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 billion price tag, a person 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 2025 for a valuation of approximately $10 billion. Walter did not immediately respond to a request for comment.

The Lakers are one of the most iconic franchises in sports with 17 championships, most recently in 2020. Last season, the team finished fourth in the Western Conference before being eliminated in the playoffs by the Oklahoma City Thunder in the semifinals.

NBA superstar LeBron James, the all-time leading scorer in the league, played eight seasons in Los Angeles. He announced in July he was leaving to join the Philadelphia 76ers on a two-year, two-year, $8 million contract. The team will now be led by six-time NBA All-Star Luka Dončić, who led the league with 33.5 points per game last season.