One year after buying a controlling interest in the Los Angeles Lakers, embattled team owner Mark Walter is now selling the historic NBA franchise to American businessmen Josh Kushner and Bob Iger for a record-breaking $12.5 billion. ESPN was the first to report the news, which has since been confirmed by Walter, a billionaire currently under SEC investigation over $16 billion in private-credit loans. '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,' Walter wrote in a statement. 'I am grateful to [former team owner] Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.' The deal eclipses the $10 billion record sales price Walter paid for the franchise in 2025, leaving him with roughly a $2 billion gross profit before taxes. It also doubles the $6 billion price tag the rival Boston Celtics sold for in 2025. The agreement, which still requires league approval, ingnited a massive reaction across the NBA. Perhaps most importantly, the sale is being supported by Lakers legend Magic Johnson, who also serves as Los Angeles Dodgers co-owner with Walter. 'I want to congratulate my good friend Bob Iger and Josh Kushner on their purchase of the Los Angeles Lakers!' Johnson wrote on X. 'Laker fans, you couldn’t have two better owners,' he said in a follow-up post. 'I’ve known Bob personally for over 40 years - he has always loved the Lakers and basketball and he will bring championships back to LA.' Although Walter had experience in team ownership, the Lakers will have two relative novices in the owner's box when this deal is approved. Kushner was part of a group of investors who recently tried to buy stakes in the World Cup from FIFA in a since-aborted proposal that has left the group's president, Gianni Infantino, fighting for his job. The younger brother of Jared Kushner, President Donald Trump's son-in-law, the 41-year-old previously co-founded Thrive Capital and Oscar Health. Iger recently finished his second stint as CEO of Disney, which has a long-standing partnership with the NBA through its sports cable network, ESPN, and other properties. He and his wife Willow Bay are also the controlling owners of LA’s National Women's Soccer League team, Angel City FC. '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,' Kushner and Iger wrote in a joint 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.' Winners of 17 NBA championships, a dozen of which came after the team’s move from Minneapolis, the Lakers finished 53-29 last season. Their 2026 playoff run ended with a Western Conference semifinal defeat to the Oklahoma City Thunder. Head coach JJ Redick now has a 103-61 record over two seasons. The Lakers are currently transitioning away from the LeBron James era with a roster built around Slovenian superstar Luka Doncic, high-scoring shooting guard Austin Reaves and newly acquired center Walker Kessler. Interestingly, LeBron’s son Bronny remains signed with the Lakers after the elder James’ free-agent defection to the Philadelphia 76ers. #lakers #losangeleslakers #basketball #NBA - @dailymailsportusa