Mark Walter sells the Lakers to Joshua Kushner and Bob Iger at a record $12.5B, the second change of control in under a year — and it's not alone: Arctos takes 10% of the Falcons at $10.6B, and a Bezos-backed group closes on up to 40% of Liverpool. Plus: the next Paralympic rights process opens, Chelsea finally sells the front of its shirt to a stablecoin issuer, a new report finds World Cup non-sponsors outperformed paid partners, and the NFL bundles its sportsbook deals with exclusive data rights. Today's thread: ownership itself has become the asset class.