What happened: The first formal step is an ownership-transfer application to NBA commissioner Adam Silver. A nine-member advisory finance committee will vet Joshua Kushner and Bob Iger through background checks and financial reviews.
Why it matters: The agreement would give the Los Angeles Lakers a second ownership reset in 14 months. The review could leave control unresolved as the 2026-27 season approaches.
By the numbers: The $12.5 billion price is $2.5 billion, or 25%, above the franchise's $10 billion valuation in 2025. It would set a North American sports-
What to watch: Silver can request additional information before the transaction advances to a Board of Governors vote.