The Los Angeles Lakers, arguably the most famous name in American basketball, are changing hands in a deal that has stunned the sporting world. Former Disney boss Bob Iger and businessman Joshua Kushner have agreed to purchase the team for a staggering $12.5 billion. This price sets a new high-water mark for any professional sports team in the United States. It is a massive sum of money, reflecting the soaring value of major sports franchises globally. 

A Landmark Financial Shift

This massive transaction comes only a year after the team was valued at $10 billion when billionaire Mark Walter took control. To put this in perspective for those who do not follow American sports closely, the cost of top-tier basketball teams is rising at an incredible rate. Only three years ago, the legendary Michael Jordan sold his stake in the Charlotte Hornets for a $3 billion valuation. Even the Boston Celtics, the Lakers' historic rivals, were valued at just over $6 billion during a sale last year.

Joshua Kushner, who is part of this new ownership duo, is the brother of Jared Kushner, the son-in-law of former US President Donald Trump. Both Iger and Kushner had previously been exploring the possibility of starting a brand-new team in Las Vegas. However, by acquiring the Lakers now, they avoid the long wait for the league to expand, which might not have happened until the 2028-29 season.

Legacy and Transition

The Lakers are more than just a sports team; they are a massive global brand that consistently leads in shirt and merchandise sales around the world. With 17 championship titles to their name, they sit just one behind the Boston Celtics for the most in history. This change in leadership arrives during a period of transition for the squad on the court. Just weeks ago, the league's all-time leading scorer, LeBron James, ended his eight-year tenure in Los Angeles to join the Philadelphia 76ers.

While the agreement between the buyers and the current owners is in place, the deal is not yet final. It requires the official blessing of the NBA’s board of governors, a process that usually takes several weeks. The board is scheduled to meet next month in New York to discuss the matter and provide the necessary approvals.