The Lakers sold by Mark Walter to Josh Kushner and Bob Iger

Mark Walter has sold his majority share of the Los Angeles Lakers to Josh Kushner and Bob Iger. The transaction, valued at $12.5 million, comes less than a year after Walter purchased the team. Kushner, a venture capitalist, and Iger, former CEO of Disney, expressed their commitment to uphold the Lakers’ legacy. The sale is pending approval by the NBA's board of governors. Walter is under investigation by the Securities and Exchange Commission for alleged loan fraud, although this appears unrelated to his decision to sell his stake in the team.

• 1:33 AMYahoo Sports — The Lakers are being sold by Mark Walter