The Lakers have been sold for the second time in less than a year. Former Disney mogul Bob Iger and investor Joshua Kushner are taking over the iconic Los Angeles NBA franchise in a surprise deal that also raises questions about the team’s current owner, Mark Walter.

A source in the financial world says that Kushner’s Thrive Eternal fund had been looking into major sports deals in recent months, but that the Lakers are a crown jewel asset that many didn’t even know was on the market. In the case of the Lakers, the 41-year-old Kushner — brother of Jared Kushner, son-in-law of Donald Trump — would be controlling owner in his personal capacity if the multibillion-dollar deal closes.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” stated Josh Kushner and Bob Iger. “We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”

If a deal closes, it would mark a notable next chapter for Iger, who had been the face of C-suite Hollywood during the course of his two tours of duty as Disney CEO. Leading a civic institution like the Lakers would once again elevate the exec to the primary power corridors of the city. Iger and his wife, Willow Bay, also own the Angel City Football Club, a soccer team in the NWSL. He had also previously been mentioned as a possible buyer of the Phoenix Suns, but that’s in the rearview mirror now.

Pro teams don’t come on the market this often. And it’s rare to see a blue chip brand like the Lakers change hands so quickly. Every major sports league has opened up options for team owners to sell minority stakes to private equity, but owning an entire team is still seen as the ultimate trophy asset. Earlier this week, PE giant Apollo acquired a minority stake in the New York Yankees.

Iger had joined Thrive Capital in April after formally passing the torch at Disney to his successor, Josh D’Amaro. It’s the executive’s second run at Kushner’s firm, he had a stint in 2022 as a venture partner and a mentor to some of its portfolio CEOs before returning to Disney in November of that year. Iger acquired a small stake in the firm in 2023. (Thrive also made headlines recently after it was set to lead investment in a commercial venture from World Cup organization FIFA, but that was scuttled this month after a public backlash ensued over further privatizing the sport.)

After 45-plus years of ownership by the Buss family, under Jerry Buss and then his daughter Jeanie Buss, the Lakers were snapped up in October by Walter, the financier who also has controlling stakes in Los Angeles Dodgers and the WNBA’s Los Angeles Sparks and Chelsea F.C. The team was valued at $10 billion at the time of Walter’s buy.

Given Walter’s stewardship of the Dodgers — the team has won back to back World Series and is a frontrunner for a threepeat this year — the move was greeted warmly at the time in L.A., even if there was some wistfulness at the end of the Buss era that brought Showtime and the Shaq-Kobe championships.

But Walter’s empire has come under scrutiny of late, stemming from deals made by his asset-management giant Guggenheim Investments. In July, The Wall Street Journal reported that the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission were investigating his firm’s $16 billion in loans for potential fraud.

Walter’s Guggenheim group had acquired the Dodgers and Dodgers Stadium from owner Frank McCourt in 2012 in a $2.15 billion deal and embarked on a rebuilding push that led to its championships. Over the last several years the team, famously, has had the highest payroll in the MLB, alongside the Mets.

Magic Johnson, the Lakers star who won five championships with the team and who partnered with Walter on the bid for the Dodgers, applauded the deal and highlighted his long history with Iger. “Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA,” Johnson wrote on X.

The NBA Board of Governors approved Walter’s deal to buy the Lakers in October. Ten months later, Walter is moving on, stating to ESPN: “I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”