LOS ANGELES — The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for $12.5 billion, a record price for a professional sports franchise, multiple sources told ESPN, marking the second change in controlling ownership for the storied NBA team in less than a year.

Kushner and Iger had previously been involved in exploring an NBA expansion franchise in Las Vegas, but in a stunning shift, the two pivoted to make an aggressive offer to purchase the Lakers outright from Mark Walter, who had bought a controlling interest in the team from the Buss family last October for a then-record franchise valuation of approximately $10 billion.

In a joint statement, Kushner and Iger described the opportunity as a career milestone. "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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss," they said. "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."

Walter, in his own statement, reflected on his brief but eventful tenure atop the franchise. "Owning the Los Angeles Lakers has been one of the great honors of my life," Walter said, adding that he would carry........

© International Business Times