Joshua Kushner and Bob Iger have reached an agreement to buy the NBA’s Los Angeles Lakers for more than $12 billion, according to ESPN, a surprise deal that will end Mark Walter’s ownership of the team after less than a year.

This marks an expansion of Kushner’s rapidly growing sports profile. His Thrive Eternal invested earlier this year in the San Francisco Giants, and it was in talks to lead the now-doomed investment into FIFA’s $20 billion commercial rights venture. He and Iger, who was a longtime Disney CEO and chairman, was one of the groups most serious about buying the NBA expansion team in Las Vegas—their Lakers purchase could clear the path for another finalist, the Walton Laurie family.

Kushner will be the controlling owner, a representative from Thrive told Sportico.

“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,” Kushner and Iger said in a statement. “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.”

It’s unclear how much of the Lakers are being purchased—Walter did not own all of the team; former owner Jeanie Buss is still an investor. A representative for the Lakers didn’t immediately respond to requests for comment.

The sale comes less than a year after Walter consolidated ownership and control of the Lakers in a $10 billion deal. Walter, whose sports portfolio includes the Los Angeles Dodgers, is currently facing a federal probe into related-party transactions associated with some of his other businesses. He also suffered a stroke in October 2024, according to the Wall Street Journal.

Kusher is the brother of Jared Kushner, who is U.S. President Donald Trump’s son-in-law. It’s not immediately clear if his participation is via Thrive or his personal capital. Institutional funds can own up to 30% of an NBA team, with a single fund holding no more than 20%.

Sportico values the Lakers at $10 billion—the second-highest in the NBA and the 11^th-highest among major U.S. sports leagues.

Iger and his wife Willow Bay own the NWSL club Angel City FC, which they bought in 2024 for $250 million.

(This has been corrected in the second paragraph to clarify that Kushner’s Thrive Eternal invested in the Giants and was part of the proposed FIFA deal.)