Kushner, Iger strike record $12.5B deal to buy LA Lakers

The Los Angeles Lakers are set to be sold for a record $12.5 billion to businessmen Josh Kushner and Bob Iger, according to The Associated Press, citing a person familiar with the deal terms.

The sale, first reported by ESPN, comes just a year after Mark Walter purchased a controlling stake from the Buss family at a then-record $10 billion valuation.

Kushner and Iger, who had been pursuing an NBA expansion team for Las Vegas, bypass that route through this acquisition. The deal requires approval from the NBA’s board of governors, with the next meeting scheduled for September in New York.