Bob Iger and Josh Kushner have shocked many in the world of basketball by agreeing to purchase the Los Angeles Lakers in a deal worth $12.5bn, a record among US sports franchises.
The news was first reported by ESPN, citing multiple sources. Former Disney CEO Iger teamed up with venture capitalist Kushner for the deal, purchasing the Lakers from Mark Walter. Walter bought the team just one year ago for $10bn, meaning he has made a tidy $2.5bn profit in only 14 months.
That said, it's not a completely done deal yet. The sale still requires approval from the NBA's board of governors, a process which can take many weeks.
“one of the most iconic sports franchises in the world.”
In a statement, Iger and Kushner said: "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."
Notably, the Lakers have just a 3% chance of becoming the NBA Champions in 2027, according to Kalshi odds at the time of writing. The favorite is San Antonio (24%), followed by Oklahoma City (23%). The Spurs are worth around $4.4bn and the Thunder around $4.35bn, according to recent Forbes valuations.
The deal for the Lakers comes just weeks after LeBron James left the team for Philadelphia after eight seasons. His son Bronny James remains at the team, and prediction markets currently have him as 84% chance of staying. He has a 9% chance of joining his father.