Bob Iger and Josh Kushner have agreed to buy a controlling stake in the Los Angeles Lakers from Mark Walter at a reported $12.5 billion valuation, a deal pending NBA Board of Governors approval that would set a record price for a sports franchise. The price is about 25% above the $10 billion valuation attached to Walter's earlier majority purchase, and Iger said the pair moved in after learning last weekend that Walter might sell, pivoting from talks about an expansion team in Las Vegas and reaching agreement within three days. Kushner, the founder of Thrive Capital, would have to sell his Miami Heat stake to complete the transaction, while Iger brings decades of corporate leadership at Disney and longstanding ties to the sport. The sale lands amid a broader rise in North American franchise values driven by scarce supply, media-rights growth and durable live-sports audiences, and it has also drawn notice in Los Angeles because Kushner has publicly distanced his politics from those of his brother Jared Kushner and father Charles Kushner.