What happened: Johnson, a five-time NBA champion, said he has known Robert Iger for more than 40 years and endorsed him and Joshua Kushner as owners. The buyers agreed to acquire the Los Angeles Lakers from Mark Walter.
Why it matters: Johnson has also served the franchise as a coach, executive and minority owner, giving his endorsement added weight. Walter's tenure would end less than a year after his ownership received league approval.
By the numbers: The $12.5 billion agreement is $2.5 billion above the Lakers' $10 billion valuation in 2025, a 25% increase.
What to watch: The transaction now goes to NBA owners for approval before it can close.