(REUTERS) Venture capitalist Joshua Kushner and former Disney CEO Bob Iger are set to purchase the Los Angeles Lakers, with the deal valued at a record $12.5 billion, according to sources familiar with the matter on Wednesday (August 12).
Billionaire Mark Walter purchased a majority stake in the NBA team last year in a deal that valued the club at $10 billion, with the deal only having been approved by the board of governors in October.
Walter's financial empire faces a federal probe, according to reports last month, examining links between investments held by his insurers and affiliates. Walter is also the owner of Major League Baseball's Los Angeles Dodgers.
"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," Iger and Kushner said in a statement.
"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."
The two businessmen had previously been tied to a potential expansion NBA team in Las Vegas but seemingly ended that campaign with Wednesday's news, which stunned fans and industry experts.
Posted by: Alma Angeles/NET25 News
