LOS ANGELES (VINnews) — The Los Angeles Lakers are being sold to an ownership group led by Josh Kushner and Bob Iger for $12.5 billion, the businessmen confirmed Wednesday, according to NBC News.

The deal would make the Lakers one of the most valuable sports franchises in the world. The team was sold to businessman Mark Walter in 2025 at a valuation of about $10 billion.

Kushner, founder of Thrive Capital and a minority owner of the Miami Heat, and Iger, the longtime Disney chief executive, said they were honored to take over the franchise and intended to build on the foundation established by the Buss family.

Walter said owning the Lakers had been one of the great honors of his life and expressed confidence in the team’s future.

The Lakers are one of the NBA’s most successful franchises, with 17 championships. Their most recent title came in 2020.

The team reached the Western Conference semifinals last season before losing to the Oklahoma City Thunder.

The ownership change comes after the departure of LeBron James, who spent eight seasons with Los Angeles before joining the Philadelphia 76ers. The Lakers are now led by six-time All-Star Luka Dončić, who averaged 33.5 points per game last season.

Kushner is the younger brother of Jared Kushner, President Donald Trump’s son-in-law. Iger and his wife, Willow Bay, are also majority owners of Angel City FC, a Los Angeles-based NWSL team.