Mark Walter sells Lakers to Josh Kushner and Bob Iger for $12.5 billion

Mark Walter has finalized the sale of the Los Angeles Lakers to businessman Josh Kushner and former Disney CEO Bob Iger for a record $12.5 billion. Walter's tenure as majority owner lasted just over a year, during which the franchise underwent significant changes, including staff layoffs and increased ticket prices. Despite high hopes for the future under Walter, his ownership ultimately ended with a first-round playoff exit and without notable achievements. Reasons for the sale include speculation on federal investigations involving Walter, although no comments have been made about this matter.

• 1:30 PMYahoo Sports — Mark Walter’s Lakers sale memorialized by mass layoffs, price hikes, losing LeBron