PWHL owner Mark Walter has agreed to sell the Los Angeles Lakers to Josh Kushner and Bob Iger for a reported $12.5 billion, ending his ownership less than a year after he bought the NBA franchise.
Josh Kushner and Bob Iger Finalize Lakers Sale
The Lakers sale ranks as the largest transaction in sports history and hands Walter a roughly $2.5 billion paper profit. But the timing is what stands out.
Federal authorities are probing Walter's business empire, and the fallout carries fresh implications for the PWHL, which he founded and continues to bankroll.
That probe has widened to include federal prosecutors, the SEC and the FBI. Reports say the investigation centers on roughly $16 billion in related-party transactions. Those deals moved money between Walter-controlled insurance companies and other Walter-affiliated ventures.
So far, neither Walter nor the PWHL has commented publicly. The Lakers sale still needs NBA Board of Governors approval, which is expected to come in September.
Mark Walter Investigation, Lakers Sale Implicate PWHL Future
Whatever happens with the Lakers, Walter's hockey imprint is only expanding. His investment group launched the PWHL in 2023 with six teams. By 2025, the league had grown to eight. Then it expanded again to 12 teams in 2026.
Walter is not selling his hockey stake in this deal at this point, but players and fans are watching closely as the league's chief backer faces federal scrutiny.
