the same Los Angeles corporate budgets. Another possibility: Walter's belief that basketball franchises have reached peak multiples while baseball teams still offer relative value. The Dodgers are reportedly worth $5.6 billion and Walter's group retains full control.
The Kushner-Iger group inherits a team with salary cap constraints. The Lakers are projected to carry a $189 million payroll next season, above the $171 million luxury tax threshold. Anthony Davis's super-max extension runs through 2028. Austin Reaves signed a four-year, $54 million deal in 2023. The roster leaves limited financial flexibility for star acquisitions, though the new ownership's relationships in tech and entertainment may prove useful in free agency pitch meetings. LeBron James's future remains unresolved; his current deal expires in 2025.
California's sports betting landscape will matter more to the $30 billion math than any single player. The state legislature has repeatedly rejected legalization efforts, most recently a November 2022 ballot measure that lost by eighteen points. But tribal gaming interests and commercial operators are preparing another push for 2026. If mobile betting goes live, the Lakers become the most valuable customer acquisition vehicle in the state. DraftKings and FanDuel already hold naming rights to arenas in Boston and New York; a Lakers partnership would command multiples of those deals.
Iger officially retired from Disney in December 2021, then returned as CEO in November 2022 after Bob Chapek's removal. He stepped down again in 2023, this time with succession settled. His availability for the Lakers bid came during that second transition. Kushner has largely avoided public sports investments to date, though Thrive's portfolio includes stakes in several digital media properties that depend on live sports rights. The Lakers represent his first direct franchise ownership.
The $30 billion target assumes continued scarcity value in NBA franchises. No new expansion teams are planned, though commissioner Adam Silver has acknowledged interest from Seattle and Las Vegas. If the league adds two franchises at valuations near $5 billion each, the resulting dilution could pressure existing team multiples. The Kushner-Iger group is betting that the Lakers' brand—global reach, championship history, entertainment adjacencies—insulates them from that risk. They may be right. The franchise has sold out every home game since 1999.
Watch for the first major commercial announcement from the new ownership, likely within sixty days. A revised local broadcast strategy would signal intent to move ahead of the 2027 Spectrum renewal. Any significant front-office hires, particularly around analytics or international business development, will clarify whether the group plans operational overhaul or continuity. Iger's attendance at NBA Board of Governors meetings becomes relevant; his relationships with other owners and league office personnel create advantage in committee assignments and rule-change debates. Kushner will likely remain in the background. The California sports betting ballot language for 2026 gets drafted in spring 2025. That document will show whether commercial operators have agreed to revenue-sharing terms that make a Lakers partnership economically viable.
The Lakers' next championship window closes with Davis's age-32 season in 2029. The valuation target arrives six years later. The new owners are not buying a team. They are buying time to build the infrastructure that makes $30 billion defensible.
The takeaway
Kushner-Iger group betting on California sports betting legalization and NBA media rights surge to triple Lakers revenue by 2035; Walter exit unexplained.
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