The Los Angeles Lakers are being sold to billionaire venture capitalist Josh Kushner, founder of Thrive Capital, and former Disney CEO Bob Iger for a record-breaking $12 billion, according to a new ESPN report.

The sports news website said:

The businessmen were involved in the expansion process in Las Vegas, but in a stunning turn, they pivoted to make an aggressive offer to buy the Lakers from Mark Walter, who had purchased a controlling interest in the team from the Buss family last year for a franchise valuation of approximately $10 billion.

The $12 billion buyout price implies an increase of at least 20% in the Lakers' value in less than a year.

Josh Kushner, the younger brother of Jared Kushner, and Iger released the following statement:

"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. We have immense respect for the leadership and vision of Jerry and Jeanie Buss.

"Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

TWG Global CEO Mark Walter, who purchased control of the Lakers from the Buss family last year at a valuation of about $10 billion, has a sports holdings portfolio that includes stakes in the Los Angeles Dodgers, Los Angeles Sparks, Chelsea Football Club, the Professional Women's Hockey League and several auto-racing teams, including Cadillac Formula 1.

"Owning the Los Angeles Lakers has been one of the great honors of my life, an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead," Walter said in a statement.