Mark Walter’s pending $12.5 billion sale of the Los Angeles Lakers to Joshua Kushner, founder of Thrive Capital, and former Disney Chief Executive Bob Iger would raise the average NBA team valuation 21% to $6.68 billion, according to CNBC’s proprietary team transaction database. The transaction would value the Lakers at about 20 times projected 2025-26 revenue, the highest multiple reported for a control stake in an NBA team. The proposed deal comes as private-equity firms and other institutional investors pursue sports franchises for their long-term media, sponsorship, merchandise and ticket revenue. More than 74 North American professional teams had some level of private-equity involvement as of May, while private-equity-backed consolidators accounted for 61% of sports-industry mergers and acquisitions since 2019, according to the CFA Institute and Oaklins. Kushner must divest his minority ownership in the Miami Heat before the Lakers transaction can close, and the NBA board of governors must approve the sale. Dr. Patrick Soon-Shiong plans to retain his 4% minority stake and remain a supportive, active and engaged partner. The Buss Family Trust’s proposed sale of its remaining 17.8% interest has prompted a dispute with Jeanie Buss, who argues that a 2017 court order requires co-trustee approval and preservation of the 15% ownership threshold needed for her to remain the Lakers’ controlling owner and governor.