American businessmen Josh Kushner and former Disney CEO Bob Iger have reached an agreement to purchase the Los Angeles Lakers for a record-setting valuation exceeding $12.5 billion, according to reports from ESPN’s Ramona Shelburne.
The blockbuster acquisition transfers control of the iconic NBA franchise from Mark Walter, who acquired a majority stake in the team less than a year prior at a $10 billion valuation.
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Kushner, founder of Thrive Capital, and Iger were originally pursuing an expansion franchise in Las Vegas before pivoting their focus to acquire the storied Los Angeles club. The proposed sale marks the second major ownership transition for the franchise in under two years following decades of control by the Buss family. The transaction remains subject to official approval by the NBA Board of Governors.
