The Los Angeles Lakers are set to be sold for a record-breaking $12.5bn (£9.25bn) to venture capitalist Josh Kushner and former Disney CEO Bob Iger, Sky Sports News understands. They are buying the NBA franchise from Chelsea co-owner Mark Walter, who only bought the Lakers last year for a then-record £7.4bn but is now expected to see a big return on his investment.

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers," Kushner and Iger said in a statement. "Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

Walter, who also owns a stake in the LA Dodgers, bought a 27 percent stake in the Lakers in 2021 before increasing that to 85% last year. The Buss family held 15 percent. It is uncertain whether that stake has also been sold. The takeover requires NBA Board of Governors approval and comes a month after Kushner's Thrive Capital was involved in a plan to sell a stake in the World Cup.