Bob Iger and Josh Kushner are buying the Los Angeles Lakers for $12.5 billion, according to reports from ESPN and CNBC on August 12, a price that would make the deal the most expensive sale in the history of professional sports.

The former Walt Disney chief executive and the Thrive Capital founder are purchasing the team from Mark Walter, who bought a controlling stake in the Lakers from the Buss family last year at a valuation of roughly $10 billion. That sale still needs approval from the NBA Board of Governors before it can close.

The move caught much of the sports business world off guard. Iger and Kushner had reportedly been involved in talks around a potential NBA expansion franchise in Las Vegas before pivoting toward an aggressive offer for the Lakers instead, according to CNN and CBS Sports.

Kushner is the founder of Thrive Capital, a New York venture capital firm known for early bets on OpenAI and other technology companies. He is also the brother of Jared Kushner, President Trump’s son-in-law and former White House adviser. Iger joined Thrive Capital earlier this year after stepping back from Disney.

Neither Iger nor Kushner has publicly detailed plans for the franchise beyond confirming the purchase price. The Lakers, one of the most valuable franchises in the NBA, have won 17 championships and remain among the league’s most recognizable brands worldwide.

The $12.5 billion figure tops the previous record set by Walter’s purchase just last year, underscoring how quickly valuations for marquee sports franchises have climbed. Formal approval from the league’s other owners is expected to be the next step before the sale becomes official.

The Lakers have ranked among the NBA’s flagship franchises since the Magic Johnson era of the 1980s, and their local media and sponsorship deals have long been among the richest in the league. Analysts told CNBC that the record price reflects both the team’s brand strength and a broader run-up in what investors will pay for marquee sports franchises.