The Los Angeles Lakers have new owners again. The team announced Wednesday that it has been sold to former Disney CEO Bob Iger and billionaire investor Josh Kushner for a record-breaking $12.5 billion.
The sale comes less than a year after American businessman Mark Walter purchased the franchise. Walter’s $10 billion acquisition of the team from the Buss family broke records at the time. He continues to hold ownership stakes in the MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks, and the Premier League’s Chelsea FC.
“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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss,” 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.”
According to ESPN, Kushner (the younger brother of President Donald Trump’s son-in-law Jared) and Iger were exploring a franchise expansion to Las Vegas. The pair instead made the record-breaking offer to purchase Walter’s controlling stake of the team.
The sale coincides with Walter’s ongoing legal troubles, as the Securities and Exchange Commission and U.S. prosecutors are currently investigating his companies for tax fraud.
The sale is still pending approval from the NBA’s board of governors.
The Lakers purchase is not Kushner’s first foray into the world of sports. Last month his investment fund, Thrive Eternal, tried to purchase a stake in the FIFA World Cup tournaments for a reported $4.2 billion. Amid backlash from fans and federations alike, FIFA President Gianni Infantino withdrew the proposal to sell the stake.
Both Kushner and Iger have ties to other sports franchises. Iger and his wife, Willow Bay, are controlling owners of the National Women’s Soccer League’s Angel City FC. Kushner, a former minority owner of the NBA’s Memphis Grizzlies, now holds a minority stake in the league’s Miami Heat.