The Los Angeles Lakers have new owners again. The team announced it has been sold to Bob Iger and Josh Kushner Wednesday for a record-breaking $12.5 billion.
The sale comes less than a year after American businessman Mark Walter purchased the franchise. Walter’s purchase at the time also broke records at $10 billion, acquiring the team from the Buss family. Walter also holds ownership stakes in other teams including the MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, and the Premier League’s Chelsea team.
“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” Kushner and Iger said in a statement. “Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
According to ESPN, the former Disney CEO and Kushner—who is the brother of President Trump’s son in law—were exploring a franchise expansion to Las Vegas. The pair instead made the record-breaking offer to purchase Walter’s controlling stake of the team.
The sale coincides with Walter’s ongoing legal troubles, as the Securities and Exchange Commission and U.S. prosecutors are currently investigating his companies for tax fraud.
The sale is still pending approval from the NBA’s board of governors.
The Lakers purchase is not Kushner’s first time trying to buy an icon of the world of sports this year. Last month, Kushner’s investment fund, Thrive Eternal, tried purchasing a stake in the FIFA World Cup tournaments for a reported $4.2 billion. Amid backlash from fans and federations alike, the FIFA president withdrew the proposal to sell the stake.
Both Kushner and Iger have ties to other franchises. Iger and his wife Willow Bay are controlling owners of the NWSL’s Angel City, while Kushner has a minority stake in the NBA’s Miami Heat and is a minority owner of the Memphis Grizzlies.
