Joshua Kushner to become Lakers’ controlling owner; Jeanie Buss to remain governor

New details have emerged regarding the record-breaking sale of the Los Angeles Lakers.

According to Sportico, Joshua Kushner will become the franchise’s controlling owner after reaching an agreement with Bob Iger to purchase the Lakers in a deal valued at more than $12 billion.

Iger also confirmed that Jeanie Buss will remain the team’s governor for at least the next four years, honoring the agreement she previously reached with Mark Walter when he acquired control of the franchise.

“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,” Kushner and Iger said in a joint 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.”

The acquisition significantly expands Kushner’s growing sports portfolio. Earlier this year, his investment firm Thrive acquired a stake in the San Francisco Giants.

It remains unclear how much of the Lakers is being sold, as Walter did not own 100 percent of the franchise and Jeanie Buss will continue to retain an ownership stake.

The transaction comes less than a year after Walter consolidated control of the Lakers in a $10 billion deal. Walter, who also owns the Los Angeles Dodgers, is currently facing a federal investigation involving related-party transactions connected to other businesses he controls.

Joshua Kushner is the brother of Jared Kushner, the son-in-law of U.S. President Donald Trump. It also remains unclear whether Kushner’s ownership stake in the Lakers will be held through Thrive or through his personal investment.