Los Angeles Lakers sold for $12.5 billion

LOS ANGELES (CNN, KYMA) - The Los Angeles Lakers franchise is selling for a record $12.5 billion, according to a source familiar with the deal.

The buyers are former Disney CEO Bob Iger and Josh Kushner, the brother of President Donald Trump's son-in-law, Jared Kushner.

They both confirmed the deal in a statement Wednesday.

Iger and Kushner said they are "deeply honored" for the opportunity to take the reins of the iconic franchise.

"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," they added.

The NBA's Board of Governors still needs to approve the deal.

The Lakers are one of the most successful teams in NBA history with 17 championships.

Mark Walter of Guggenheim investments bought a majority interest in the Lakers just over a year ago in a deal that valued the team at $10 billion.

The quick sale comes as Walter's financial business is reportedly the subject of a federal investigation, according the Wall Street Journal.