Joshua Kushner will serve as controlling owner of the Los Angeles Lakers, a representative from his firm Thrive told Sportico, following an agreement with Bob Iger to purchase the franchise for more than $12 billion. Iger confirmed that the plan is for Jeanie Buss to remain as governor of the Lakers for at least four more years as they honor the agreement she made with Walter.

The purchase marks a significant expansion of Kushner's growing sports portfolio, which already includes an investment in the San Francisco Giants through his firm Thrive Eternal earlier this year.

Kushner and Iger issued a joint statement following the announcement.

"As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," said Kushner and Iger. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. 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."

It remains unclear how much of the Lakers is being sold in the transaction. Walter did not own the entire franchise, and former owner Jeanie Buss retains an investment stake. A Lakers representative did not immediately respond to a request for comment.

The purchase agreement came into place less than a year after Walter consolidated ownership and control of the Lakers in a $10 billion deal. Walter, who also owns the Los Angeles Dodgers, is currently facing a federal investigation into related-party transactions connected to other businesses he controls.

Kushner is the brother of Jared Kushner, son-in-law of President Donald Trump. It remains unclear whether his stake in the Lakers comes through Thrive or his personal capital. NBA rules permit institutional funds to own up to 30 percent of a team, with no single fund holding more than 20 percent.