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The Los Angeles Lakers have been sold to businessman Joshua Kushner and former Disney CEO Bob Iger for $12.5 billion, marking the highest price ever paid for a North American sports franchise. The transaction occurred on August 12, 2026, less than 14 months after Mark Walter originally purchased the team from the Buss family.
The NBA follows a structured approval process outlined in its Constitution and By-laws before ownership transfers can be finalized. The first step requires filing a formal application with NBA Commissioner Adam Silver, who will then direct a nine-member advisory finance committee to conduct thorough vetting of both Kushner and Iger. This examination may include background checks and comprehensive financial reviews. However, since both parties were previously explored by the NBA regarding a Las Vegas expansion opportunity, preliminary investigation may already be underway, potentially accelerating the timeline.
Once the committee completes its assessment, it will present a recommendation to the NBA’s Board of Governors, which consists of representatives from all 30 franchises. A vote requiring approval from at least 23 of the 30 teams is necessary to authorize the ownership change. The Board of Governors holds meetings in September and spring, though a vote does not require in-person attendance and can occur remotely to accommodate agreed-upon closing dates.
Based on precedent, the entire approval process could extend several months into 2027. After the Board of Governors grants approval, the transaction must still close, with all documents signed and funds transferred before ownership officially changes hands.
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Originally reported by Sports.yahoo →
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