What happened
Mark Walter and Josh Kushner have agreed on all outstanding terms of the sale of the Los Angeles Lakers at a $12.5 billion valuation, according to sources close to the negotiations cited by ESPN. The two men met in person on Thursday at Walter's home in Florida to finalize the transaction, and they are expected to sign the formal agreement soon.
Kushner, the founder of Thrive Capital, reached the deal together with former Disney chief executive Bob Iger, ESPN reported. The sides have spent the past few months working through the details of the transaction. Sources also told ESPN that Kushner has assured Walter he has raised all the money needed to complete the sale.
That last point matters because agreed terms are not the same as a closed deal. Until the formal agreement is signed and the NBA completes its review, the sale is settled in principle, not finished.
Why it matters
The $12.5 billion figure puts the Lakers at the very top of the sports franchise market. It tops the roughly $10 billion valuation attached to Walter's own purchase of the team from the Buss family, which was itself described at the time as a record price. A jump of that size in such a short period says a lot about how buyers now value a global brand, a Los Angeles market, and the NBA's next media cycle.
For fans, the practical effect is continuity with a new checkbook behind it. The team changes hands at the top, not on the court, and the roster and coaching staff are not part of this transaction. What changes first is who sets the budget and the long-term direction.
The deal also lands in a busy stretch for big-money moves in American sports, including Chicago's [trade for Titans star Jeffery Simmons](/article/bears-trade-two-first-round-picks-titans-star-jeffery-simmons), which cost the Bears two first-round picks. And the NBA has had its own crowded off-court news cycle this month, after a [co-defendant pleaded guilty in an NBA gambling case](/article/earnest-pleads-guilty-nba-gambling-case-denies-billups-link) while denying a link to Chauncey Billups.
What happens next
The next step is the formal signing. Once that agreement is signed, it goes to the NBA for review. The league examines the financing and the ownership structure, a process ESPN noted generally takes some time. No closing date has been reported.
Watch for three things: the formal announcement of the signed agreement, any statement from the NBA on the review, and the league's final approval. Until that approval lands, Walter remains the seller in an agreed deal, and Kushner and Iger remain buyers waiting on the last official step.
