Lakers Sold for $12.5 Billion to Bob Iger and Josh Kushner

The Los Angeles Lakers have new owners again, with the team announcing Wednesday that it has been sold to Bob Iger and Josh Kushner for a record $12.5 billion.

The sale comes less than a year after American businessman Mark Walter purchased the franchise for $10 billion, also a record at the time. Walter acquired the team from the Buss family and holds ownership stakes in other sports franchises, including the Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), and Chelsea FC (Premier League).

Reports indicate that the former Disney CEO Iger and Kushner, brother of President Trump's son-in-law, had previously explored a franchise expansion into Las Vegas. The pair instead made the record-breaking offer to purchase Walter's controlling stake.

The sale coincides with Walter's ongoing legal issues, as his companies are under investigation by the Securities and Exchange Commission and U.S. prosecutors for tax fraud.

The transaction is pending approval from the NBA's board of governors. Kushner holds minority stakes in the NBA's Miami Heat and Memphis Grizzlies, while Iger is a co-owner of the NWSL's Angel City FC.