In a move that has sent shockwaves through the NBA, billionaire Mark Walter has reportedly sold the Los Angeles Lakers less than two years after taking control of the franchise from the Buss family. The transaction, valued at a record-breaking $12.5 billion, involves buyers former Disney CEO Bob Iger and venture capital executive Joshua Kushner.
Reports from Bloomberg, attributed to Sridhar Natarajan and Katherine Burton, indicate that the sale is intended to help Walter’s holding company, TWG Global, address significant financial pressures. The firm is currently seeking to raise capital from investors to settle billions in loans linked to insurance companies under his ownership, which are currently the subject of federal investigations.
Last month, Bloomberg revealed that Walter is facing parallel probes from the Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York regarding allegations of tax fraud. While Walter did not provide a specific reason for the sale in his statement to ESPN on Wednesday, industry analysts and league insiders are questioning whether the ongoing legal scrutiny served as a primary catalyst for the divestment.
The sudden nature of the deal has left many in the basketball world surprised. Front Office Sports reporter Yaron Weitzman noted that several NBA executives are stunned by the development, with multiple league owners openly questioning if the federal investigation influenced the decision. One former NBA governor described the deal as unprecedented, noting that it bypassed a traditional auction process for what is widely considered one of the league’s most premier assets.
There is also widespread confusion regarding the timing, as Walter had only recently begun a major overhaul of the franchise, which many interpreted as the start of a new era under his leadership. Despite the agreement, the sale is not yet finalized; it remains subject to approval by the NBA Board of Governors, which is expected to review the transaction when they convene next month.
The league continues to monitor the situation as the transition of ownership for the storied franchise moves toward the formal approval stage. The sale marks a swift conclusion to Walter’s brief tenure as the owner of the Lakers, a period that now faces intense public and regulatory examination.
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Shocking Allegations Come to Light as Reason Behind Sale Emerges
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ESPN’s Ramona Shelburne broke the news of the sale on Wednesday.
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