Former Grizzlies minority owner Josh Kushner has agreed with Bob Iger to purchase the Lakers at a $12.5 billion valuation.
A former Memphis Grizzlies minority owner is in line to take control of one of the NBA's most valuable franchises.
Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers from Mark Walter at a $12.5 billion valuation. ESPN's Ramona Shelburne first reported the agreement Wednesday.
The sale still needs approval from the NBA Board of Governors.
Kushner previously had an ownership stake in Memphis. The Grizzlies announced in March 2019 that Kushner and Brandon Arrindell had each purchased minority interests in the franchise in their individual capacities.
Memphis did not disclose the size of Kushner's stake.
Forbes reported at the time that Kushner purchased 2.5% of the Grizzlies. The transaction valued the franchise at $1.32 billion.
He is no longer part of the Memphis ownership group.
Kushner Went From Grizzlies to Heat
Kushner currently owns a minority stake in the Miami Heat, another interest he will have to give up before taking control of the Lakers.
The Athletic's Dan Woike reported Wednesday that Kushner will divest his Heat stake before the Lakers transaction closes.
ESPN and The Associated Press referred to his Grizzlies investment as a former holding in their reports on the Lakers agreement.
Kushner founded Thrive Capital and is the co-founder and vice chairman of Oscar Health. He is 41.
Before the Lakers became available, Kushner and Iger had been working on a possible NBA expansion bid in Las Vegas. Shelburne reported that they approached Walter with the Lakers offer Sunday.
Iger spent two stints running the Walt Disney Company before Josh D'Amaro succeeded him as chief executive this year. Iger and his wife, Willow Bay, are also the controlling owners of NWSL club Angel City FC.
Kushner's wife, Karlie Kloss, has a limited partnership interest in the New York Liberty. The Liberty play in the WNBA.
Grizzlies Value Has Climbed Since Kushner Investment
The $1.32 billion valuation attached to Kushner's 2019 investment looked much different from where NBA franchise prices are now.
Forbes valued Memphis at $3.5 billion in February. That was still the lowest valuation among the league's 30 teams.
Robert Pera has controlled the Grizzlies since 2012, when his ownership group bought the franchise from Michael Heisley for $377 million.
Pera increased his stake in 2018 after minority partners Steve Kaplan and Daniel Straus triggered a buy-sell provision in the franchise's ownership agreement. Kaplan and Straus each owned 14%.
Kushner joined the ownership group the following year.
Pera remains in control 14 years after buying the team. Jason Wexler serves as team president, while Zach Kleiman is general manager and executive vice president of basketball operations.
Walter purchased a controlling interest in the franchise from the Buss family in June 2025 at a valuation of approximately $10 billion. The NBA Board of Governors approved the transaction in October.
Walter had already owned 27% of the Lakers before that deal.
The agreement with Kushner and Iger comes at a $12.5 billion valuation less than a year after Walter received league approval for his purchase.
Walter is selling only his interest in the Lakers. He remains the controlling owner of the Los Angeles Dodgers, and his other sports holdings include the Los Angeles Sparks, Chelsea, and the Cadillac Formula 1 team.
