At this point, the Los Angeles Lakers can’t catch a break. Yes, the pieces of their latest takeover puzzle came together at a stunning speed. It took Josh Kushner and Bob Iger just three days to take control of one of the biggest sports organizations. But even after moving that quickly, the process is officially not done. According to the rulebook, it won’t be over until Kushner pulls another plug…

Kushner owns a minority stake in the Miami Heat. It’s a simple 5% stake. He acquired it in late 2024, after selling his roughly 2.5% stake in the Memphis Grizzlies. The Heat had confirmed the Miami investment and also added that the stake was not purchased from majority owner Micky Arison or his family. But an insider now believes selling it won’t be easy.

“The Heat don’t sell shares very often,” Brian Windhorst said on The Hoop Collective. “That’s a very closely held team. That potentially could take some time.”

The Heat’s supremely stable ownership structure helps explain Windhorst’s concern. The franchise has been under the Arison family’s control since 1988 (first under Ted, then under Micky), with minority ownership interests changing hands far less often than the kind of transactions seen in some other NBA teams.

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According to Article 3, named ‘Conflicts of Interest’, in the NBA’s Constitution and By-Laws, an owner cannot hold a direct or indirect “financial interest” in another NBA member unless the interest is specifically disclosed and approved under the league’s ownership procedures, with a limited exception for interests of less than 1% in publicly traded securities.

In simple terms, Kushner’s private Heat stake must be sold before he can complete the Lakers purchase. Fortunately, Kushner has done this before. Before joining the Heat, the reason he sold his Grizzlies shares was specifically “to clear the way” for his new investment, according to The New York Post.

For now, there is no reported delay in the Lakers’ $12.5 billion sale. There is also no public indication that Kushner has found a buyer for his Heat stake or that the stake is already being marketed.

Kushner is using his own money for the Purple and Gold purchase, according to The Athletic. His investment firm, Thrive Capital, is expected to be involved as well.

The ownership takeover approval process could take several months, as previously seen in other takeovers. Mark Walter, who is still the owner of the LA Dodgers, became the Lakers’ majority owner in October 2025. That was when the league approved the sale. The transaction, however, was done in June itself. A similar case occurred when Tom Dundon’s agreement with the Portland Trail Blazers became public in August 2025, but it was only approved in March 2026.

The board of governors is reportedly set to convene again in New York in September.

Walter had purchased the team from Jeanie Buss and her family for around $10 billion. At the time, it was a financial figure no one had ever linked to an NBA team. But within a year, Walter has moved out, for reasons reportedly beyond basketball. How did the new owners suddenly come into the picture, though?

The Lakers weren’t Josh Kushner and Bob Iger’s first choice…

In an interview with the California Post, Bob Iger revealed that he and Josh Kushner “were involved in pursuing the new franchise in Vegas.” The two of them were reportedly busy all summer and even hired investment bankers to explore an $8-$10 billion controlling bid for the NBA’s expansion franchise. Had it gone through, there is significant reason to believe they’d be the frontrunners to win.

However, Iger and Kushner then caught wind that Mark Walter might’ve been interested in selling the Lakers last weekend, and the duo “immediately decided that given the value of the franchise and the iconic nature of the team, that we would be really smart to pursue it.”

As previously established, Kushner has ties to the business side of the sport. Similarly, Iger is a diehard fan of the Los Angeles Clippers and has even had conversations with current Lakers head coach JJ Redick, back when he was a player there.

Once the new ownership was publicly introduced, Luka Doncic, the face of the franchise, was among the first individuals on the team to break his silence with a candid statement on social media.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA. I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise,” Doncic posted to X. “I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

To which Governor Jeanie Buss replied, “Perfectly said 💛💜.”

Kushner and Iger also made it clear how they want to approach their time with the Lakers.

What is Josh Kushner and Bob Iger’s Vision for the Lakers?

Josh Kushner and Bob Iger released a joint statement after the LA deal was announced, stressing their respect for the Buss family’s legacy.

“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,” Kushner and Iger said in a joint statement. “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.”

Iger also said the new ownership group intends to honor the Walter agreement, meaning the change in controlling ownership will not immediately end the Buss family’s role with the franchise.

So, Jeanie Buss is expected to remain the Lakers’ Governor for at least five years under the agreement from Walter’s ownership, while the Buss family keeps its roughly 15% stake in the team. Jeanie’s role allows her to directly control the franchise budgets for coaches, players, and team support staff. That also relates to whom the Lakers should buy or trade for in the offseason market.