The Los Angeles Lakers are being sold to an ownership group led by Josh Kushner and Bob Iger, the businessmen confirmed to NBC News on Wednesday.

The deal for the storied franchise had a $12.5 billion price tag, two people familiar with the matter said.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world,” they said.

“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.”

ESPN first reported the sale.

The Lakers were previously sold to businessman Mark Walter in October at a valuation of about $10 billion.

“Owning the Los Angeles Lakers has been one of the great honors of my life,” Walter said in a statement. “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 Lakers are one of the most iconic franchises in sports, with 17 championships, the most recent in 2020. Last season, they finished fourth in the Western Conference before the Oklahoma City Thunder eliminated them in the semifinals.

Superstar LeBron James, the all-time leading scorer in the NBA, played eight seasons for the Lakers. He announced in July that he was leaving to join the Philadelphia 76ers on a two-year, $8 million contract. The team will now be led by six-time All-Star Luka Dončić, who was No. 1 in the league at 33.5 points per game last season.

Kushner is the founder of the venture firm Thrive Capital, a co-founder of Oscar Health and a minority owner of the NBA’s Miami Heat. FIFA wanted to sell a minority stake in the World Cup to Thrive Capital, but the plan was halted amid worldwide backlash from soccer leaders in Europe, North America and Asia.

Kushner is the younger brother of Jared Kushner, President Donald Trump’s son-in-law.

Iger is an American media executive who was CEO of the Walt Disney Co. from 2005 to 2020 and from 2022 to 2026. Iger and his wife, Willow Bay, are the majority owners of Angel City FC, a National Women’s Soccer League franchise based in Los Angeles. Their controlling stake was purchased in 2024 at a $250 million valuation.

Walter is the CEO of Guggenheim Partners, a global investment and advisory firm, and CEO and co-chairman of the holding company TWG Global. He is the majority owner of MLB’s Los Angeles Dodgers and the WNBA’s Los Angeles Sparks. Walter and Guggenheim Partners are being investigated by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission on suspicion of insurance fraud, according to multiple reports.