What happened: Ramona Shelburne said Kushner and Iger pivoted to an aggressive offer for Mark Walter's controlling stake. Multiple sources described the proposed transaction to ESPN.
Why it matters: A completed deal would break the sports-franchise valuation record for the second time in under a year. The rapid resale could reset ownership valuations across the NBA.
By the numbers: Walter's $10 billion purchase set the previous record in October 2025. A price above $12 billion represents an increase of more than $2 billion, or over 20%.
What to watch: Watch for ownership shares, financing terms and a closing timetable. Any control change would require NBA Board of Governors approval.