The Los Angeles Lakers have been sold for $12 billion to a buyer group that includes Bob Iger and Jared Kushner.

The purchase marks one of the largest sports franchise sales in history. Details of the deal emerged Wednesday, confirming the shift in ownership of the storied NBA franchise.

Iger, the longtime Disney executive, and Kushner, a real estate investor and former White House adviser, are part of the purchasing consortium. The sale price reflects the continued high value placed on major professional sports teams.

The Buss family, which has owned the Lakers since 1979, has agreed to the terms of the transaction. No immediate changes to team operations or personnel were announced as part of the sale.

This deal underscores the growing interest from high-profile investors in professional basketball franchises. The NBA has seen several major ownership changes in recent years as valuations continue to rise.

Further details on financing and closing timeline are expected in the coming weeks.