American Marconi Wireless News - NBA's Los Angeles Lakers to be sold for reported $12.5 bn

The sale announced on Wednesday would mark a record-breaking valuation for a North American sports franchise and comes only about a year after billionaire Mark Walter agreed to buy a controlling interest in the team in a then-record $10 billion deal.

Kushner is the brother of Jared Kushner, US President Donald Trump's son-in-law.

"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," Kushner and Iger said in a statement.

"We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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."

Walter's purchase, reported in June last year, ended the Buss family's 46-year reign over the NBA giants.

The Lakers have won 17 NBA championships, second only to the Boston Celtics.

The team has been home to some of the league's biggest superstars including Kareem Abdul-Jabbar, Shaquille O'Neal and the late Kobe Bryant.

- 'Big changes' -

LeBron James, the NBA's all-time scoring leader, just left the squad for the Philadelphia 76ers after spending eight years and winning one title with the Lakers.

The team is now moving forward with a lineup spearheaded by 27-year-old Slovenian superstar Luka Doncic, who posted on X that he was eager to meet the Lakers' new owners.

"I've gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise," Doncic said in his post. "I look forward to meeting Josh and Bob so we can get to work building something special in LA together."

The sale still requires approval from the NBA's board of governors.

Jeanie Buss had continued to serve as the Lakers' governor after the club was sold to Walter in a deal that further expanded the sports portfolio of his TWG Global holding company.

Walter also owns Major League Baseball's Los Angeles Dodgers and a stake in English Premier League club Chelsea.

His acquisition of the Lakers had marked the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday.

However, Walter is currently under federal investigation for possible tax fraud involving his insurance businesses.

"Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family," Walter said in a statement.

Kushner, founder of the Thrive Capital investment firm, previously held a stake in the NBA's Memphis Grizzlies and will have to divest his current ownership stake in the league's Miami Heat.

He had also been touted as a primary investor in FIFA President Gianni Infantino's now-abandoned plan to open the World Cup to private investment, which roiled global football in recent weeks.

Iger stepped down as CEO of Disney in March, more than three years after beginning his second stint at the head of the entertainment giant, having been brought back to right the ship after what was viewed as a challenging few years for the company under Bob Chapek.

The veteran businessman had originally helmed the parks-to-movies conglomerate between 2005 and 2020, overseeing an expansion that brought mega-franchises like "Star Wars" into the Disney stable, making himself one of Hollywood's most indispensable executives.

The period saw a huge cash injection into theme parks, which remain a jewel in the company's crown, helping to push up the share price fivefold.

He and his wife, Willow Bay, purchased a controlling interest in the National Women's Soccer League's Angel City FC in 2024.

Lakers legend Magic Johnson, a former part-owner of the team and past president of basketball operations, welcomed the deal in an X post.

"I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!" Johnson wrote.

"Laker fans, you couldn't have two better owners. I've known Bob personally for over 40 years -- he has always loved the Lakers and basketball and he will bring championships back to LA."

F.Bennett--AMWN