Mark Walter sells his share of the Lakers to Kushner and Iger

Mark Walter has sold his majority stake in the Los Angeles Lakers to entrepreneur Josh Kushner and former Disney CEO Bob Iger. Walter's decision comes less than a year after he purchased the stake, which was valued at $10 billion. The sale reportedly occurred at a $12.5 billion valuation. Walter faced a federal investigation and has emphasized that he had no intention of selling until receiving an attractive offer this summer. Despite the Lakers ownership changes, Walter plans to retain his ownership of the Los Angeles Dodgers, who were recently swept in the NLCS.

• 12:15 AMYahoo Sports — Mark Walter explains why he sold his share of the Lakers