Free daily briefing on global business news.
The deal surpasses the $10 billion valuation set when Mark Walter bought a controlling stake in the team less than a year ago
Harry How / Getty Images
Bob Iger and Josh Kushner agreed to buy the Los Angeles Lakers from Mark Walter for $12.5 billion — a record price for a U.S. professional sports franchise — according to an anonymous source with knowledge of the deal who spoke to the Associated Press 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 a joint 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."
