Iger and Kushner Agree to Record $12.5 Billion Purchase of Los Angeles Lakers

Los Angeles Lakers fans are set for a dramatic change in ownership, with venture capitalist Joshua Kushner and former Disney chief executive Bob Iger agreeing to acquire the NBA franchise for a record $12.5 billion, according to people familiar with the deal.

The proposed transaction would establish a new benchmark for the value of a professional sports franchise. Billionaire Mark Walter acquired a controlling interest in the Lakers last year in a deal that valued the team at $10 billion. That transaction received final approval from the NBA's board of governors in October.

Walter, who also owns Major League Baseball's Los Angeles Dodgers, has faced increased scrutiny after reports that his wider financial interests are the subject of a federal investigation examining relationships between investments held by his insurance businesses and affiliated entities.

Iger and Kushner said they were honoured by the opportunity to take charge of one of the world's most recognisable sporting brands.

"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," the pair said in a statement.

They said their goal would be to build on the foundation established by the Buss family while maintaining the Lakers' status as one of basketball's premier teams.

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

The agreement still requires approval from the NBA's board of governors. The transaction is also subject to due diligence involving Kushner's Thrive Eternal, a new investment strategy launched by his venture capital firm, Thrive Capital, according to a source familiar with the matter.

The announcement also appears to bring an end to speculation that Iger and Kushner could pursue an NBA expansion franchise in Las Vegas. The pair had previously been associated with efforts to bring a new team to the Nevada city.

Lakers legend Earvin "Magic" Johnson welcomed the proposed ownership change, saying he believed the two prospective owners were ideally suited to lead the franchise.

"I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!" Johnson said in a social media post.

Iger brings extensive experience in the sports and entertainment industries. During his tenure at Disney, he oversaw ESPN and developed close relationships with the NBA as Disney secured multibillion-dollar broadcasting agreements for league games. He retired as Disney's chief executive in March.

Iger has also previously invested in professional sports, taking a majority stake in NWSL club Angel City FC.

The proposed takeover comes at a pivotal time for the Lakers. The franchise is rebuilding its roster and entering a new era following the departure of LeBron James, the NBA's all-time leading scorer, who left Los Angeles during the offseason to join the Philadelphia 76ers.

Kushner has also recently attracted attention beyond basketball after becoming a prominent figure in a controversial private-equity proposal involving global football governing body FIFA.

If completed, the $12.5 billion transaction would cement the Lakers' position among the world's most valuable sporting franchises and give Iger and Kushner control of one of the most commercially powerful and globally recognised brands in professional sport.