What happened: Los Angeles Lakers owner Mark Walter and Thrive Capital founder Josh Kushner have agreed on all outstanding terms of the sale of the Lakers at a $12.5 billion valuation, sources told ESPN. The two met in person Thursday at Walter's home in Florida to complete the agreement.

Why it matters: The agreement follows a process that accelerated after secret August talks regarding the franchise's ownership. The sale transfers control of one of the NBA's premier franchises to Kushner's investment group.

What to watch: The sale remains subject to formal approval by the NBA Board of Governors. On the court, the Lakers visit the Golden State Warriors on Friday night.