Record price for a storied franchise
The Los Angeles Lakers have a new owner. A group led by former Disney CEO Bob Iger and investor Josh Kushner agreed to buy the team for $12.5 billion. The price is a record for an NBA franchise and one of the biggest ever paid for a sports team.
The deal ends months of speculation about who would take over the Lakers. The team is one of the most valuable brands in sports. It has won 17 NBA championships and plays in the second-largest media market in the United States. The previous NBA record for a team sale was set last year, and this deal tops it by billions.
Who is buying
Iger ran Disney for years and led the company through the launch of its streaming business. Kushner is a tech investor and the brother of Jared Kushner, the former White House adviser. The group also includes other investors, though their names have not been fully disclosed. Kushner's firm, Thrive Capital, has invested in some of the largest technology companies in the world.
The buyers beat out several rival groups. Reports said multiple bidders offered more than $10 billion. The final price shows how fast NBA valuations have climbed in recent years.
What happens next
The sale still needs approval from NBA owners. That vote usually takes a few months. Until then, the current ownership group will keep running the team.
The new owners take over a franchise that is still chasing titles. LeBron James remains on the roster, and the team has made deep playoff runs in recent seasons. Fans will watch closely to see whether the new owners change the front office or the coaching staff. For now, the Lakers are set to enter a new era with the deepest pockets in basketball. The deal also raises questions about the future of the team's arena plans and its media rights.