Bob Iger and Josh Kushner are buying the Los Angeles Lakers for a record-shattering $12 billion, according to multiple reports.
The deal marks the highest price ever paid for an American sports franchise by a significant margin.
Iger, the 75-year-old longtime Disney boss, and Kushner, founder of Thrive Capital, had previously been involved in efforts to bring an NBA team to Las Vegas.
In a reversal, they have now inked the deal to acquire the Purple and Gold.
Statement from the New Owners
"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," Iger and Kushner said in a statement to ESPN.
"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."
Kushner is also the younger brother of President Donald Trump's son-in-law.
The Lakers were sold just last year to Mark Walter for approximately $10 billion, who called it "one of the great honors of my life."