Record sum for a sports club: Los Angeles Lakers sold to Josh Kushner and Bob Iger for $12.5 billion

The Los Angeles Lakers basketball club from the NBA has been sold to businessmen Josh Kushner and Bob Iger for $12.5 billion — a record price for a sports team. The two were involved in the process of establishing an NBA expansion team in Las Vegas, but in a surprising turn of events, they changed direction and submitted an aggressive offer to purchase the Lakers from Mark Walter, who last year acquired control of the team from the Buss family at a valuation of about $10 billion.

"As lifelong NBA fans, we are deeply honored by the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports clubs in the world. We have tremendous 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."

Walter, CEO and Chairman of the diversified holding company TWG Global, has served as the controlling owner of the Lakers since last October, when his bid was unanimously approved by the NBA.

"Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will take with me is the community, the fans, and a city that treats this team like family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have full confidence that their best days are ahead," Walter stated.

The deal is still subject to approval by the NBA Board of Governors, a process that may take several weeks. The next meeting of the board is expected to take place next month in New York.

Walter (66) and TWG Global have holdings in several professional sports organizations, including the Los Angeles Dodgers baseball team, the Los Angeles Sparks WNBA team, the Chelsea Football Club of the Premier League, and the Professional Women's Hockey League (PWHL). Through TWG Motorsports, Walter also owns several auto racing teams, including the Cadillac Formula 1 team. He is selling only the Lakers as part of the current transaction.