Bob Iger and Joshua Kushner acquire Lakers from Mark Walter for $12.5 billion

Bob Iger and Joshua Kushner have reached an agreement to acquire the Los Angeles Lakers from Mark Walter for $12.5 billion. The agreement follows Walter's decision to sell amid federal probes into his business dealings. Iger and Kushner, avid NBA fans, plan to enhance the franchise, though they currently lack a definitive strategic plan. The sale must still receive approval from the NBA Board of Governors. Walter has owned the team for only 14 months, during which he made several moves, including trading for center Walker Kessler and extending guard Austin Reaves’ contract.

• 12:12 AMYahoo Sports — Inside Lakers mega-deal: Mark Walter made a shocking decision. Bob Iger, Joshua Kushner jumped at the chance