The Los Angeles Lakers are being sold to businessmen Josh Kushner and Bob Iger for $12.5 billion, a record price for a professional sports franchise, according to the Associated Press.

The Associated Press reported Wednesday that a person familiar with the terms confirmed the $12.5 billion agreement. The person spoke on condition of anonymity because financial details of the deal have not been publicly disclosed.

ESPN first reported the sale. The deal comes about a year after Mark Walter purchased a controlling stake in the Lakers from the Buss family in a transaction that valued the franchise at $10 billion.

Kushner and Iger previously were involved in efforts to secure an NBA expansion franchise in Las Vegas. Purchasing the Lakers would give them an existing NBA franchise as the league continues to consider expansion, which could come as early as the 2028-29 season.

Read more at AP.