Mark Walter said he loved owning the Lakers but decided recently it was time to sell.
Bob Iger and Joshua Kushner wanted to own an NBA franchise and had the money for a big purchase.
The framework for a deal was consummated in a matter of days, Iger said, although the sale needs to be approved by the NBA Board of Governors.
Iger and Kushner paid $12.5 billion for the Lakers. Walter’s flipping of the franchise netted him a $2.5-billion profit after only 14 months of ownership. It is the highest-ever price paid for a sports team and comes as Walter’s business is facing a federal probe.
Kushner, whose older...
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