Kushner, Iger Buy Lakers for Record $12.5 Billion

Investor Josh Kushner and former Disney CEO Bob Iger have agreed to buy the Los Angeles Lakers for $12.5 billion — the largest price ever paid for a U.S. sports franchise.

ESPN's Ramona Shelburne first reported the deal, which was reached Wednesday morning.

The sellers are Mark Walter and his group, who also own the Los Angeles Dodgers.

The Numbers

The $12.5 billion valuation tops the previous record — the sale of a majority stake in the Seattle Seahawks for $9.6 billion in July.

It also marks a roughly 21% return for Walter, who bought the Lakers just 14 months ago at a $10 billion valuation.

The Buyers

Kushner, 41, founded Thrive Capital, which took early stakes in Instagram, Spotify, Stripe and OpenAI. He is the brother of Jared Kushner, President Donald Trump's son-in-law.

Iger stepped down as Disney's CEO in March and held an advisory role at Thrive Capital. Owning a major sports team has been a long-standing goal of his.

Kushner's Thrive Eternal vehicle is structured to hold stakes in sports teams over the long term.