The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, which is a record for the most paid for a sports franchise.
Kushner and Iger purchased the Lakers from Mark Walter who bought a controlling interest in the team from the Buss family last year for a then-record $10 billion.
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The sale will need approval from the NBA’s board of governors which is a process that can take several weeks. The next board meeting will take place in September in New York.
Kushner, who is a minority owner with the Miami Heat will need to sell his stake in the team. Iger, who was Disney’s CEO until earlier this year will be an NBA owner for the first time.
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