NBA's Los Angeles Lakers reportedly set for record $12.5 billion sale

In a move that could set a new benchmark in sports business, the storied Los Angeles Lakers are reportedly on the verge of being sold for an astounding $12.5 billion. Former Disney CEO Bob Iger and investor Joshua Kushner are said to be the buyers in a deal that has captured widespread attention.

This valuation, if finalized, would shatter previous records for a sports franchise sale. It comes just about a year after a controlling interest in the team was reportedly sold to billionaire Mark Walter for $10 billion. That earlier transaction marked the end of the Buss family's 46-year ownership of the NBA giants.

The Lakers, boasting 17 NBA championships, have been home to legendary players like Kareem Abdul-Jabbar, Shaquille O'Neal, and the late Kobe Bryant. Even LeBron James, the league's all-time leading scorer, recently departed the squad after an eight-year tenure that included one title. The sale is not yet complete, as it awaits approval from the NBA's board of governors, a process that typically takes several weeks.