The White House has denied any involvement in the sale of the Los Angeles Lakers to Josh Kushner, brother-in-law of President Donald Trump's son-in-law Jared Kushner, in a deal that puts values the franchise at $12.5 billion.

Lakers owner Mark Walter announced Wednesday that he will sell the team to Kushner and former Disney CEO Bob Iger. Walter had owned the franchise for less than 14 months, and the sale comes amid federal investigations into alleged financial improprieties tied to insurance companies he controls.

Kushner's involvement, combined with the ongoing federal probes into Walter, sparked online speculation about a possible connection to Trump. Theories ranged from suggestions the administration encouraged the investigations to pressure a sale, to speculation Walter offered the team to Kushner hoping it might ease scrutiny.

A White House spokesperson issued a broad denial when asked about the matter.

"This has nothing to do with President Trump or his administration," said the spokesperson.

A representative for Kushner's venture capital firm, Thrive Capital, also pushed back on the speculation.

"This is false," said the Thrive Capital spokesperson.

Walter's holding company, TWG Global, did not immediately respond to requests for comment. Kushner has never held a formal or informal position within the Trump administration and identifies as a lifelong Democrat with a history of donations to Democratic candidates.

His family maintains documented ties to Trump beyond marriage, however. Jared Kushner served as a White House adviser during Trump's first term and has taken on an informal role as Special Envoy for Peace during the current term, assisting with Middle East negotiations. Trump also pardoned Josh and Jared's father, Charles Kushner, during his first term on federal charges including tax evasion and fraud.

The Lakers transaction follows a separate development involving Kushner's Thrive Eternal fund and a proposed investment in the World Cup. FIFA president Gianni Infantino unveiled the "FIFA Forward Enterprise" in late July, a commercial venture designed to attract billions in outside investment each World Cup cycle. Infantino later shelved the plan following backlash, boycott threats and resignation calls, after which Trump publicly voiced support for Infantino without referencing Kushner or Thrive Eternal.