The Los Angeles Lakers are entering another ownership era after the franchise was sold to Josh Kushner and former Disney executive Bob Iger for approximately $12.5 billion.

The deal comes just 14 months after Mark Walter acquired the Lakers for $10 billion, meaning the franchise increased significantly in value during his brief period as controlling owner.

Lakers legend Magic Johnson quickly expressed his support for the new owners and suggested fans should be optimistic about the change.

“Laker fans, you couldn’t have two better owners. I’ve known Bob personally for over 40 years – he has always loved the Lakers and basketball and he will bring championships back to LA,” Johnson wrote.

Johnson has considerable experience on both the basketball and business sides of professional sports.

He was previously the Lakers’ president of basketball operations and is also part of the ownership group that purchased the Los Angeles Dodgers for $2.15 billion in 2012.

The Lakers now begin another chapter without LeBron James, who is no longer on the roster. However, Los Angeles still has a core led by Luka Doncic, Austin Reaves and Walker Kessler as Kushner and Iger take control.

Walter, meanwhile, is set to make a substantial return from the sale, with the Lakers’ valuation increasing by roughly $2.5 billion since his purchase last year.

Magic Johnson makes championship promise after historic Lakers sale https://t.co/m4vlsJycsQ pic.twitter.com/39GiQF9e3K