Businessmen Josh Kushner and Bob Iger are purchasing the Los Angeles Lakers in a record-breaking deal valued at $12.5 billion. The owners confirmed the sale on Wednesday, stating their aim to compete at the highest level.
The acquisition follows a transaction last year in which billionaire Mark Walter purchased a majority stake in the NBA team from the Buss family. That deal valued the club at $10 billion and was approved by the board of governors in October.
The sale comes as federal regulators probe Mark Walter's financial empire.