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LOS ANGELES -- The Los Angeles Lakers are being sold for the second time in a year, going to businessmen Josh Kushner and Bob Iger for a record-breaking price.
This sale agreement is $12.5 billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity Wednesday because neither side revealed specific details of the latest stunning development with one of North America's marquee sports teams.
ESPN first reported that Kushner and Iger are buying the NBA's most valuable franchise. The Lakers were valued last year at $10 billion -- a record for a pro sports team -- when Mark Walter purchased a controlling stake from the Buss family, which had owned the team since 1979.
"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Iger and Kushner said in a statement. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."
Kushner, a venture capitalist, and former Walt Disney Company CEO Iger had been working together on landing a possible NBA expansion team for Las Vegas. By buying the Lakers, they don't have to wait until the possibility of expansion in the 2028-29 season at the earliest.
The sale still will need approval from the NBA's board of governors, and that process can take several weeks. The next board meeting is set for September in New York.
The $12.5 billion price tag is not only a record for U.S. pro sports but a new summit in skyrocketing NBA franchise values. Only three years ago, Michael Jordan sold his majority stake in the Charlotte Hornets for a $3 billion valuation, while the Boston Celtics were sold last year to private equity mogul Bill Chisholm at a valuation of just over $6 billion.
Westbrook retiring
SACRAMENTO, Calif. -- Russell Westbrook, the NBA's career leader in triple-doubles and the 2017 MVP, announced Wednesday he's retiring after 18 seasons during which he was selected to the league's 75th anniversary team.
The two-time scoring champion shared his decision on social media in a post featuring a video narrated by actor Michael B. Jordan where the guard never says a word.
"Sometimes you don't even know when you've already watched the end," Westbrook wrote. "You had to be there. And now it's over."
Westbrook was the No. 4 pick in 2008 out of UCLA by the Seattle SuperSonics, just before they moved to Oklahoma City. He played his first 11 seasons with the Thunder and spent this past season with the Sacramento Kings.
Westbrook led the NBA in assists three times and was a two-time MVP of the All-Star Game. He won an Olympic gold medal in the 2012 London Games.