Mark Walter claims he wasn’t selling Lakers –– until phone call that changed everything

Mark Walter stated he had no initial plans to sell the Los Angeles Lakers until receiving a mid-August phone call from venture capitalist Josh Kushner. Following the call, Walter agreed to sell the franchise for $12.5 billion to Kushner and former Disney CEO Bob Iger, closing the deal within 72 hours. Walter had originally acquired majority control of the team in June 2025 at a $10 billion valuation.

The sale occurred amid an ongoing federal investigation into insurance companies under Walter's control, though he insisted the transaction was driven by an offer too good to refuse rather than a need to raise capital. Walter also confirmed he has no intention of selling the Los Angeles Dodgers, declaring he plans to retain ownership of the baseball franchise no matter what.