Mark Walter, majority owner of the Los Angeles Lakers, and venture capitalist Josh Kushner have reached an agreement on the key terms for the sale of the NBA team, sources familiar with the matter said. The proposed transaction values the Lakers at a record $12.5 billion, surpassing previous franchise sales in professional basketball.

The discussions culminated in a meeting at Walter’s Florida residence, where Kushner, founder of Thrive Capital and brother of Jared Kushner, finalized the outstanding details. The draft agreement, which remains unsigned, must undergo review by the NBA and receive approval from its Board of Governors before the sale can be completed.

Kushner’s financial backing includes a partnership with Bob Iger, former chief executive of Disney, who is involved in the acquisition effort. Although no official deadline has been disclosed for completing the transaction, Kushner has reportedly assured Walter that he possesses the necessary funds to proceed.

Walter acquired majority ownership of the Lakers in 2025, purchasing the team from the Buss family, which had held the franchise for over 40 years. The initial acquisition was valued at approximately $10 billion. Less than a year after assuming control, Walter appears poised to sell the team for a considerable profit.

Walter’s business activities have recently attracted federal scrutiny. His holding company, TWG Global, is reportedly engaged in efforts to raise capital to reduce debt related to loans on its insurance subsidiaries under investigation by the U.S. Department of Justice. Additionally, Walter and Dodgers co-owner Todd Boehly recently divested their minority stakes in the English Premier League club Chelsea.

There is also speculation about Walter’s intentions to sell the WNBA’s Los Angeles Sparks. However, statements from Dodgers president Stan Kasten and Walter’s holdings company in recent months have reaffirmed Walter’s commitment to retaining ownership of the Dodgers franchise.

The Lakers sale, pending final approval by the NBA, represents one of the most valuable transactions in sports history, highlighting the escalating valuations of professional basketball franchises. Further developments are expected as the league’s governance reviews the proposed ownership change.