Ramona Shelburne, reporting for ESPN;
The Los Angeles Lakers are being sold to Josh Kushner and Bob Iger for $12.5 billion, a record-breaking price, multiple sources told ESPN.
The businessmen were involved in the expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who purchased a controlling interest in the team from the Buss family last year for a then-record franchise valuation of approximately $10 billion.
Getting a $2.5 billion or a 25% net profit for just a year is not a bad business move. Then again, this is the Lakers franchise, who knows how much it will it worth a from now.
Josh Kushner is a founder and managing partner of the venture capital firm Thrive Capital, while Bob Iger is the former chief executive officer (CEO) of the Walt Disney Company.
