What happened: Bob Iger and Josh Kushner pivoted from pursuing an NBA expansion franchise in Las Vegas to acquiring the Lakers. Iger called the opportunity extraordinary from both business and personal perspectives.
Why it matters: The pledge preserves leadership continuity through a second ownership transition in 10 months. The agreement would set a U.S. pro sports valuation record if NBA owners approve it.
By the numbers: The $12.5 billion valuation is $2.5 billion, or 25%, above the franchise's $10 billion valuation in 2025.
What to watch: The NBA Board of Governors is scheduled to meet in September, with approval required before the deal can close.