Josh Kushner has quickly moved on from the collapse of his multibillion-dollar FIFA bid by agreeing to one of the biggest deals in sports history.

The 41-year-old venture capitalist and former Disney CEO Bob Iger agreed to purchase the Los Angeles Lakers for a record $12.5 billion, giving them control of one of the NBA’s most valuable franchises.

Kushner already has NBA ownership experience. He previously held a minority stake in the Memphis Grizzlies before acquiring a 5% interest in the Miami Heat. His wife, Karlie Kloss, is also a limited partner in the WNBA’s New York Liberty.

The Lakers deal comes just a year after Mark Walter purchased the franchise from the Buss family for approximately $10 billion. Walter is now selling at a significantly higher valuation.

For Kushner, the acquisition follows the failure of Thrive Capital’s $4.2 billion proposal involving FIFA’s commercial rights. The plan faced strong opposition from European soccer officials and was eventually abandoned.

Kushner founded Thrive Capital in 2009 and built his fortune through investments in companies including Instagram, Spotify, Stripe, Slack and OpenAI. Forbes estimates his net worth at about $5.2 billion.

Kushner and Iger had previously considered pursuing an NBA expansion franchise in Las Vegas before shifting their attention to the Lakers.

The purchase will involve Thrive Eternal, Kushner’s permanent-capital investment company.

As part of the transition, Jeanie Buss is reportedly expected to remain the Lakers’ controlling governor for at least five years.

Bouncing back from FIFA fiasco, Josh Kushner's Lakers buy continues long winning streak https://t.co/hKzdM09CvU pic.twitter.com/2XpL5UT6LE