Ailsa Cowen

Josh Kushner and Bob Iger have agreed to buy controlling ownership of the Los Angeles Lakers from Mark Walter for a reported $12.5 billion, pending approval by the NBA board of governors. Negotiated in a single weekend, the transaction would be the most expensive sports-team sale ever reported and could give Walter a $2.5 billion profit. The deal comes as the Lakers begin a transition following LeBron James's departure, with Luka Doncic becoming the team's leading star. Magic Johnson supports the prospective owners, while the rapid sale and uncertainty over future management have surprised the NBA world.