Bob Iger and Josh Kushner Buy LA Lakers for $12 Billion

Bob Iger and Josh Kushner are purchasing the Los Angeles Lakers for more than $12 billion, establishing a new record price for a sports franchise. Iger, the former CEO of Walt Disney Co., and Kushner, managing partner of Thrive Capital, acquired the team from financier Mark Walter.

Walter had previously obtained a controlling interest in the franchise from the Buss family. In a joint statement, the new owners described themselves as "lifelong NBA fans" and stated they are "deeply honored for the opportunity to become stewards of the Los Angeles Lakers."

Iger and Kushner expressed a commitment to serve the city of Los Angeles while competing at the highest level of professional basketball.