The Los Angeles Lakers are changing hands in a record deal. Josh Kushner and Bob Iger are buying the team from Mark Walter for $12.5 billion. The agreement was reached on August 12 and is going through the league process.

Walter had bought controlling interest from the Buss family for $10 billion in 2025. The new price sets a record for a sports franchise sale. Five Buss siblings are also looking to sell their remaining 17.8 percent stake.

Investor documents lay out big ambitions. The new owners target a $30 billion valuation within a decade. Team revenue is on pace for $681 million in 2026, with a goal of $1.6 billion by 2037.

General manager Rob Pelinka said introductory meetings with the new owners went excellently. Jeanie Buss has sued to remain team governor during the transition. League approval is the final step. The NBA’s board must approve the ownership transfer. The sale dwarfs previous sports deals worldwide. Lakers fans hope the new owners will invest heavily in the roster.