LA Lakers sell for a record $12.5 billion to ex-Disney CEO Iger and Jared Kushner’s brother Josh | CNN Business

In a stunning twist, former Disney CEO Bob Iger and venture capitalist Josh Kushner are buying one of the greatest trophy assets in US sports: The Los Angeles Lakers.

Iger and Kushner, the brother of President Donald Trump’s son-in-law Jared Kushner, are shelling out a record-breaking $12.5 billion for the basketball team, a person familiar with the matter told CNN.

The sale comes less than a year after the NBA approved billionaire Mark Walter as the storied franchise’s majority owner.

Iger and Kushner confirmed the deal, first reported by ESPN, in a statement on Wednesday.

“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,” Iger and Kushner said in the 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.”