Former Minneapolis Lakers Franchise Agrees to Record $12.5 Billion Sale

The N-B-A franchise that began as the Minneapolis Lakers is changing hands in a record-setting deal.

An ownership group led by businessmen Josh Kushner and Bob Iger has agreed to purchase the Los Angeles Lakers for 12-and-a-half-billion dollars. The sale still requires approval from the N-B-A Board of Governors.

The franchise played in Minneapolis from 1947 through 1960 and took its name from Minnesota’s “Land of 10,000 Lakes” nickname.

Led by George Mikan, the Minneapolis Lakers won five championships now recognized in N-B-A history. They also captured the 1948 National Basketball League title, giving the Minneapolis franchise six league crowns overall before it moved to Los Angeles.

The reported purchase price would be the largest ever for a North American professional sports franchise.

In 1947, Minnesota businessmen Ben Berger and Morris Chalfen bought the struggling Detroit Gems of the National Basketball League, moved the franchise to Minneapolis and renamed it the Lakers.

Adjusted for inflation, $15,000 in 1947 would be roughly $220,000 today—a remarkable contrast with the reported $12.5 billion sale.