A blockbuster $12.5B deal as Josh Kushner and Bob Iger agree to buy the Lakers, AP source says

LOS ANGELES (AP) — 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.

Lakers icon Magic Johnson, a partner in Walter's ownership of baseball's Los Angeles Dodgers, praised the deal on social media.

“Laker fans, you couldn’t have two better owners,” Johnson wrote. “I’ve known Bob personally for over 40 years — he has always loved the Lakers and basketball and he will bring championships back to LA.”

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.

Walter’s agreement to purchase a controlling stake in the Lakers at the $10 billion valuation last summer obliterated that mark, and now Iger and Kushner have pushed the bar even higher.

The 66-year-old Walter’s shocking decision to sell after just 10 months of official ownership is reverberating throughout the team’s massive fan base, which appeared to be uniformly excited about the purchase last year. Walter has stewarded the Dodgers into the most successful stretch in franchise history, with three World Series championships in the past six seasons as the most aggressive spenders in baseball.

Multiple media outlets last month reported that Walter’s business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations.

The Lakers are 17-time NBA champions who won their most recent title in 2020. They've made the playoffs in each of the past four seasons, and their current roster is built around NBA scoring champion Luka Doncic, who is signed through the 2028-29 season. The Slovenian superstar has become passionate about Los Angeles and the Lakers less than two years after his arrival.

“Being a Laker means everything to me, and I’m excited to get back on the court and bring a championship to LA,” Doncic wrote on social media after hearing of the sale. “I’ve gotten used to big changes over these last few years, but I know that no matter what, there is no limit to the potential of this iconic franchise. I look forward to meeting Josh and Bob so we can get to work building something special in LA together.”

The 41-year-old Kushner has been a minority owner of two NBA teams, but he jumped into the international sports spotlight this summer when his capital holding company, Thrive Eternal, was set to be the “anchor investor” in FIFA President Gianni Infantino’s plan to sell stakes in future World Cup profits. Infantino abandoned the idea on July 31.

Kushner’s older brother is Jared Kushner, son-in-law of U.S. President Donald Trump.

Josh Kushner currently owns a minority stake in the Miami Heat, and he previously owned a stake in the Memphis Grizzlies.

The 75-year-old Iger became one of Hollywood’s most well-known executives while he ran Disney for two lengthy stints between 2005 and last March, when he stepped aside. Iger and his wife, former sports journalist Willow Bay, became the controlling owners of NWSL team Angel City FC in 2024 with a deal that valued the club at $250 million.

Walter’s purchase of the Lakers was approved by NBA owners last October. He originally bought a 27% minority stake in the team in 2021 before purchasing control of the team last year.

The Lakers' 17 championships going back to the franchise’s origin in Minneapolis are the second-most in NBA history behind Boston’s 18. It is a global brand, always at or near the top of the league’s merchandise-sales rankings.

This record sale price comes just weeks after LeBron James, the league’s all-time leading scorer, left the Lakers after eight seasons to become a free agent. James ultimately decided to sign with the Philadelphia 76ers.

Walter and his team had already begun to make extensive changes to the Lakers, who were often perceived as an antiquated franchise in many aspects during their decades of Buss family ownership.

The Lakers had beefed up their basketball operations department with new hires in the front office around longtime general manager Rob Pelinka. They also boosted the business side with extensive searches for new revenue, including sales of new jersey patches and additional prominent sponsorship deals.

When Walter bought his controlling interest in the Lakers, the deal specified that Jeanie Buss would stay on as the team’s governor. With new ownership, it’s unclear whether Buss will have a continuing role in the team she inherited along with her siblings from her father, Jerry Buss, who died in 2013.

Along with the Dodgers, Walter and his various partners also have ownership interests in the WNBA’s Los Angeles Sparks, English Premier League club Chelsea, the Professional Women’s Hockey League and the new Cadillac Formula 1 racing team.

AP Basketball Writer Tim Reynolds in Miami contributed to this report.

AP NBA: https://apnews.com/nba

FILE - Disney chief executive Bob Iger arrives at the 96th Academy Awards Oscar nominees luncheon on Feb. 12, 2024, in Beverly Hills, Calif. (Photo by Jordan Strauss/Invision/AP, File)

FILE - Los Angeles Lakers forward Rui Hachimura (28) blocks a shot by Houston Rockets forward Jabari Smith Jr. (10) during the first half of Game 6 of a first-round NBA playoffs basketball series in Houston, May 1, 2026. (AP Photo/Ashley Landis, File)

FILE - Crypto Arena is viewed before a Los Angeles Lakers NBA basketball game against the Memphis Grizzlies, Jan. 4, 2026, in Los Angeles. (AP Photo/Ethan Swope, File)

COLUMBUS, Ohio (AP) — First responders rescued more people from floodwaters Wednesday as utility crews cleared trees and wires downed by severe storms in the Midwest that have unleashed tornadoes, heavy rains and flash flooding, leaving hundreds of thousands of customers without electricity.

A 4-year-old boy was killed when a tree fell on a home in Geneva, Indiana, during Tuesday's storms, the Jennings County Sheriff's Office said. In Ohio, Gov. Mike DeWine said a resident of Roseville died during a health emergency when first responders, faced with flooded roads, couldn’t reach them. Officials in Portage, Indiana, were investigating whether the severe weather played a role in a reported house explosion that killed a person.

Lightning struck a prison complex southwest of Cleveland on Tuesday, injuring 16 incarcerated people who were hospitalized, according to the Ohio Department of Corrections. DeWine said four remained hospitalized as of Wednesday, including one with severe injuries.

Authorities in Ohio and western Pennsylvania reported numerous water rescues. DeWine sent 40 Ohio Army National Guard members to help in two counties east of Columbus.

In Athens County, Ohio, nearly 300 people called 911 for help on Tuesday, including 42 involving vehicles stuck in floods, with more calls Wednesday as high waters flowed toward the Ohio River, said the emergency management director, Teresa Fouts-Imler.

Floodwaters barged into Kaitlyn Rodgers’ home in Crooksville, Ohio, early Tuesday morning, reaching knee deep as it stranded her and her husband and four children. With the currents too strong to make it out themselves, they were rescued by firefighters in a boat in the predawn darkness.

"Water just started pouring into the house," she said. “Because of my house being very old, when the water was coming up I was very worried about the electric outlets that were on the floor, because there was water literally coming out of them so I was afraid that my children were going to get shocked.”

She added, “It was just very scary.”

Storm damage was reported from the Chicago area to western Pennsylvania, and the National Weather Service said threats of severe thunderstorms and heavy rainfall will continue over the next few days in the Midwest, Ohio Valley and central Appalachians.

Nearly 700,000 customers were without power mid-day Wednesday in Illinois, Indiana, Ohio, Kentucky and West Virginia, down a few thousand from the morning, according to poweroutage.us.

In Columbus, Ohio, Mayor Andrew Ginther declared an emergency on Wednesday, to give the capital city time to grapple with continuing power outages and clean-up from significant storm damage, he said at a news conference. Trees and wires were down in many areas.

The National Weather Service said it confirmed three tornadoes in counties south of Chicago.

Tornado warning sirens howled Tuesday as the skies darkened in the Chicago area. All flights were temporarily stopped at Chicago’s two major airports, and officials warned of delays as the backlog was cleared.

Photos posted on social media from the Chicago area and across the state line in Indiana showed flooded roads, trees tangled in power lines and homes with gashes in their roofs.

“No power. It was very scary. We were down in the basement,” said Javid Jenkins of Homewood, a Chicago suburb. “We’re built for snow. We’re built for cold. We’re not built for this.”

Jenkins, 54, said he was driving around for gas to fire up a generator to preserve food in his refrigerator.

Forecasters said a wind gust of 99 mph (159 kph) was recorded in Gary, Indiana. Elsewhere there were numerous reports of gusts of 80 mph (128 kph) or more at personal weather stations.

Preliminary information indicated that the intense system that swept from Iowa into Indiana over several hours qualified as a derecho, the weather service's Storm Prediction Center said Tuesday evening. Derechos are prolonged straight-line wind events that unleash heavy rainfall and travel far distances. The damage they cause is sometimes comparable to the destructive forces of tornadoes or hurricanes.

“Total devastation. No roof,” said Kerry Hourigan, standing outside her home of 25 years in Tinley Park, another Chicago suburb. “Stupid thing, but my focus was I just bought a new barbecue grill, and I have no idea where that is. It’s disappeared.”

Meteorologist Scott Baker said the Midwest was on the outer edge of a “ring of fire,” bringing waves of excessive moisture, instability and storms.

Dayton, Ohio, set a daily rainfall record with 2.07 inches (5.25 cm), shattering a mark set in 1915, the weather service said. Forecasters said multiple rounds of rain would cause flood hazards in the Ohio Valley through early Friday.

Collins reported from Hartford, Connecticut. Associated Press writer Sudhin Thanawala in Atlanta contributed.

In this image made from video, damage caused by a strong storm is seen a home in Tinley Park, Ill., Tuesday, Aug. 11, 2026. (AP Photo/Laura Bargfeld)

A home is damaged after a storm in Tinley Park, Ill., Tuesday, Aug. 11, 2026. (AP Photo/Laura Bargfeld)

In this image made from video, a roof is damaged after a strong storm in Tinley Park, Ill., Tuesday, Aug. 11, 2026. (AP Photo/Laura Bargfeld)

Storm clouds move in over Paycor Stadium and practice fields during the Cincinnati Bengals' NFL football practice in Cincinnati, Tuesday, Aug. 11, 2026. (AP Photo/Carolyn Kaster)

Kerry Hourigan speaks on the phone after reviewing damage a storm caused to her home in Tinley Park, Ill., Tuesday, Aug. 11, 2026. (AP Photo/Laura Bargfeld)