NBA's Los Angeles Lakers to be sold for $12.5 bn: ESPN

The sale, which would mark a record-breaking valuation for a North American sports franchise, comes only about a year after billionaire Mark Walter agreed to buy a controlling interest in the team in a then-record $10 billion deal.

Kushner is the brother of Jared Kushner, US President Donald Trump's son-in-law.

"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," Kushner and Iger said in a statement to ESPN.

"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."

Walter's purchase, reported in June last year, ended the Buss family's 46-year reign over the NBA giants.

The Lakers have won 17 NBA championships, second only to the Boston Celtics.

The team has been home to some of the league's biggest superstars including Kareem Abdul-Jabbar, Shaquille O'Neal and the late Kobe Bryant.

LeBron James, the NBA all-time scoring leader, just left the squad for the Philadelphia 76ers after spending eight years and winning one title with the Lakers.

The team is now moving forward with a lineup spearheaded by Slovenian superstar Luka Doncic.

The sale still requires approval from the NBA's board of governors.

Jeanie Buss had continued to serve as the Lakers' governor after the club was sold to Walter in a deal that further expanded the sports portfolio of his TWG Global holding commpany.

The company's sports holdings include Major League Baseball's Los Angeles Dodgers and a stake in English Premier League club Chelsea.

TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team.

However, Walter is currently under federal investigation for possible tax fraud involving his insurance businesses.

"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," Walter said in a statement.

"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's acquisition of the Lakers had marked the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday.

The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the team into a sporting powerhouse as well as a globally recognized brand.