Bob Iger, Disney’s former CEO, and venture capitalist Joshua Kushner have agreed to purchase the Los Angeles Lakers. This initiative is part of a $12.5 billion deal to buy the NBA franchise from Mark Walter’s ownership group.

Less than a year after Mark Walter secured the Lakers for a then-record-setting amount of $10 billion, he is selling the team. Walter has been under federal scrutiny for his financial engagements, specifically related-party transactions, involving various business ties including loans and sales.

Iger and Kushner, expressing their long-standing admiration for the Lakers and the NBA, stated they are honored to manage one of the most iconic sports franchises globally. Both have explored opportunities in the NBA, with Iger’s long tenure at Disney and Kushner’s founding of Thrive Capital.

The transaction surpasses Walter’s original purchase price by $2.5 billion. It reflects the Lakers’ increasing valuation and market appeal.

“As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers,” said Kushner and Iger in a statement.

Bob Iger, along with Willow Bay, also recently expanded their investment portfolio by joining Angel City Football Club as controlling owners. This purchase involves a $50 million capital injection aimed at expanding the soccer club’s budget and reducing its losses.

The U.S. National Women’s Soccer League is set to approve this deal, highlighting Bay and Iger’s commitment to enhancing women’s sports initiatives.