The Los Angeles Lakers have been sold to Josh Kushner and Bob Iger, former CEO of Disney, for $12.5 billion, according to reporting from ESPN. Multiple outlets confirmed the sale price sets a record for a North American sports franchise.
Per Awful Announcing, the sale comes just one year after billionaire Mark Walter purchased a controlling stake in the Lakers from the Buss family. Walter is now selling the team to Kushner and Iger, who brings decades of experience as a media executive.
The sale surpasses previous records for sports franchise valuations. ESPN noted that other major U.S. sports teams have sold for significant sums, though the Lakers deal now tops that list.