The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, a record-breaking price, multiple sources told ESPN. The businessmen were involved in expansion in Las Vegas, but pivoted to buy the Lakers from Mark Walter, who had purchased controlling interest last year for approximately $10 billion.\n\n"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers," Kushner and Iger said in a 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."\n\nWalter, CEO of TWG Global, said: "Owning the Los Angeles Lakers has been one of the great honors of my life... The Lakers belong to Los Angeles." The sale needs NBA board approval.

Walter, under federal investigation for alleged tax fraud, is selling only the Lakers.\n\nKushner, 41, runs Thrive Capital and co-founded Oscar Health. He holds a minority stake in the Miami Heat, which he must sell. Iger, 75, former Disney CEO, co-owns Angel City FC with wife Willow Bay.