The Los Angeles Lakers are being sold for the second time in a year, with businessmen Josh Kushner and Bob Iger set to acquire the franchise for a record-breaking price.

The sale agreement is worth US$12.5 billion, according to a person familiar with the terms, who spoke to The Associated Press on condition of anonymity yesterday because neither side disclosed specific details of the latest dramatic development involving one of North America’s marquee sports teams.

ESPN first reported that Kushner and Iger are buying the NBA’s most valuable franchise. The Lakers were valued last year at US$10 billion, then a record for a professional sports team, when Mark Walter purchased a controlling stake from the Buss family, which had owned the club since 1979.