Sources: Kushner, Iger to buy Lakers for $12B

The Los Angeles Lakers are being sold to an ownership group led by Josh Kushner and former Disney CEO Bob Iger for $12.5 billion, setting a new record for a North American sports franchise. The agreement comes less than a year after Mark Walter purchased a controlling interest from the Buss family for a then-record $10 billion. Kushner and Iger, who had been pursuing an NBA expansion team in Las Vegas, pivoted to acquire the iconic franchise. The rapid sale follows reports of a federal investigation into Walter's financial businesses, though a spokesperson has denied wrongdoing. The deal, which requires NBA Board of Governors approval, represents a $2.5 billion increase in the Lakers' valuation in under 14 months. Walter will retain ownership of the Los Angeles Dodgers and Sparks. The buyers have pledged to honor the Buss family legacy and compete at the highest level.