The Los Angeles Lakers are changing hands again, with an ownership group led by former Disney CEO Bob Iger and venture capitalist Josh Kushner agreeing to buy the franchise for a record $12.5 billion — shattering the mark set just 14 months ago when Mark Walter purchased his majority stake for a then-unprecedented $10 billion.

The speed of the turnaround has stunned the league. Walter, who bought out the Buss family's controlling interest in the storied franchise last year, is selling again after little more than a year of ownership. According to ESPN's reporting, Kushner and Iger approached Walter directly with the offer, and the deal came together in roughly three days.

From Vegas expansion to the Lakers

Iger said the pair had initially been pursuing one of the NBA's potential expansion franchises in Las Vegas when someone suggested Walter might be open to selling his Lakers stake. "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 joint statement, adding that they intend to build on the foundation laid by the Buss family and "compete at the highest level."

THE NEWS SHOCKED ALL OF US.

That reaction, from an unnamed NBA executive quoted by ESPN in a survey of league executives and agents, captured the broader mood around a sale nobody saw coming so soon after the last one. Kushner is the brother of Jared Kushner, son-in-law of President Trump, while Iger and his wife, Willow Bay, are majority owners of the NWSL's Angel City FC — giving the incoming ownership group deep ties across sports, business and politics.

Ripple effects across sports

The deal is, by multiple accounts, still a long way from formally closing, and league approval from the NBA's Board of Governors will be required before it's finalized. But the record valuation is already reverberating well beyond the Lakers' locker room. Analysts say it will reset expectations for the NBA's planned expansion franchise roughly 300 miles east in Las Vegas, and it's fueling fresh speculation about ownership stability at other marquee franchises, including Major League Baseball's most valuable team, the Los Angeles Dodgers.

For now, the Lakers' on-court operations are expected to continue under existing front-office leadership through the transition, with the team opening training camp this fall under a new ownership banner for the second time in barely two years — an unprecedented pace of change for one of professional sports' most recognizable franchises.