Bob Iger and Josh Kushner have agreed to buy the Los Angeles Lakers from billionaire Mark Walter for a record $12.5 billion, the highest price ever paid for a North American sports franchise.
Walter paid $10 billion for the team just over a year ago, meaning the sale price has risen 21% in about 14 months. Magic Johnson had once predicted that Walter would own the Lakers for decades.
The deal, first reported by multiple outlets, makes Iger, the former Disney CEO, and Kushner, a tech investor, the new owners of one of the NBA's most storied franchises. The previous record for a North American sports team was also set by Walter's purchase of the Lakers last year.