Los Angeles Lakers to be sold for a record-breaking £9.3billion

Los Angeles Lakers are set to be sold for a record-breaking £9.3billion to Josh Kushner, the venture capitalist who was at the centre of FIFA’s controversial commercial proposal.

Kushner, and former Disney chief executive Bob Iger are set to buy the storied NBA franchise from Chelsea co-owner Mark Walter.

Walter only bought the 17-time NBA champions last year for a then-record £7.4bn from the Buss family but is now set to make a substantial profit.

Kushner and Iger said in a statement: ‘As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

‘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.’

Speaking ahead of selling the Lakers, Walter said: ‘Owning the Los Angeles Lakers has been one of the great honours of my life.

‘It has been an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family.

‘I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.’

The deal is the latest huge move to come from the Lakers this off-season, following LeBron James’ exit to join the Philadelphia 76ers as a free agent on a two-year contract.