LOS ANGELES (AP): The Los Angeles Lakers are being sold for the second time in a year, with businessmen Josh Kushner and Bob Iger set to acquire the franchise for a record-breaking price. The sale agreement is worth US$12.5 billion, according to a person familiar with the terms, who spoke to The Associated Press on condition of anonymity yesterday because neither side disclosed specific details of the latest dramatic development involving one of North America’s marquee sports teams. ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise. The Lakers were valued last year at US$10 billion, then a record for a professional sports team, when Mark Walter purchased a controlling stake from the Buss family, which had owned the club since 1979. Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had been working together on efforts to land a possible NBA expansion team in Las Vegas. By purchasing the Lakers, they no longer have to wait for the league’s anticipated expansion process, which could begin as early as the 2028-29 season. The sale must still be approved by the NBA’s board of governors, a process that could take several weeks. The next board meeting is scheduled for September in New York. The US$12.5-billion price tag is not only a record for a US professional sports franchise, but also marks another milestone in the rapid rise of NBA franchise valuations. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets at a valuation of US$3 billion, while the Boston Celtics were sold last year to private-equity executive Bill Chisholm at a valuation of just over US$6 billion. Walter’s agreement to purchase a controlling stake in the Lakers at a US$10-billion valuation last summer shattered those benchmarks, and now Iger and Kushner have raised the bar even higher. The 66-year-old Walter’s unexpected decision to sell the Lakers after just 10 months of official ownership is reverberating throughout the team’s fan base, which largely welcomed his acquisition last year. Walter has overseen the Los Angeles Dodgers during one of the most successful periods in franchise history, winning three World Series titles in the past six seasons while establishing the club as one of baseball’s biggest spenders. Under scrutiny Multiple media outlets reported last month that Walter’s business empire is under scrutiny from federal prosecutors and the Securities and Exchange Commission in tax-fraud investigations. The 41-year-old Kushner’s capital holding company, Thrive Eternal, had been set to serve as the anchor investor in FIFA President Gianni Infantino’s plan to sell stakes in future World Cup profits. Infantino abandoned the proposal on July 31. Kushner’s brother is Jared Kushner, son-in-law of US President Donald Trump. Josh Kushner currently owns a minority stake in the Miami Heat and previously held an ownership interest in the Memphis Grizzlies. The 75-year-old Iger became one of Hollywood’s most prominent executives during two stints as Disney’s chief executive between 2005 and last March, when he stepped aside. Iger and his wife, former sports journalist Willow Bay, are the controlling owners of National Women’s Soccer League club Angel City FC. Walter’s purchase of the Lakers was approved by NBA owners last October. He originally acquired a 27 per cent minority stake in the franchise in 2021 before taking control of the team last year. Walter and his partners also hold ownership interests in the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, the Professional Women’s Hockey League and the new Cadillac Formula One team. When Walter acquired his controlling interest in the Lakers, the agreement stipulated that Jeanie Buss would remain the team’s governor. With new ownership on the horizon, it remains unclear whether Buss will continue in a leadership role with the franchise she inherited, along with her siblings, from her father, Jerry Buss, who died in 2013. The Lakers have won 17 championships dating back to the franchise’s origins in Minneapolis, the second-most in NBA history behind Boston’s 18. The team remains a global brand and consistently ranks among the league leaders in merchandise sales. This record sale comes just weeks after LeBron James, the NBA’s all-time leading scorer, ended his eight-season stint with the Lakers and became a free agent. James subsequently signed with the Philadelphia 76ers. The Lakers won their most recent championship in 2020 and have reached the play-offs in each of the past four seasons. Their current roster is built around NBA scoring champion Luka Doncic, who is under contract through the 2028-29 season.