Aug. 12 (UPI) -- Bob Iger and Josh Kushner agreed to buy the Los Angeles Lakers, the American businessmen announced Wednesday.
Sources familiar with the transaction told UPI the agreement is worth $12.5 billion, which would set a record for the highest-priced sale of a North American sports franchise.
Lakers majority owner Mark Walter purchased a controlling interest in the storied NBA franchise from the Buss family in October. That purchase helped the Lakers set a record franchise valuation of $10 billion.
"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 said 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."
Bob Iger stepped down as CEO of the Walt Disney Co. in March. File Photo by John Angelillo/UPIThe NBA's board of governors must approve the Iger-Kushner agreement for the sale to become final.
Walter is the CEO and chairman of TWG Global, a diversified holding company that also has interests in the Los Angeles Dodgers, Los Angeles Sparks and Premier League soccer franchise Chelsea, among other sports entities.
Walter's business empire is under federal investigation for alleged loan fraud related to two Delaware life insurers. Delaware Life Insurers and Clear Spring Life and Annuity, which Walter owns, disclosed those probes in June regulatory filings.
"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 said.
"I am grateful to 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."
Kusher, 41, is the younger brother of Jared Kushner, the son-in-law of President Donald Trump. He is the founder of Thrive Capital, a venture capital firm.
Iger, 75, resigned as CEO of the Walt Disney Co. in March. He is an adviser at Thrive Capital.
The Lakers will host the Golden State Warriors in their regular-season opener Oct. 21 in Los Angeles. The NBA announced Tuesday that the team also will take on LeBron James and the Philadelphia 76ers on Christmas in Los Angeles.
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