FIVE GAMES INTO last season, the Los Angeles Lakers changed hands for the first time in nearly five decades when the NBA approved the Buss family's sale to Mark Walter at a record $10 billion valuation. Now, less than 10 months later, Walter has sold his interest to venture capitalist Josh Kushner and former Disney CEO Bob Iger at a $12.5 billion valuation, sources told ESPN.

"Talk about a curveball," one agent said. "The news shocked all of us," another agent with a current Lakers client added. An Eastern Conference executive noted, "People don't buy teams and turn around and sell them. So there are obviously other factors driving this decision outside of just the mere fact that somebody showed up to pay $12.5 billion."

Multiple sources wonder if Walter's sale was influenced by a federal investigation into his company, TWG Global. Iger said Jeanie Buss will remain acting governor for now. The deal still needs league approval, but Iger and NBA commissioner Adam Silver are known to be close. Luka Doncic was not consulted about the sale and plans a video call with the new owners next week.