The Los Angeles Lakers have been sold to businessman Josh Kushner and former ESPN executive Bob Iger for a record $12.5 billion, according to ESPN. This transaction follows closely on the heels of businessman Mark Walter's purchase of a majority stake in the franchise from the Buss family just over a year ago for $10 billion, which had then set a new benchmark for American sports valuations.
Walter, who is also the primary owner of the Dodgers, expressed gratitude for his time with the Lakers. "Owning the Los Angeles Lakers has been one of the great honors 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," Walter said in a statement. "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."
Kushner and Iger were reportedly part of a group that had been pursuing an expansion team in Las Vegas. However, they shifted their focus to acquiring the Lakers, securing the most significant financial deal in American sports history.