NBA’s Los Angeles Lakers to be sold for $12.5bn – Report

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The Los Angeles Lakers — one of the most successful teams in NBA history — are being sold to former Disney CEO Bob Iger and investor Joshua Kushner in a deal valuing the team at $12.5 billion, ESPN reported Wednesday.

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The sale, which would mark a record-breaking price, comes only about a year after billionaire Mark Walter agreed to buy a controlling interest in the team in a then-record $10 billion deal.

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Kushner is the brother of Jared Kushner, US President Donald Trump’s son-in-law.

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Walter’s purchase, reported in June last year, ended the Buss family’s 46-year reign over the NBA giants.

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The Lakers have won 17 NBA championships, second only to the Boston Celtics.

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The team has been home to some of the league’s biggest superstars including Kareem Abdul-Jabbar, Shaquille O’Neal and the late Kobe Bryant.

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LeBron James, the NBA all-time scoring leader, just left the squad for the Philadelphia 76ers after spending eight years and winning one title with the Lakers.

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The sale still requires approval from the NBA’s board of governors, in a process that can take weeks, ESPN reported.

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AFP

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