Historic! Lakers sold for $12.5 billion, most expensive sale in sports history

The most expensive sale in sports history was just announced. The Los Angeles Lakers have been sold to business executives Bob Iger and Joshua Kushner for a total of $12.5 billion. The deal was finalized just one year after Mark Walter took over the Los Angeles franchise by purchasing it from the Buss family.

The news was confirmed by ESPN, which had access to a statement written by Iger and Kushner.

"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," said the new owners.

"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," they added.

Walter, who has sold the team for a profit of $2.5 billion, expressed gratitude for the opportunity to have owned the Lakers for just one year, stating that it "has been one of the great honors of my life." "The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," he said.

The two new owners have experience in the sports business. Kushner, who was recently involved in the failed plan by the president of the International Federation of Association Football (FIFA), Gianni Infantino, has held minority stakes in the Memphis Grizzlies and the Miami Heat.

Iger—former CEO of The Walt Disney Company—has been a minority owner of Angel City FC of the NWSL.