Sport-More, more, more: Lakers deal is the latest in sports gold rush

NEW YORK, Aug 13 : The blockbuster sale of the Los Angeles Lakers this week keeps alive a sports gold rush among North America's billionaire elite, with pricey media rights, skyrocketing attendance and insatiable fans helping drive prices sky-high. 

Venture capitalist Joshua Kushner and former Disney CEO Bob Iger are set to purchase the team, with the deal valued at a record $12.5 billion and pending approval from the National Basketball Association's Board of Governors.

The deal, shocking for both its price tag and timing, comes just 14 months after Mark Walter purchased a majority stake in the team in a deal that valued it at a then-record $10 billion.

The 25 per cent jump in the Lakers' valuation in just over a year sets a fresh benchmark for other team owners weighing what their franchises could be worth.

"The NBA Board of Governors will certainly be excited by the fact that a franchise has expanded so rapidly in value," said famed sports agent ​Leigh Steinberg.

"At the end of the day, ownership is about franchise value. And this blows out the market and creates all sorts of valuations for other franchises that they're jumping head over heels over."

'WE HAD 14 BIDDERS'

The deal is the latest in a series of team sales at record or near-record prices across North America.

In July, the estate of Paul Allen agreed to sell the Seattle Seahawks for $9.61 billion, an NFL record. The San Diego Padres agreed to sell to an ownership group led by Jose E. Feliciano and Kwanza Jones in April for a reported $3.9 billion, an MLB record. 

Salvatore Galatioto, whose eponymous sports finance and advisory business has been involved in more than 120 transactions, said sports' appeal lies in its reliable ability to bring in live audiences in a