Josh Kushner and Bob Iger set to acquire the Lakers for $12.5 billion.

The Los Angeles Lakers are set to change hands in a historic deal valued at $12.5 billion, marking a record sale for the iconic NBA franchise. Business magnates Josh Kushner and Bob Iger have emerged as the buyers, according to multiple sources. This unexpected move comes after the duo was previously engaged in expansion efforts in Las Vegas, but they shifted their focus to acquire the Lakers from Mark Walter, who had purchased a controlling stake in the team from the Buss family just last year for approximately $10 billion.

In a joint statement, Kushner and Iger expressed their excitement about the acquisition, stating, "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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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."

Mark Walter, the CEO and chairman of TWG Global, has held the majority ownership of the Lakers since October 2022, when his bid was unanimously approved by the NBA. Reflecting on his time with the team, Walter remarked, "Owning the Los Angeles Lakers has been one of the great honors of my life -- an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family." He expressed gratitude towards Jeanie Buss, the Buss family, players, and staff for their support during his tenure, emphasizing that "the Lakers belong to Los Angeles, and I have every confidence the best is still ahead."

The sale is pending approval from the NBA's board of governors, a process that may take several weeks, with the next meeting scheduled for next month in New York. Walter's interests extend beyond the Lakers; he also has stakes in various professional sports teams, including the Los Angeles Dodgers and Chelsea FC, as well as several auto racing teams through TWG Motorsports.

While Walter is divesting from the Lakers, he remains under federal investigation for alleged tax fraud related to other companies he controls. Reports indicate that U.S. prosecutors are scrutinizing whether Delaware Life Insurance Co. and Clear Spring Life and Annuity Co. failed to disclose that their private credit holdings were linked to other ventures owned by Walter. The Securities and Exchange Commission is conducting a parallel investigation.

On the other hand, Kushner, 41, is known for founding the venture capital firm Thrive Capital and co-founding Oscar Health. He is also the brother of Jared Kushner, former President Donald Trump's son-in-law. Bob Iger, 75, recently concluded his second term as Disney's CEO and has become the controlling owner of NWSL team Angel City FC alongside Willow Bay.