What happened: Mark Walter would transfer control of the Los Angeles Lakers less than a year after completing his purchase. The agreement remains subject to approval by the NBA's board of governors.
Why it matters: Kushner and Iger had explored pursuing an NBA expansion franchise in Las Vegas. Acquiring an existing team would bypass a league expansion process that could stretch to the 2028-29 season.
By the numbers: The $12.5 billion valuation is $2.5 billion, or 25%, above the $10 billion valuation attached to Walter's purchase last year.
What to watch: NBA governors are scheduled to meet next month in New York, providing the next checkpoint for the transaction.