Lakers sold for $12.5 billion

The Los Angeles Lakers, one of the most successful franchises in the National Basketball Association (NBA), will be sold to former Disney CEO Bob Iger and investor Joshua Kushner in a deal valued at $12.5 billion, ESPN reported on Wednesday (April 10). The transaction, which will set a record price, comes about a year after billionaire Mark Walter agreed to buy a controlling stake in the team in a deal worth $10 billion. Joshua Kushner is the brother of Jared Kushner, son-in-law of U.S. President Donald Trump.

In a statement to ESPN, Kushner and Iger said: “As lifelong fans of the NBA, we are deeply honored to have the opportunity to take responsibility for the Los Angeles Lakers, one of the most storied sports franchises in the world.” They added: “We have great respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this exceptional team, its fans, and the city of Los Angeles.”

Walter’s purchase, announced in June of last year, ended the 46-year control of the Buss family over the league powerhouse. The Lakers have won 17 NBA championships, placing them second on the list of most-decorated franchises, behind the record-holding Boston Celtics (18).