Josh Kushner and Bob Iger to buy Los Angeles Lakers in $12bn deal
American businessmen Josh Kushner and Bob Iger have agreed to purchase the Los Angeles Lakers from Mark Walter for a record-breaking sum exceeding $12bn (£9.5bn).
The staggering agreement represents the highest price ever paid for a professional sports franchise globally.
It abruptly ends Walter’s brief tenure as majority owner of the historic basketball institution.
The TWG Global chairman had only assumed a controlling interest from the Buss family last October following unanimous approval from the NBA Board of Governors.
Pivot from Las Vegas expansion
Both Kushner and former Disney chief executive Iger were initially focused on establishing a new expansion team in Nevada.
However, the duo executed a stunning pivot to submit an aggressive, successful bid for the 17-time NBA champions.
The transaction fundamentally shifts the ownership landscape of one of sport’s most recognisable global brands.
Walter’s vast sporting portfolio
Despite relinquishing control of the California-based organisation, Walter maintains a massive footprint across international sports.
His diversified holding company continues to hold significant interests in Major League Baseball’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks.
Walter’s expansive sporting portfolio also stretches across the Atlantic to include Premier League side Chelsea alongside the Professional Women’s Hockey League.
Furthermore, the American billionaire remains heavily involved in motorsport, possessing several auto racing teams including Cadillac Formula 1.