Los Angeles Lakers being sold for blockbuster $12.5B deal to businessmen Kushner, Iger: reports

The Los Angeles Lakers are being sold for the second time in a year, going to businessmen Josh Kushner and Bob Iger for a record-breaking price.

This sale agreement is $12.5 billion US, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details of the latest stunning development with one of North America's marquee sports teams.

ESPN first reported that Kushner and Iger are buying the NBA's most valuable franchise. The Lakers were valued last year at $10 billion — a record for a pro sports team — when Mark Walter purchased a controlling stake from the Buss family, which had owned the team since 1979.

"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," Iger and Kushner said in a 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."

Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had been working together on landing a possible NBA expansion team for Las Vegas. By buying the Lakers, they don't have to wait until the possibility of expansion in the 2028-29 season at the earliest.

Lakers icon Magic Johnson, a partner in Walter's ownership of baseball's Los Angeles Dodgers, praised the deal on social media.

"Laker fans, you couldn't have two better owners," Johnson wrote. "I've known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA."

The sale still will need approval from the NBA's board of governors, and that process can take several weeks. The next board meeting is set for September in New York.

The $12.5 billion price tag is not only a record for U.S. pro sports but a new summit in skyrocketing NBA franchise values. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, while the Boston Celtics were sold last year to private equity mogul Bill Chisholm at a valuation of just over $6 billion.

Walter's agreement to purchase a controlling stake in the Lakers at the $10 billion valuation last summer obliterated that mark, and now Iger and Kushner have pushed the bar even higher.

The 66-year-old Walter's shocking decision to sell after just 10 months of official ownership is reverberating throughout the team's massive fan base, which appeared to be uniformly excited about the purchase last year. Walter has stewarded the Dodgers into the most successful stretch in franchise history, with three World Series championships in the past six seasons as the most aggressive spenders in baseball.

Multiple media outlets last month reported that Walter's business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations.

The Lakers are 17-time NBA champions who won their most recent title in 2020.