BOB IGER WAS aboard his 213-foot sailing superyacht on August 12, concluding a month-long European vacation following his historic two-decade tenure as Disney’s CEO. The celestial highlight of the day was meant to be the first total solar eclipse visible across the continent in over a century.
As millions traveled from Greenland to southern Spain to witness the rare astronomical alignment—known as a syzygy—a different kind of convergence was unfolding at sea. Iger found himself engaged in a pivotal business call with longtime associate Josh Kushner and Los Angeles Lakers owner Mark Walter.
While others marveled at the eclipse through protective eyewear, Iger was orchestrating a seismic shift in sports ownership. What began as a casual discussion among three powerful figures quickly evolved into one of the most unexpected transactions in recent memory: a $12.5 billion acquisition of the Lakers, executed within a whirlwind 72-hour span.
This surprise deal not only stunned the NBA but reignited longstanding tensions within the Buss family, whose decades-long stewardship of the franchise had recently given way to uncertainty and internal strife.
JUST A YEAR AGO, Lakers governor Jeanie Buss had surprised the sports community by agreeing to sell the team to Walter for $10 billion. Although all six siblings ultimately approved the transaction, the process was far from harmonious. Younger brothers Joey and Jesse Buss, bound by a “last-man standing” clause in their father’s trust, initially hesitated to participate in the sale vote.
They proposed an alternative arrangement—a joint purchase at a reduced valuation—but were eventually swayed to support the larger deal. Still, resentment lingered over Jeanie’s decision to negotiate directly with Walter rather than exploring broader market interest.
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The situation deteriorated rapidly when Jeanie, backed by Walter’s agreement, dismissed Janie, Joey, and Jesse from their executive roles within two months. The dismissal left the trio feeling marginalized and betrayed, particularly given promises that they would retain some influence during the transition period.
Janie expressed her dismay to ESPN’s Baxter Holmes earlier last season, likening her treatment to being “a crumpled-up piece of paper thrown into the trash.” She questioned whether their late father, Dr. Jerry Buss—who originally purchased the Lakers in 1979—would have been content with how events unfolded.
“I don’t think my dad would be happy with the way things just went down,” she said. “Not at all.”
Familial friction intensified when the Buss siblings were hit with increased costs for tickets and hospitality services during the playoffs—a move attributed to a broader restructuring of Lakers operations. These tensions simmered throughout the previous season and erupted anew this summer.
FOR MUCH OF 2026, Iger and Kushner had been spearheading a bid for the nascent Las Vegas NBA expansion franchise, projected to command somewhere between $6 billion and $8 billion. With bids soaring toward the $10 billion valuation Walter achieved in his Lakers deal, the pair contemplated a bold pivot.
Why pursue an untested expansion club when they could acquire a storied franchise like the Lakers outright?
They weren’t alone in their pursuit. Other serious contenders included Nancy Walton Laurie and Bill Laurie, Bill Foley alongside Jerry Colangelo, and Canadian investor Steve Apostolopoulos with former Bucks owner Marc Lasry.
As the August 10 deadline loomed, Iger and Kushner weighed their chances. Could they convince a legendary franchise to consider a sale—even if it meant circumventing established norms?
WALTER WAS ON a remote ranch with limited cell service on August 9 when he received an unexpected call. A mutual acquaintance floated the idea of selling the Lakers. Walter promptly declined—but word reached Iger and Kushner, prompting them to press forward.
Earlier that week, they’d consulted a well-connected source familiar with Walter’s mindset amid ongoing federal investigations into his sprawling financial empire. Sensing vulnerability—and opportunity—they crafted what amounted to a definitive offer: $12.5 billion for Walter’s controlling stake, representing a 25% premium just 14 months after his initial investment.
It was a staggering proposition—akin to the ultimatum Walter himself had issued to Jeanie Buss when acquiring majority control of the team.
Faced with such a figure, Walter cut short his trip and returned to his Florida estate. After discussing the proposal with his wife and daughter, he agreed to move forward. Advisers were placed under strict confidentiality agreements as negotiations accelerated behind closed doors.
By evening on August 11—just 72 hours after the initial inquiry—Walter had sealed the agreement with Iger and Kushner.
JEANIE BUSS FOUND OUT moments before the news broke publicly, leaving her blindsided. Her reaction mirrored the shockwaves rippling through the NBA: she had envisioned a future where Walter remained the long-term guardian of the Lakers, not a fleeting custodian flipping the asset for personal gain.
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Despite prior assurances, Walter’s departure marked a dramatic reversal of expectations. Far from treating the Lakers as a beloved legacy holding, he treated it like any other commodity in his diversified portfolio.
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Walter’s exit came amid mounting scrutiny over his business practices. Federal investigators had already raided his private jet in September 2025, seizing devices linked to alleged accounting irregularities within his insurance conglomerate. Less than ten months later, he offloaded the Lakers—netting nearly $4 billion in profit.
“He flipped the Lakers like a speculative property,” remarked a close family advisor. “That wasn’t the vision Jeanie sold him on.”
In response to mounting criticism, Walter’s firm issued a statement defending its actions, asserting that the Lakers represented a strategic divestiture aligned with evolving market dynamics.
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Despite public outcry, the transaction stands as a testament to the unpredictable nature of modern sports capitalism. Both the Lakers and Chelsea—Walter’s minority stake—fetched record-breaking sums, bolstering liquidity amid regulatory pressures.
IGER LANDED BACK in Los Angeles shortly after sealing the deal. Among his first visitors was none other than Jeanie Buss. Though publicly optimistic about continuity, Iger privately acknowledged that leadership transitions remained fluid.
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Behind the scenes, tensions simmered as the remaining Buss siblings pushed for a complete sale of their collective 17.8% stake. Citing a controversial 2017 court order involving co-trustees Janie and Joey, Jeanie resisted calls to relinquish control prematurely.
The impasse crystallized during a tense family meeting on August 11, held even as Walter finalized his historic sale. Neither side anticipated the magnitude of what transpired until headlines erupted the following morning.
DONCIC WAS THE sole outsider privy to the developing plot twist. His camp learned of the dramatic turn mere hours before the public announcement—an echo of past surprises, notably his midseason trade from Dallas in February 2025.
That shockwave still reverberates today. Having witnessed firsthand how abrupt shifts in ownership can reshape futures, Doncic faced yet another uncertain chapter. Yet amid the chaos, he found solace in routine—and anticipation.
All summer, plans were laid for a five-day bonding retreat in his native Slovenia. Teammates would explore Ljubljana, golf at Royal Bled, and row on Lake Bled under Olympic guidance. But fate intervened once more.
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Doncic adapted swiftly, posting on X: “I’ve gotten used to big changes over these last few years.”
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