Mark Walter sells Lakers for record-breaking $12B: report
LeBron James leaving Lakers after 8 seasons
LeBron James is leaving the Los Angeles Lakers after eight seasons in Purple and Gold.
LOS ANGELES - The Los Angeles Lakers have been sold by Mark Walter for $12 billion, ESPN reported Wednesday.
What we know:
ESPN reported that the team was sold to businessmen Josh Kushner and former Disney CEO Bob Iger.
The two were reportedly interested in being involved with the NBA’s upcoming expansion team in Las Vegas before turning their sights to the City of Angels.
Dig deeper:
This comes a year after Walter, also owner of the LA Dodgers, purchased a majority stake of the Lakers from the Buss family for $10 billion.
Dr. Jerry Buss purchased the team in 1979 and following his passing, the torch was passed down to his children.
PREVIOUS COVERAGE: Sale of Lakers from Buss family to Mark Walter approved by NBA
This marks another turning point for the Lakers as they enter a new era without LeBron James and continue building around Luka Dončić. Other offseason moves include extending Austin Reaves and acquiring Walker Kessler.
RELATED: The LeBron James era in Los Angeles is over
What they're saying:
"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," Kushner and Iger said in a statement. "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."
"Owning the Los Angeles Lakers has been one of the great honors of my life—an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," Walter said in a statement.
The Source: This story was written with information from ESPN.