LA Lakers set for record $12.5 bn sale to Josh Kushner, Bob Iger

The Los Angeles Lakers are set to be sold to Josh Kushner and Bob Iger for a record-breaking $12.5 billion. If approved, this would make the NBA franchise the most expensive sports team ever sold, surpassing its $10 billion valuation last year.

The NBA team Los Angeles Lakers are set to be sold to businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion, reported ESPN. If this deal happens, that would make the NBA franchise the most expensive sports team ever sold. Kushner and Iger emerged as unexpected buyers after initially being involved in the process to secure an NBA expansion franchise in Las Vegas. They instead made an aggressive offer for the Lakers, who were acquired by Mark Walter from the Buss family last year at a valuation of approximately $10 billion.

Buyers' Commitment to Lakers Legacy

"As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," Kushner and Iger said in a statement, according to ESPN. "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."

Details of the Record-Breaking Transaction

The proposed transaction still requires approval from the NBA's Board of Governors, with the next board meeting scheduled for September in New York. Walter, who became the Lakers' majority owner last October after his bid was unanimously approved by the NBA, will sell only his Lakers stake in the transaction, according to ESPN. His broader sports portfolio through TWG Global includes interests in the Los Angeles Dodgers, Los Angeles Sparks, Premier League club Chelsea and the Professional Women's Hockey League.

"Owning the Los Angeles Lakers has been one of the great honours of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," Walter said in a statement, as per ESPN.

The reported $12.5 billion valuation would represent a substantial rise from the approximately $10 billion valuation attached to Walter's purchase last year and set a new benchmark for the sale of a professional sports franchise.

Who Are the New Owners?

Kushner, 41, is the founder and CEO of venture capital firm Thrive Capital and co-founder and vice chairman of Oscar Health. He also has a minority stake in the Miami Heat, which he would need to sell to comply with NBA ownership rules before completing the Lakers transaction. Iger, 75, served two separate terms as Disney's chief executive and stepped down from the position earlier this year. Along with his wife Willow Bay, he became the controlling owner of NWSL club Angel City FC in 2024.

The Lakers' ownership change comes little more than a year after the Buss family agreed to sell a controlling interest in the franchise to Walter, ending the family's decades-long ownership of one of the NBA's most storied teams. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)